Market forecast - What to expect this week?

  • India Infoline News Service |
  • 14 Nov, 2022 |
  • 11:05 AM
Indian equity markets may see a range-bound week. Data on inflation in October will have some impact on market movement. RBI Governor has said that he expects inflation in October to come down.  Foreign Portfolio Investors provided strong buying support to Indian equity markets last week. They may do so this week too.

FPI are now placing the bet that India will gain strongly, in the medium and long term,  from China's zero Covid policy. Foxconn is already shifting some of its i-Phone production from China to India because of this. Other manufacturers may soon follow suit if Chinese government continues with its intolerant and oppressive approach. Chinese Government yesterday gave some indication that it may relax its zero covid policy. The toll of this policy is becoming clear. In October, China's exports came down y-o-y by 0.3%. This is the first time that the country's exports have contracted, since May 2020. Its imports also came down in the month.

On the technical front,  resistance for Nifty 50 is expected at 18600 level. Support is expected at 17960 level. Metal stocks are expected to show some bullishness this week. FMCG stocks are likely to see some weakness.

A BUY call is being given on the stock of Allcargo, for this week. Target Price is Rs 480. Stop Loss is Rs 425.

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