Stock Market Prediction Next Week (17- 21 Oct 2022)
Stock Market Prediction Next Week (17- 21 Oct 2022): Indian stock markets ended with a minor cut for the week ending 14 Oct. The domestic markets started the week negatively due to weak global cues and some cautiousness ahead of the inflation and IIP data. Investors were concerned as FIIs sold aggressively in the Indian equity markets last week. However, the downside remained capped due to strong quarterly results announced during the week.
In the coming week, market focus will shift from inflation and rate hike to corporate results, as the second-quarter earning season moves into full swing. The global cues and Q2 results will drive the markets next week, The other key factors that are likely to impact the stock markets in the coming week are given below.
Stock Market Prediction Next Week (17- 21 Oct 2022)
Nifty & Bank Nifty weekly prediction
Nifty got some resistance near 17350 levels on Friday and witnessed a heavy profit booking and slide down and closed near 17200. Though the sentiments improved, the Nifty needed to breach the 17300-17350 levels to establish some clarity and conviction about the trend.
On the other hand, the US markets fell sharply again on Friday, and on Monday Nifty is likely to open lower. Technically, the Nifty spot price could trade in the range of 17500 to 16800 during the week. You can buy near low and sell at high.
Bank Nifty has shown strength as compared to the Nifty index on Friday, as frontline private banks regain strength and looking for further up moves. . On the spot price, it could trade in the range of 40400 to 38100. You can buy near low and sell on the higher side.
You can also follow our daily Nifty and Bank Nifty futures, trends, trading strategies, and market updates on our Website or Telegram Channel – https://t.me/nifty50stocks1
Quarterly Earnings
The second quarter earnings season has just begun. The IT majors TCS, Infosys, and HCL Tech beat market estimates while Wipro missed the expectation and got penalized by the markets last week. HDFC Bank and DMART announced their Q2FY23 earnings on Saturday. HDFC Bank reported slightly lower profit and net interest income while DMART posted a slight dip in operating margin in the Q2 results.
On Monday, markets will react to both the corporate Q2 earnings. In the coming week, there are 14 Nifty 50 companies that will announce their second quarterly results, the complete schedule is given below.
| Q2FY23 Result dates for Nifty50 Stocks | |
| 19 Oct 2022 | IndusInd Bank |
| 20 Oct 2022 | Ultracemco |
| 20 Oct 2022 | Asian Paints |
| 20 Oct 2022 | Axis Bank |
| 20 Oct 2022 | Bajaj Finance |
| 20 Oct 2022 | ITC |
| 21 Oct 2022 | Bajaj Finserve |
| 21 Oct 2022 | HDFC Life |
| 21 Oct 2022 | HUL |
| 21 Oct 2022 | JSW Steel |
| 21 Oct 2022 | Reliance |
| 21 Oct 2022 | SBI Life |
| 22 Oct 2022 | ICICI Bank |
| 22 Oct 2022 | Kotak Bank |
Global Stock Market Prediction Next Week
The global stock market cues will be crucial next week. On Friday, the US stock market indexes dipped, as the US Treasury yield climbed to a 4% high. On Monday The Asian markets are likely to follow the trend as SGX Nifty is already showing 165 points down.
In the coming week, the below macroeconomic data will be the focus and impact the stock market.
| Important Global Macro Data Next Week | ||
| 17 October 2022 | Industrial Production MoM Aug | Japan |
| 18 October 2022 | 20 Nation Congress of Chinese | China |
| 18 October 2022 | Communist Party ( 17-22 Oct) | China |
| 18 October 2022 | PBoC 1yr MLF announcement | China |
| 18 October 2022 | Bal of Trade- Exp & Imp | China |
| 18 October 2022 | GDP Growth rate Q3 | China |
| 18 October 2022 | Industrial ProductionYoY Sep | China |
| 18 October 2022 | Unemployment Rate | China |
| 18 October 2022 | Industrial Production SEP | US |
| 19 October 2022 | Inflation Rate-Core PPI, Retail | GB |
| 19 October 2022 | Inflation Rate-Core PPI, Retail | EA |
| 19 October 2022 | Housing Starts SEP | US |
| 19 October 2022 | Balance of Trade Exp/Imp | Japan |
| 20 October 2022 | Loan Prime Rate- 1 yr & 5 Yrs | China |
| 20 October 2022 | Gfk Consumer Confidence Oct | GB |
| 20 October 2022 | Inflation Rate SEP | Japan |
| 20 October 2022 | Retail Sales | GB |
Indian Rupee Movements against the US dollar
Last week the Indian currency was steady at 82.2 per against the US dollar, remaining slightly above the record-low of 82.8 hit on October 7 as hotter-than-expected inflation data placed further pressure on the Reserve Bank of India to tighten monetary policy.
Market experts are predicting that the Indian rupee could hit 84-85 against the dollar soon. According to the State Bank of India Chairman, “ Dinesh Khara” the Indian rupee has weakened essentially due to the strengthening of the dollar index but it is holding well compared to other emerging market currencies. Traders need to closely monitor the rupee and dollar movement in the coming week, as further depreciation in the rupee could hit market sentiments.
Crude Oil Prices
The crude oil prices fell around 7% in the last week, erasing almost 50% of its earlier two weeks’ gains, due to the worries about recession. The latest report of US retail sales and inflation, recession worries in the US further increases. The new lockdown and Covid-19-related restrictions in China also impacted the oil demand, as China is the world’s largest crude-importing country.
On a weekly basis, WTI crude was down by 7.6% and closed at $85.61 per barrel while Brent crude oil was down by 6.4%and ended at $91.63 per barrel. The falling crude oil price is positive for India, the world’s second-largest crude-importing country. In the coming week, brent crude may trade between $88-98 per barrel.
FII & DIIs flow
The Foreign Institutional Investors (FIIs) turned net sellers, they sold aggressively in the Indian equity markets last week. FII’s net selling as NSE data was Rs Rs 9941.71 crore worth of equity shares while DIIs bought Rs 7030.96 crores during the week ended 7 October.
Traders should closely monitor the FIIs and DIIs actively next week. if the FIIs selling spree continues in the next week then it would be negative for the domestic stock market
Conclusion:
Indian stock market may open lower on Monday, as the US market turned negative on Friday. The SGX Nifty is also indicating a negative opening for the domestic market. You can follow our Monday morning report to know the stock market direction.
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You may also like to read, Nifty and Bank Nifty Prediction for Monday 17 Oct 2022
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