Stock Market Next Week (4-8 Oct ) | Indian Market View
Indian Market View Next Week (4-8 October): Indian stock markets declined around 2 percent during the week ended 1 Oct. The border markets outperformed and closed in the green. Indian markets started the week on a flat note on Monday and continued their southward journey on the remaining trading days of the week.
The profit booking in the markets was due to weak global cues and FIIs outflow. Investors were concerns about the uncertainty of the US debt ceiling, rising bond yields, and inflations. However, the downside remains capped due to positive economic data announced later during the week.
Factors that may impact the Indian stock market next week
Macroeconomic data
The biggest domestic event for the coming week is the RBI monetary policy, which is scheduled for 6-8 of October. The outcome of the meeting will be on 8 October in the morning during market hours. The Monetary Policy Committee is expected to keep the repo rate unchanged and continue the accommodative stance in the policy meeting.
The RBI’s commentary on the growth projections and inflation forecast would be important along with rising crude oil prices and declining covid situation. The PMI Service and Composite data will be announced on Tuesday, below are the schedule of economic data that going will announce next week.
| Economic Data Next Week | |
| 05-October21 | Service/ Comp PMI September |
| 08-October 21 | RBI Monetary Policy |
| 08-October 21 | Bank Deposit/Loan Growth |
| 08-October 21 | Foreign Exchange Reserve |
Global market cues
The major global market indexes closed lower during the week ended 1 October. The global market sentiments were downbeat due to rising US bond yields, inflation worries, and growth concerns. In the coming week the US unemployment rate for September, rising bond yields, oil price, service PMI of various countries will be the key focus for the investors. The schedule for global macroeconomic data is given below.
| Important Global Macro Data Next Week | ||
| 4 October 21 | Factory Order AUG | US |
| 5 October 21 | Tokyo CPI/Core CPI SEP | Japan |
| 5 October 21 | Jibun Bank Service/Comp PMI SEP | Japan |
| 5 October 21 | Markit/CIPS Service/Comp PMI SEP | GB |
| 5 October 21 | Markit Service/Comp PMI SEP | US |
| 5 October 21 | Balance of Trade Exp & Imp | US |
| 6 October 21 | ADP Employment Change SEP | US |
| 7 October 21 | Leading Economic Index Prel AUG | Japan |
| 8 October 21 | Caixin Service / Comp PMI | China |
| 08 Oct 2021 | Unemployment Rate SEP | US |
OPEC Meeting
The crude oil prices are almost at three year high due to the increase in demand after easing covid-19 related travel restrictions by many countries. Higher crude oil prices are a bigger concern for the importing country like India. Analysts feel that the price could go up further in the coming months if OPEC countries do not increase production. The Organisation of the Petroleum Exporting Countries and allies will meet on Monday to discuss the production plan and the market will closely watch the meeting.
Technical Outlook
Technical view on Nifty and Bank Nifty Futures for next week
Nifty futures current position is short sold on September 28 at 17781. Traders can continue the short position and reverse to the long position if Nifty futures close above 17576.
Bank Nifty futures current position is short sold on September 30 at 37768.54. Traders can continue the short position and reverse to long if Bank Nifty futures close above 37520.
Do you want to trade in Automated Trading Software and are looking for a ready & profitable strategy or want to build your own strategy then you can click here for all Algo/automated trading-related solutions.
FII & DIIs flow
Foreign Institutional Investors (FIIs) were the net sellers amid fear of rate hikes and asset tapering decisions by the Federal Reserve. Whereas, the Domestic Institutional Investors (DIIs) supported the markets as they were the net buyers in the cash market on a weekly basis.
FIIs sold Rs 6092.56 crores while DIIs bought Rs 4305.4 crore in the cash market during the week ended 1st October. On a monthly basis, FIIs turned as net buyers after continuous selling for five months from April to August 2021. FIIs bought Rs 913.77 crore and DIIs also bought Rs 5948.85 crore in the month of September.
Coronavirus risk & Vaccination
The Covid-19 infections are in a declining stage in India. India continues to report less than 30K infections in last the last week. The infection is also declining in other parts of the world like the US, Europe, and some Asian countries due to the acceleration of vaccination speed. India has administered almost 90 cr vaccine doses so far including 24.3 crores of the Indian population has taken double doses.
You can also Predict Nifty for 28 October 2021 and Win Gift for details about the contest click here
You may also like to read, Nifty and Bank Nifty Prediction for Monday, 4 October 2021
Happy Investing!!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution to compile the data for its Website. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. Nifty50Stocks.com is not SEBI registered Advisors. Nifty50stocks.com advises its users to check with certified and SEBI registered experts before taking any investment decision. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website
