What to watch out for in the coming week

India Infoline News Service | Mumbai | October 21, 2017 11:04 IST

Nifty extended its rally and heavyweights like Reliance Industries and HDFC Bank showed considerable leadership.

With the major macro-economic data out of the way, all the focus will remain on the results season. Heavyweights like Maruti, Asian Paints, HDFC Bank, Infosys, Hindustan Unilever and Kotak Mahindra Bank are set to come out with their quarterly earnings.

Besides, global cues, crude and currency moves also will be closely watched in the coming week.
 
Nifty extended its rally and heavyweights like Reliance Industries and HDFC Bank showed considerable leadership.

Smaller time frame chart analysis indicates that Nifty has to close above the 10240 mark for the current momentum to extend further.

However, there is no doubt that Nifty has already broken out on weekly charts and projections indicate Nifty has another 350-400 points upside which is likely to take the index towards the 10500-10600 zone.
 
Bank Nifty continues to remain a concern as it has been the laggard throughout the past two weeks.

Going forward it is very important for Bank Nifty to sustain above the support zone of the psychological 24000 mark. While on the upside 25000 will act as strong resistance for the index.

 

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