RBI Policy Meeting, Q4 Results, Other Key Factors to Watch

Indian benchmark indices rose three percent in the week ending April 1, led by cooling crude after positive developments in the Russia-Ukraine conflict and foreign institutional investors (FIIs) becoming net buyers. For the week, BSE Sensex added 1,914.49 points (3.33 percent) to finish at 59,276.69 while Nifty50 rose 517.45 points (3.01 percent) to finish at 17,670.45 levels.

Reduced volatility during the last week. India VIX came out significantly above 21 percent at 18.43 percent. Monday can see a stable start to the week. The 17,800 and 17,905 levels will act as likely resistance points while supports can come in at the 17,500 and 17,320 levels. The trading range for the week will remain wider than usual.

Ajit Mishra, Vice President of Research at Religare Broking, said: “Markets posted strong gains and settled around the week’s high despite mixed global signals. A sharp drop in crude oil combined with an improvement in foreign flows boosted confidence. However, persistent tension over the Russia-Ukraine crisis and global market volatility limited momentum. Finally, benchmarks Nifty and Sensex gained more than 3 percent each to close at 17,670.45 and 59,276.69 respectively. The rally was largely driven by healthy buying across all sectors with all ending in the green except metals. The broader indices also showed a similar trend, gaining nearly 3 percent each.”

In the coming days, the main market focus will be on the Russia-Ukraine war, the movement in crude oil prices, and the RBI policy announcement due next week. Volatility is expected to continue in the market until commodity prices decline and supply constraints are resolved.

global signals

Vinod Nair, Head of Research at Geojit Financial Services, said: “The market remained highly volatile due to high commodity prices and the resulting lower future earnings growth. Product prices have risen steadily and are expected to rise further in the future, affecting demand and margin. Rising covid cases in parts of the world also added concerns to global stocks. Although the peace talks between Russia and Ukraine gave hope of a de-escalation of the war, reports of Ukraine preparing for further attacks against Russia intensified sales in the global market. Oil prices tumbled during the week due to rising Covid cases in China and reports that the US is releasing significant oil reserves to reduce fuel price hikes. The easing in crude prices is positive for the market as it helps companies reduce pressure on margins.”

RBI Policy Meeting

Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “This week, RBI credit policy will be a critical factor in the direction of Indian markets because it looks like RBI is behind schedule as most central banks have already. . raised interest rates while RBI maintains status quo. It will be interesting to see how the RBI will handle the tradeoff between inflation and growth, where comments will be crucial.”

Fourth Quarter Company Results

On the earnings side, TI stock appears to be on solid footing. The figures released by Accenture last month exceeded their expectations, which bodes well for the industry as a whole.

clever perspective

Technically, the Nifty continues its strong bullish momentum after a breakout of the 17350 level, where 17800 is an immediate resistance while 18000-18100 is a critical resistance zone. On the downside, the 17500-17450 zone will act as an immediate support area, while 17100 is critical support on any sharp pullback.

ingenious bench

Finally, Banknifty manages to take out the critical resistance zone of 36700-37000 and shows strong momentum where 38000 looks like an immediate target however 37400 is an intermediate hurdle. On the downside, the 36700 level should act as support now, while 36000 is the next critical support level.

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