Market forecast – What to expect this week?

15 May 2023 , 03:23 PM

Indian equity markets may see another week of swings between buying and profit booking. Investors will continue to hold a short-term perspective as long term remains highly uncertain. Retail inflation rate in America came down to 4.9% in April.  Bank of England once again increased the interest rate by 0.25% to 4.5%. This is the highest level of interest rate in the country since 2008. In spite of this, inflation rate in UK is still at 10.1%.

Prices of oil and natural gas are on decline.  This is happening because of global demand for both oil and gas turning out to be weaker than expected. Any decline in oil & gas prices is a positive for Indian equity markets. 

On the technical front, Nifty 50 is likely to see support at 18,070. Resistance is likely to be at 18,470. Foreign investors have provided strong buying support to Indian equity markets, till date in May. This trend may continue this week too.