Key Market Triggers for the Week: US Fed Chair Speech, Q4 Results, FII Activity, and Global Cues

Investors are eagerly anticipating the upcoming week as they keep a close watch on various factors that could impact the market. The week ahead will see a focus on the ongoing January-March quarter results for fiscal 2023-24 (Q4FY24), voter turnout, domestic and global macroeconomic data, foreign fund outflows, crude oil prices, and global cues.

Domestic equity benchmarks showed strength in the previous week, with Nifty 50 reclaiming the 22,500 level and the Sensex closing above 74,000. The BSE benchmark climbed by 1.84% and the Nifty went up by 2% during the week.

Nifty Midcap hit an all-time high, while Nifty Realty and Nifty Metal also reached record levels. However, Nifty FMCG was the only sectoral index that closed in the red.

Market sentiment initially faced volatility due to an increase in the India VIX and concerns over low voter turnout in the ongoing general elections. However, optimism grew as investors anticipated potential interest rate cuts in 2024, supported by positive US consumer inflation data and improved jobless claims figures.

In the coming week, investors will focus on new IPOs and listings, along with the latest corporate results and global indicators. Analysts expect continued volatility in the market, with opportunities for profit booking above the 22,650 level. Traders are advised to adjust their positions accordingly and maintain a “buy on dips” strategy.

Overall, the market outlook will be guided by global cues, corporate actions, FII activity, technical views, and oil prices. The week ahead promises to be eventful, with key triggers shaping the direction of the stock markets.