Week Ahead

Markets were volatile in the first week of April but ended on a positive note. The Nifty 50 touched an all-time high of 22,619, and ended the week above the 22,500 mark with a gain of 0.84 percent. The 30-share BSE Sensex rose 596.87, or 0.81 percent, to finish at 74,248.22.

The coming week could see a slight positive movement in the markets due to a series of events, ranging from TCS' (Tata Consultancy Services) Q4FY24 results, the US Fed minutes, Indian and US inflation figures, and more.

On the inflation front, the Monetary Policy Committee kept the repo rate unchanged but voiced caution about climate shocks, both domestic and global, which could instigate food price rises.

Six companies will be announcing their Q4FY24 results this week. They are Tata Consultancy Services, Cupid, Anand Rathi Wealth, Krystal Integrated Services, Popular Vehicles and Services, and Teamo Productions HQ.

The Nifty 50 ended at a new closing high and formed a small-bodied bullish candlestick pattern with long upper and lower shadows on the weekly charts, where higher high, higher low formations continued for yet another week.

Technically, the Nifty is likely to be rangebound in the coming week, unless it decisively breaks 22,600 on the higher side, or 22,300-22,200 on the lower side. Either breach can give firm direction to the market.