Stock market outlook, November 16-20: The Nifty 50 ended in the green for the third consecutive week, marking its longest winning streak since June. The benchmark index gained 114 points, or 0.46%, last week, supported by strong foreign investor inflows and stronger corporate earnings.
Renewed investor optimism towards domestic equities following a correction in global AI stocks also supported Nifty 50 and Sensex. The benchmark indices have surged nearly 9.70% over the past month. As we look ahead to next week, the key question is whether the stock market rally will extend into November 16-20 or take a breather after three consecutive weeks of gains.
The Indian stock market is likely to remain volatile with upward bias in the coming week as Nifty 50 continued to form higher highs and higher lows over the past few trading sessions. The trend indicated a bullish momentum, highlighted Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.
“The index continues to form higher highs and higher lows, indicating sustained bullish momentum. As long as Nifty holds above the crucial horizontal support zone of 24,750, the overall technical outlook remains positive,” explained Singh.
Global crude oil price volatility, Indian Rupee movement, signals on the US Federal Reserve’s policy trajectory and geopolitical developments around the Iran-US war are likely to impact the stock market investors’ sentiment in the coming week.