Weekly forecast - What to expect from the markets this week?

5 Sep 2022 , 09:42 AM

Markets may remain volatile this week. This kind of volatile behavior is expected given the prevailing economic scenario. The hawkish stand taken by heads of central banks at their recent meeting has made market participants nervous. Sharp rise in inflation in Germany and other Eurozone countries has added to the nervousness. European Central Bank is expected to go for a sharp interest rate hike soon. Gazprom, the Russian gas supplier, has cut down gas supplies to Germany. This will further increase gas prices. India’s trade deficit in August has widened. 

On the technical front, Nifty 50 is likely to remain more bearish than bullish. For Nifty Bank Index,  support is seen at 38850; resistance is seen at 39760. 

A Buy call is being given on the stock of IndiaMart this week. Target price is Rs5050. Stop Loss is Rs4550.