Week Ahead

The market continued to rally for yet another week, though there was some rush for booking profits last Friday, amid hints of a possible rate hike by the Federal Reserve in its next policy meeting after the US treasury yields looked up and hiring slowed down.

The BSE Sensex closed the week ended July 7 up 562 points to 65,280, and the Nifty50 climbed 143 points to 19,332, while the Nifty Midcap 100 and Smallcap 100 indices gained 0.9 percent and 2.6 percent. Most of the sectors contributed to the up-move in the market.

Going forward, markets are likely to sustain the current momentum, as stock-specific action will pick up with the onset of the Q1FY24 earnings season.

Technically, the index is likely to take a key support at 19,200 in coming weeks and the next, at 19,000 is expected to be crucial for sharp correction, while on the higher side, the hurdle is 19,400-19,500 area and if it sustains 19,500 then 19,600-19,800 would be next levels to focus on.