Week Ahead

The market extended its upward journey for the second consecutive week, with the Nifty 50 rising 0.33 percent amid volatility in the week that ended on February 7.

The Nifty 50 rose 78 points to 23,560 and the BSE Sensex climbed 354 points (0.46 percent) to 77,860, while the Nifty Midcap and Smallcap 100 indices gained 0.2 percent each.

The upcoming week is set to be dynamic for global and Indian markets, driven by key macroeconomic data releases and corporate earnings. Market sentiment will be shaped by inflation figures, industrial output data, and major earnings announcements.

The December quarter earnings season will end in the coming week when more than 2,000 companies will release their results, including Nifty 50 firms like Eicher Motors, Hindalco Industries, Apollo Hospitals, and Grasim Industries.

Overall, the sentiment turned positive with the formation of a bullish candlestick pattern with an upper shadow on the weekly charts. This was after a bullish engulfing pattern in the previous week with higher highs and higher lows, and above-average volumes. Decisively breaking 23,250 on the downside will inhibit the higher top-higher bottom formation.