Sensex, Nifty this week: From India's GDP growth to Fed chair speech, factors that may drive Dalal Street

Amid positive global cues, the Indian equity benchmarks extended their gaining streak for the fourth straight week and posted marginal gains during the passing week. This week, investors will be eyeing key events such as India’s GDP growth rate, fiscal deficit data, RBI Monetary and Credit Information Review, along with the US Fed chairman's speech, and growth rate data will keep the markets buzzing.    

Economic data: On the economic front, investors would be eyeing the data on Gross Domestic Product (GDP) growth rate, fiscal deficit, RBI's monetary and credit information review, and infrastructure output, which is scheduled to be released on November 30. Also, the coming week is going to be the start of a new month and both cement and auto stocks will be buzzing on reporting monthly sales figures. 

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Investors will also be waiting for S&P Global Manufacturing PMI, which is scheduled to be released on December 1. The S&P Global India Manufacturing PMI unexpectedly dropped to 55.5 in October 2023 from 57.5, missing a market consensus of 57.7. Bank Loan Growth and Deposit Growth data are also going to be released on the same date.   

US market data: On the global front, investors would be eyeing important economic data from the United States (US), starting with Building Permits Final on November 27, followed by CB Consumer Confidence, on November 28, GDP Growth Rate, Goods Trade Balance, on November 29, Core PCE Price Index, Personal Income, Personal Spending, Initial Jobless Claims, on November 30, ISM Manufacturing PMI, Fed Chairman Speech, on December 1. 

He said Nifty closed in a narrow 29-point closing range over the last 4 days (19,783-19,812). "This shows the tug of war between the bulls and bears. On weekly charts, Nifty gained 0.32 per cent. Nifty has faced resistance from 19,875 over the last two weeks. Hence only when this is breached, further upmove may happen. On the downside 19,547 could act as a support in the near term," Jasani said.    

Bank Nifty: Rupak De, Senior Technical analyst at LKP Securities, said that following RBI's tightening measures, the Bank Nifty has consolidated at lower levels, with four of the five largest banks dropping below their 200DMA. The sentiment appears sideways in the short term. The level of 44,000 is poised to remain a pivotal point; a decisive move above this mark could potentially trigger a substantial rally for the index. On the downside, visible support resides around 43,500," De said.     

Technical Outlook - Nifty: Deepak Jasani, Head of Retail Research at HDFC Securities, said the Global shares drifted on Friday in the absence of guidance from Wall Street, which was closed for the Thanksgiving holiday on Thursday. "Investors were skeptical of whether the US Federal Reserve was done with interest rate hikes that kept risk appetite in check."  

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