Mumbai, November 24 (IANS). After the victory of BJP in Maharashtra elections, the next week is going to be very important for the stock market. During this period, investors will keep an eye on foreign institutional investors (FII) data, second quarter GDP figures, conflict between Russia and Ukraine and crude oil prices along with other factors. This information was given by experts.
Last week was full of ups and downs for the stock market. There was a decline in the market in the beginning of the week, but on Friday there was a big rise in the market and Nifty closed with a rise of 2.39 percent at 23,907.25 and Sensex closed with a rise of 2.54 percent at 79,117. Due to this rise, Nifty and Sensex gained 1.6 percent and 2 percent on weekly basis.
This rally saw participation from all sectors except energy. Realty, auto and FMCG were prominent in this.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The market recovered the losses of the current week with a strong bounce on Friday. During this, investors used the bullish opportunity to buy beaten shares.”
Palka Arora Chopra, Director, Master Capital Services Limited, says that the victory of the BJP-led alliance Mahayuti in Maharashtra will bring political stability and is very positive for investor sentiment. Due to this, a rally can be seen in the market.
Chopra further said that during the week, Nifty has closed above 23,900 in the green mark. 24,100 is going to be a key resistance level for the National Stock Exchange (NSE) benchmark. If the index goes above this level then it can go up to 24,500. 23,700 is an important support level. If it breaks it then it can go up to 23,400.
Santosh Meena, Head of Research, Swastika Investmart, said that Bank Nifty remains above the 200-day moving average. 51,300 to 52,000 are important resistance levels. If it breaks then 52,600 to 53,300 will be a resistance level.
–IANS
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