Market forecast - What to expect this week?

16 Jan 2023 , 01:06 PM

Indian equity markets are likely to see an uncertain week. Foreign Investors now have more choices for their investments, as many other equity markets have started doing well, since the beginning of the year. This has resulted in selling by foreign investors in Indian equity markets. They are pulling their money out of Indian equity markets and putting it in markets such as that of Hong Kong. Since the beginning of this year, Hang Seng Index of Hong Kong Stock Exchange has increased by over 9%. 

World Bank has cut down its global GDP forecast for 2023 to 1.7%. It has forecasted that India’s GDP will grow by 6.2%. 

Euro zone’s inflation rate came down to 9.2% in December from 10.1% in November. This drop was mainly on account of decline in energy prices. A milder winter in Europe has lowered the demand for energy such as natural gas for heating. 

On the technical front, Nifty 50 is likely to see support at 17750 level and resistance at 18150 level, this week. 

A BUY call is being given on the stock of Vedanta for this week. Target price is Rs 304. Stop Loss is Rs 309.

A BUY call is also being given on the stock of PNC Infra for this week.  Target price is Rs 344. Stop Loss is Rs 306.