Will Nifty go below 24000 points or make a new record?  This factor is important for the market

Will Nifty go below 24000 points or make a new record? This factor is important for the market

Last week, stock market indices Sensex and Nifty hit new records. Investors will now watch the market movements this week. Sensex and Nifty also stopped making new records every day for the last 3 days on Friday, the last trading day of last week. In such a situation, it is now being estimated that profit booking can be seen in the market in the new week.

Movement of Sensex last week

The 30-share BSE Sensex gained 1,822.83 points or 2.36 percent last week. At the same time, the National Stock Exchange’s Nifty gained 509.5 points or 2.16 percent. Sensex rose 7.14 percent in June. This is its best monthly benefit. Let us tell you that Sensex crossed the historical level of 79,000 points.

These factors are important

On the domestic front, macroeconomic data, global trends and foreign investor activities will determine the direction of domestic stock markets this week. Analysts say the market may see volatility this week due to higher valuations after last week’s record high. Investors will also be watching global oil benchmark Brent crude oil prices and rupee-dollar moves for further cues.

What does x say?pert

Pravesh Gaur, Senior Technical Analyst, Swastik Investmart said – Investors will now monitor the progress of monsoon and its impact on the rural economy. All eyes are also on the general budget coming in July. He said activities of foreign and domestic institutional investors (FIIs and DIIs) and crude oil prices will also influence market sentiment. He said that on the global front, the American market has seen higher levels of profit booking. US employment data will be out on July 2. After this, the ISM services PMI data will be released on July 3.

Arvinder Singh Nanda of Master Capital Services said – Market trends will be determined by key domestic and global economic data. During this period, HSBC India Manufacturing PMI, HSBC India Services PMI, S&P Global Manufacturing PMI, Federal Reserve Chief’s Address, US Jobless Claims data are key developments for the market.

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