Market forecast - What to expect this week?

22 Aug 2022 , 09:05 AM

Indian markets are likely to have a mixed week. On some days in the week, the markets are likely to be in the green; on other days in red. Investors will do well if they buy and sell with a short term perspective. Inflation and economic slowdown will  remain a major concern. Negative global cues may dampen sentiments in the Indian markets. Britain’s consumer inflation rate touched 10.1% in July. This is the highest inflation rate that the country has seen, since 1982. On a quarter-on-quarter basis, Britain’s economy shrank by 0.1% in the June quarter. Price of natural gas is rising again in Europe. Saudi Aramco, the oil company owned by the government of Saudi Arabia, has posted a record year-on-year growth of 90% in its profit in the June quarter. Its net profit in the June quarter stood at $ 48 billion. This indicates that the Saudi Government has little incentive to increase the production and supply of oil.

On the technical front, support for Nifty 50 is seen at 17550. Resistance is seen at 18000. For Nifty Bank Index short term support is seen at 38400; resistance is seen at 39600.

A Buy is being recommended on the stock of Zee Entertainment. Target price is Rs 277. Stop Loss is Rs 249.