U.S. Retail Dollar Index: Top 5 Market Triggers to Watch This Week

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Scholarship next week: With Indian inflation falling to a 5-month low and the US Fed’s ‘mildly hawkish’ speculation of interest rate hikes, the Indian stock market ended on a high note in all four sessions. negotiation of the past week. NSE Nifty ended in green territory for the 7th week in a row, rising from lows of 15,183 levels to 17,698. On a weekly basis, the Nifty 50 index ended up 1.73% while BSE Sensex recorded weekly gains of 1.42% and closed at 58,387 levels.

Speaking on the near-term stock market outlook, Anuj Gupta, Vice President – Research at IIFL Securities, said: “Retail inflation in India, which is measured by the Consumer Price Index ( CPI), declined to a 5-month low of 6.71% in July, from 7.01% in June. Meanwhile, India’s industrial production, as measured by the Industrial Production Index (IIP ), registered a 12.3% growth in June, two separate data released by the Ministry of Statistics and Program Implementation (MoSPI) showed on Friday. is the main contributor to the recovery.”

Calling this a positive sign for the Indian stock market, Anuj Gupta added, “We expect Sensex to test the 60,000-61,000 levels and Nifty to test the 18,000-18,500 levels. increase further.”

“Domestic markets continued their northward journey over the past week and closed in the green for the fourth week in a row. The NIFTY index recovered the 17700 mark after April 2022. Sentiment remained bullish, mainly thanks to positive global signals. The recovery in US markets as well as FIIs turning buyers in the spot segment have forced the bulls to dominate once again,” said Mehul Kothari, AVP – Technical Research at Anand Rathi.

Here we list the top 5 triggers that could dictate the stock market next week:

1]Dollar index: “After slipping below the 105 levels, the dollar index rebounded strongly, forming a base around the 104.50 levels. against major currencies around the world, especially after declining inflation figures in the United States. Any further correction in the dollar index would be good news for the Indian stock market,” said Anuj Gupta of IIFL Securities.

2]Retail sales in the United States: “Release of US retail sales data at the FOMC meeting is expected on August 17, 2022. These data would provide additional insight into the US economy and therefore Dalal Street investors are advised keep an eye out for this data release on August 17 next week,” Anuj Gupta said.

3]FII DII Data: “FIIs surprisingly turned bullish in August, and many expect the FII selloff to end and buying to start hitting the markets. ‘Other global data, but the buying habits of FIIs be the most important to monitor,’ said Sonam Srivastava, founder of Wright Research.

4]Price of raw materials: “Crude oil cooled to $92 a barrel, and the effect was seen in easing inflation in the United States and India. commodity consumers, but given the geopolitical environment, you never know when the commodity prices will start to spike again, so commodity prices will be a crucial trigger to watch,” said Sonam Srivastava.

5]Geopolitical tension: While the Ukraine-Russia conflict remains a significant source of concern for the world, the new tensions between the United States, China and Taiwan have also raised concerns for the market. Therefore, the progression of the two geopolitical crises will be a big trigger for the market.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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