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Stock Market Prediction Next Week (19-23 Dec 2022): Indian equity benchmarks closed lower for the second consecutive week. The market sentiments were hit due to weak global cues after the major global central banks raised 50 bps interest rate hikes and indicated more rate hikes for the longer period. However, the downside remained capped due to cooler-than-expected inflation data on the domestic front and in the US.
In the coming week, the market will set direction as per global cues and the RBI’s last policy minutes. China’s prime loan rate for 1& 5 years, BoJ interest rate decision, Crude oil prices, and Japan’s inflation will remain focused next week. The other key factors that may impact the stock market prediction in the coming week are given below.
The Nifty index has slowed down its momentum in the past two sessions and witnessed profit-taking near the 18600 zone. Nifty has a resistance barrier band between the 18500-18700 zone and we may see some consolidation or profit booking in the coming days. However, the daily trend of the Nifty index is down, and the overall bias is maintained as negative. The Nifty has weekly support at 17800 while the resistance is seen at the 18700 zone.
Bank Nifty also witnessed some profit booking near the 44000 zone and closed lower near the 43200 level. However, the daily trend in Bank Nifty is also down and the overall bias is maintained as negative. Bank Nifty would have a weekly range of 42000-44200 zone.
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There is no major economic data scheduled to release in the coming week. The foreign exchange reserves released by the RBI on Friday showed that the country’s foreign exchange reserves increased by $2.91 billion to reach $564.07 billion for the week ended December 9.
Other than the Foreign Exchange Reserve the markets will closely monitor the RBI’s last policy meeting minutes, which will release on 21 December, Wednesday. The RBI stance and MPC members’ interest rate votes tend to be the most important parts of the minutes.
The global stock market index fell during the week ending 16 December. The market sentiments were hit as the major central banks raised the interest rates and made hawkish comments about further interest rate hikes. The disappointing US and China economic data also triggered recession worries among investors.
In the coming week, we may not see high volatility in the global markets like last week, as there is no crucial event lined up for the week. China’s prime loan rate, BoJ interest rate decision, Japan’s inflation, and the US new home sales and Price Consumption Expenditures (PCE) data will remain focused. The other key macroeconomic data that are likely to impact the stock market prediction are given below
The crude oil comeback rally after a sharp fall in the previous week has been blown out by renewed fears of recession and probable interest rate hikes for the longer period in the US and Europe. The crude oil prices were down for the last two trading sessions despite the shutdown of a Canadian oil pipeline keystone.
On a weekly basis, the WTI rose 4% while Brent crude also gained 4% after both the benchmark dropped around 11% in the previous week. As per the market experts, oil prices are slipping into a volatile trade, as there are so many driving forces in the oil market at this moment. Further hawkish comments from the US central banks could drag the oil prices to a new low in 2022. The correction in oil prices is beneficial for the domestic equity markets.
Foreign Institutional Investors (FIIs) continued to sell in the Indian equity markets during the week. Foreign investors have offloaded Rs 1832.17 crore worth of shares while Domestic Institutional Investors (DIIs) were net buyers and they bought Rs 3462.22 crore in the cash segment for the week that ended on 16 December.
Last week foreign investors were net sellers in three out of five trading sessions. So far in December, FIIs have offloaded more than 7K worth of equity shares in the Indian equity markets. If they continue their selling spree, then we may see a further correction in the domestic markets and vice versa. Investors should closely monitor the FIIs activity in the coming week to know the market direction.
Indian stock markets will trade as per the global cues as there are no major events scheduled on the domestic front. Technically, markets are looking weak, further corrections can be anticipated in the first half of the week. However, in the second half, we may see a Santa Claus rally in the markets. You can also follow our Daily Morning Report at 7.30 am to know the market direction.
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