Dalal Street is likely to open on a positive note following strong global cues, and also see bouts of volatile trading this week, analysts say.
“The strong momentum in the Indian market is likely to continue this week. Globally the markets are going to move up and the domestic market will see some upside this week,” Ashika Stock Brokers Research Head Paras Bothra said.
Analysts also expect that the expiry of futures and options contracts on April 29 would keep the market volatile this week. Markets would remain closed on April 30 and May 1 on account of General Parliamentary Election and Maharashtra Day, respectively.
“There will be some sellers who would try to cover their positions this week. Since there will be short trading session this week, investors will prefer not to carry forward their positions,” SMC Global Vice-President Rajesh Jain said.
Echoing similar views, brokerage firm Bonanza Portfolio Assistant Vice-President Avinash Gupta said, “Market is likely to remain on positive trajectory this week on strong global cues, however, a pull back cannot be ruled out.”
The market would be positive in the beginning but gradually as the expiry of futures contract nears, the trading would become choppy, he added.
However, analysts cautioned that there might be some corrections in the markets this week as the bulls might sit back and consolidate their gains.