Stock Market Prediction Next Week (28 Nov- 2 Dec 2022)
Stock Market Prediction Next Week (28 Nov- 2 Dec 2022): Indian equity markets made a strong gain during the week that ended on 25 November. The market sentiments were upbeat after the minutes of the US Fed’s last meeting indicated that the central bank may slow down the rate hikes. The falling crude oil prices also boosted the domestic market sentiments. However, the surges in covid cases and restrictions reimposed in several places in China capped the market upsides last week.
In the coming week, the markets will focus on economic data like Q2FY23 GDP data, PMI manufacturing data, GST numbers, etc. The global cues will also play a crucial role to set the market direction. The other key factors that are likely to impact the stock market prediction are given below.
Stock Market Prediction Next Week (28 Nov- 2 Dec 2022)
Nifty & Bank Nifty weekly prediction
Nifty, after a strong rally witnessed in the previous session, consolidated near the 18500 level taking a breather and awaiting the breakout above the 18600 level. The overall bias is maintained strong and anticipates a further rise in the coming days. The major frontline and heavyweight stocks like Infy, TCS, and RIL are well set with their levels and trend, there is a high chance that Nifty could retest the previous peak of 18600 in the coming sessions. Next week Nifty could trade in the range of 18800-18200 on the spot levels.
Bank Nifty also witnessed some profit booking on Friday after a sharp rally and ended just below the 43000 level. The Bank Nifty bias maintained positive and a further up move is anticipated in the coming days. On a weekly basis Bank Nifty could trade in a range of 44000 to 42000 on the spot levels.
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
Macroeconomic data
The macroeconomic data will play a crucial role to set the stock market direction next week. The Q2FY23 GDP data is due on 30th November. The Reserve Bank of India in its last meeting forecasted the economy to grow at 6.3% in the second quarter while ICRA and Bank of Baroda estimated it to grow at 6.5%.
The domestic markets will react negatively if the GDP data comes below RBI’s assessment and vice versa. The GST collection is to remain robust in November, which is expected on the 1st of December. The other macroeconomic data expected during the week are given below
| Economic Data Next Week | |
| 30 November 2022 | GDP Growth Q2FY23 ( July-Sept) |
| 30 November 2022 | Infrastructure Output Oct |
| 01 December 2022 | S&P Global Manufacturing PMI Nov |
| 02 December 2022 | Bank Loan & Deposit Growth |
| 02 December 2022 | Foreign Exchange Reserve |
Auto Sales
The auto manufacturer in India is set to publish the auto sales data for November on December 1 onwards. Traders having a position in auto stocks should remain cautious in the next week. According to experts the sales of domestic passenger vehicle is likely to witness an over 30% jump YoY in November.
On the other hand, the commercial vehicle segment sales volume could grow double digits during the month. The brokerage firm Emkay Global estimated over 10% growth in 2-wheeler volume in November and further said that the urban demand is better than rural and scooter sales are more than a motorcycle.
Global Stock Market Prediction Next Week
The US traders will be in action next week, as they will return to trading rooms after a long weekend. The trend in global markets should be closely watched out for, as several countries will release their crucial economic data during the week. We may see some volatility in the markets ahead of the US Q3 GDP data on Tuesday and monthly Unemployment data on Friday.
The other key macroeconomic data that are likely to impact the global stock markets are given below.
| Important Global Macro Data Next Week | ||
| 28 November 2022 | Unemployment Rate OCT | Japan |
| 28 November 2022 | Retail Sales Oct | Japan |
| 29 November 2022 | BoE Consumer Credit-Oct | GB |
| 29 November 2022 | Economic & Industrial Sentiments Nov | EA |
| 29 November 2022 | Consumer Confidence Final Nov | EA |
| 29 November 2022 | Consumer Inflation Expectations Nov | EA |
| 29 November 2022 | CB Consumer Confidence Nov | US |
| 29 November 2022 | Industrial Production Prel Oct | Japan |
| 29 November 2022 | NBS PMI Nov | China |
| 29 November 2022 | Inflation Rate Flash Nov | EA |
| 29 November 2022 | GDP Growth rate QoQ 2nd Est. Q3 | US |
| 29 November 2022 | JOLT’s Job Opening on Oct | US |
| 29 November 2022 | Fed’s Chai Powell’s Speech | US |
| 01 December 2022 | Jibun Bank Manufacturing PMI- Nov | Japan |
| 01 December 2022 | Caixin Manufacturing PMI-Nov | China |
| 01 December 2022 | S&P Global / CIPS Manufacturing PMI-Nov | GB |
| 01 December 2022 | S&P Global manufacturing PMI-Nov | US |
| 01 December 2022 | Consumer Confidence | Japan |
| 01 December 2022 | ECB general council meeting | EA |
| 01 December 2022 | Unemployment Rate OCT | EA |
| 01 December 2022 | Personal Spending/ Income MOM Oct | US |
| 02 December 2022 | PPI Numbers | EA |
| 02 December 2022 | Unemployment Rate Nov | US |
Crude Oil Prices
The crude oil prices closed lower for the third straight week, as the European Union could not agree on a price cap for Russian oil despite debating on the cap prices for a long. The surge of fresh Covid cases in China, the top oil importer, and restrictions reimposed in several places in China weigh on crude prices during the week.
The New-York based WTI and London-based Brent Crude oil prices fell 4 percent each for the week after back-to-back losses of 9 percent and 3 percent in the prior week. According to market experts, crude prices can jump next week in anticipation of remedial measures by the OPEC+ alliances in their next meeting on December 4. Traders should remain cautious next week, as the upward movement of crude prices can be negative for the domestic equity markets.
FII & DIIs flow
Foreign Institutional Investors (FIIs) were the net sellers in the Indian equity markets during the week. They have sold Rs 1479.96 crore worth of shares while Domestic Institutional Investors (DIIs) were net buyers and they bought Rs 1781.47 crore in the cash segment for the week that ended on 25 November.
So far in November, FIIs have bought more than 11000 crores in the equity cash segment. Last week out of the five trading sessions, FIIs were sellers in three sessions and the trend changed after the FOMC minutes were released. If the buying spree continues then we may see a new all-time high in the Nifty index early next week. Traders should closely monitor the FIIs and DIIs activity in the coming week.
Conclusion:
Indian stock markets traded in a narrow range on Friday and managed to close in green. The upside remained capped due to weak cues from Asian markets. The cues from other global markets are almost flat at this moment, SGX Nifty is 34 points up at 19695 levels.
As there are crucial macroeconomic data lined up for the next week, both global as well domestic markets are expected to remain volatile. You can follow our daily Morning Report at 7.30 am IST, to know the market direction.
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