India stock markets will remain closed on Monday on the account of Eid-ul-Adha. Trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will resume on Tuesday.
This week several factors will affect markets.
The Centre will present the Budget in July and any related updates will affect the market movement. Additionally, monsoon and institutional investors' inflow data will be crucial for the market.
On the global front, data from China, movements in the dollar index, and US bond yields will be crucial.
Recent data from China has painted a mixed picture, showing a stronger recovery in external demand but weak domestic consumption. Expectations are that Industrial Production will edge lower to 6.4 per cent year-on-year from 6.7 per cent. This slight decline may reflect potential issues in the supply chain or a dip in global demand.
Santosh Meena, Head of Research, Swastika Investmart Ltd, said, "Currently Nifty is facing resistance in the range of 23,400 to 23,500. In case of a decline, support is at 23,200 to 23,100. If Nifty goes above 23,500, it can go up to 23,800 and even 24,000."
Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd, said, "Bank Nifty is around the range of 50,000. If it breaks the level of 50,200 then it can go up to 51,000. There is a strong support zone at 49,500 to 49,400. If there is further decline then it can go up to 49,000."
(With inputs from IANS)
