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In the absence of any major domestic or global triggers, local share indices are likely to remain rangebound next week. The bias though remains positive as the National Stock Exchange's 50-share Nifty ended above the psychologically crucial 6000 point-mark. The Nifty snapped its seven-session losing streak, ending at 6056.15, up 66.55 points or 1.1%. The S&P BSE Sensex ended at 20399.42, up 205.02 points or 1% and the MCX Stock Exchange's SX40 ended at 12199.39, up 117.27 points or 1%. On Friday, share indices will be closed on account of Muharram. Next week, Nifty is seen facing resistance at 6200 points. On the lower side, if the index is unable to sustain the 6000-mark, it may test 5800 points. Market participants will also eye the minutes of US Federal Open Market Committee's meeting held on Oct 29-30 for cues as to when the Federal Reserve is likely to start tapering its $85 bln monthly bond purchase programme. Part of the rise in indices was driven by comments from US Federal Reserve Chairman nominee Janet Yellen, who suggested that the central bank may continue its monetary stimulus programme. The Reserve Bank of India Governor Raghuram Rajan on the macro economic situation and Yellen's comments may keep sentiments positive in the short term. For the growth rate to pick up noticeably, further reforms and effective implementation of reforms are a pre-requisite. Next week, bank shares are likely to succumb to profit booking after rising. Bank Nifty ended at 10811.20, up 2.7%. Next week, Bank Nifty is seen trading in the 9000-11200 point range. Pharmaceutical and information technology stocks, which ended lower, may see buying at lower levels next week.
In the absence of any major domestic or global triggers, local share indices are likely to remain rangebound next week. The bias though remains positive as the National Stock Exchange's 50-share Nifty ended above the psychologically crucial 6000 point-mark. The Nifty snapped its seven-session losing streak, ending at 6056.15, up 66.55 points or 1.1%. The S&P BSE Sensex ended at 20399.42, up 205.02 points or 1% and the MCX Stock Exchange's SX40 ended at 12199.39, up 117.27 points or 1%. On Friday, share indices will be closed on account of Muharram. Next week, Nifty is seen facing resistance at 6200 points. On the lower side, if the index is unable to sustain the 6000-mark, it may test 5800 points. Market participants will also eye the minutes of US Federal Open Market Committee's meeting held on Oct 29-30 for cues as to when the Federal Reserve is likely to start tapering its $85 bln monthly bond purchase programme. Part of the rise in indices was driven by comments from US Federal Reserve Chairman nominee Janet Yellen, who suggested that the central bank may continue its monetary stimulus programme. The Reserve Bank of India Governor Raghuram Rajan on the macro economic situation and Yellen's comments may keep sentiments positive in the short term. For the growth rate to pick up noticeably, further reforms and effective implementation of reforms are a pre-requisite. Next week, bank shares are likely to succumb to profit booking after rising. Bank Nifty ended at 10811.20, up 2.7%. Next week, Bank Nifty is seen trading in the 9000-11200 point range. Pharmaceutical and information technology stocks, which ended lower, may see buying at lower levels next week.
