Indian markets amid mixed global cues managed to end the week to August 27 on a strong note, with Nifty scaling fresh highs again on Friday. Broader markets also outperformed and gained over 1 percent during the last trading session. On the weekly basis, gains on the Nifty were to the tune of 1.55%.
Pertinently, during the week, the FM unveiled a humongous Rs. 6 trillion National Monetisation Pipeline that will aim to unlock value in brownfield projects and augment country's infra.
Market forecast for the next week to September 3, 2021
Now as there are no hints of a Fed tapering in Jerome Powell's speech and the US markets made a record high, Indian indices will also be hitting high enough levels in the Monday's session. Notably, the hint at Fed tapering would limit the global liquidity and result in an impact over the emerging equities markets' including India.
An analyst is quoted as saying in a leading business daily that "We closed well above the 16600 level which is a good start to the new series! We should be heading to 16850-16900 which is the next level of resistance for the index. For now the stop loss level for the Nifty stands at 16400 but the same shall be updated on Monday."
Furthermore, besides the Jackson Hole meeting outcome, the markets will also be weighed by the eventful GDP quarterly numbers, followed by auto sales as well as manufacturing PMI. Profit booking in overvalued stocks will be seen and investors shall be better off taking positions in high quality stocks.