In the coming holiday-shortened week, the interest rate decisions of the BoJ and ECB, along with US GDP data, more quarterly numbers announcement and pre-Budget sentiment are anticipated to drive the market dynamics.
"Nifty concluded the week at 21,571.80, marking a decline of 323 points from 21,894 levels, on a weekly basis. Pharma, realty, and metal sectors faced selling pressure. Despite persstent attempts to breach crucial resistance, each of them resulted in a sell-off,” Om Mehra, Technical Analyst, at SAMCO Securities said.
Given the strong optimism, the bulls are likely to take the Nifty 50 to the 22,000-22,200 zone in near term with an immediate support at 21,800-21,700 levels, followed by crucial support at 21,500 mark, experts said.
Given the optimism at Dalal Street, in the coming week, the market may climb further higher to 22,000-22,100 levels on the Nifty 50, but intermittent consolidation can t be ruled out, with focus majorly on corporate earnings.
The bears or CALL writers are leading the bulls or PUT writers by a huge margin at 21,700 Strike at Thursdays close, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, adding that strong call writing at a particular strike price, is usually considered as a sign of resistance getting stronger.