Dalal Street to remain choppy in the week ahead: analysts
In the week ahead, the Dalal Street is likely to witness volatile trading sessions, with mostly a downward bias in thefirst half, on uncertain global cues amid lack of any significant advices at home, says analysts.business Updated: Nov 02, 2009 09:39 IST
In the week ahead, the Dalal Street is likely to witness volatile trading sessions, with mostly a downward bias in the
first half, on uncertain global cues amid lack of any significant advices at home, says analysts.
Brokers said market is expected to remain choppy as it awaits cues from the US, where the Federal Reserve will meet on November 3-4 to decide upon rate cut.
They added that at home, lack of any major event to mark the course of the market is also likely to take a toll as investors, who already feel that the market is currently over heated, would prefer to stay away.
"Market has gone up so much in the past few months... It is taking a breather now and waiting for some good news in the economy's fundamental. So the market could not sustain the good news of US economy on Friday," Unicon Financial Chief Executive Gajendra Nagpal said.
The world's largest economy US climbed out of recession growing by 3.5 per cent in the third quarter ending September 30 — the first quarterly expansion in a year.
He added: "The overall market sentiment is negative. The week will begin on a bad note on the back of the uncertainty in the global markets. As the week progresses some stability might come in the market as there would be sideways movement".
SMC Global VP Rajesh Jain said: "There would be a range bound movement in the market. Since selling pressure is expected to emerge at higher levels, upside to the market is limited".
Over the week, the BSE Sensex shed 7.2 per cent to close at 15,896 points.