Week Ahead....

After taking a breather in the previous week, the market resumed its uptrend and ended the week at a record closing high with 1 percent gain on November 25, following an up-move in global counterparts amid rising hope that the Federal Reserve may slow down the pace of rate hikes in the upcoming policy meetings. The declining oil prices, buying by FIIs and falling US bond yields, too, lifted the sentiment.

The BSE Sensex rallied more than 600 points to 62,294 and the Nifty50 jumped over 200 points to 18,513, while the broader markets were also in action after recent consolidation, with the Nifty Midcap 100 and Smallcap 100 indices gained more than 2 percent each.

Going ahead, the lack of strong fundamental triggers will limit the upside, keeping the market volatile in the short term. The Fed Chair's speech, scheduled for the next week, and the release of other significant macroeconomic data will influence the market's future trajectory.

Technically Nifty50 has formed Doji kind of pattern on daily charts as the index ended with moderate gains after consolidation, while there was bullish Engulfing pattern formation on the weekly scale with making higher highs for sixth consecutive week.

We expect the prevailing trend to continue and expect Nifty to scale 18,700 first and then to a new milestone of 19,000. On the downside, the 18,100 zone would provide the needed support in case of any dip.