Last Friday Nifty not only crossed 16700 barrier for 3rd time but also for first time closed above that land mark & scaled a new milestone at 16722. Nifty settled the week at 16705. Week to week basis rose 255 pts or 1.54%. Day to day basis up 68 points or 0.41%.
This bullish momentum mainly supported by positive global cues amid volatility due to monthly expiry. Broader markets are also bounced back. Mid & Small Cap both weekly basis almost 2% up.
Among sectors, weekly basis Oil & Gas was outperformed up 4.4%, followed by Nifty Energy, Metal and IT indices rose 2-3%. But Nifty Auto index fell over 1%.
This Friday, after our trading session highly awaiting Fed’s annual Jackson Hole decision announced & Powell’s delivered a dovish comments regarding tapering & interest rate hike. US Markets reacted positively & major indexes touched to their record highs while government bond yields moved lower. Dow 35455 + 242 points.
Besides FED, in India nationwide vaccination drive strengthen news that is also positive for the market.
India achieved milestone of over 1 crore COVID-19 vaccinations on August 27.
FPI inflows have not been very exciting despite the general market bullishness. In August Nifty up nearly 6%, significantly higher than the 2% rise in MSCI World, while MSCI EM is down 0.2%. That is highly positive for Indian Economy.
Last week, the Indian rupee gained against the US dollar. It ended higher by 71 paise at 73.68 on August 27 against its August 20 closing of 74.39. Expected Current range is down side 72.70 to 75.70 upside.
Only Geo-political Crisis in Afghanistan turns the spotlight on Central Asia & that is a rising cause of concern.
Coming Week traders should focus on the following key data points.:-
June quarter GDP, manufacturing, services sector PMIs and automobile sales.
Apart from these traders also would keep a close eye on signals from the Fed and outcome on Global cues, commodity prices, vaccination drive in India, unlock measures by various states, Covid status, GST collections, monsoon development, progress on Asset Monetisation Programme (AMP), and other reforms from the Central Government.
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