New Delhi: With no major domestic market moving triggers this week, equities would continue to look at global factors, foreign fund movement and trend in the rupee for further direction, analysts said.
“This week we have the August month F&O expiry where bulls are looking for rest after a gain in the August series,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“There are not a lot of triggers but global cues, August month F&O expiry, and FIIs’ behaviour will be important factors in the direction of the market,” he noted.
With the quarterly earnings season coming to an end, markets’ focus would also move to the movement of the international oil benchmark Brent crude, apart from China-US geopolitical tensions and the Russia-Ukraine conflict.
“This week, the scheduled derivatives expiry will keep participants busy. Besides, global cues especially from the US and figures of foreign flows will remain on the radar. Markets may witness consolidation after five weeks of successive rise and it would be healthy,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
In the holiday-shortened last week, the Sensex climbed 183.37 points or 0.30 per cent and the Nifty gained 60.30 points or 0.34 per cent.
Apurva Sheth, Head of Market Perspectives, Samco Securities, said there are no significant macroeconomic events taking place this week, thus focus of the market will be on the FII (Foreign Institutional Investors) trend and Brent crude.
“Over Rs 18,500 crore have been invested by FIIs thus far in August owing to their buying frenzy. The latest rally has been greatly aided by the ongoing FII buying. The market will be closely monitoring this trend because any reversal could cause a temporary blip,” Sheth added.
PTI