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Mumbai. Last week, Sensex and Nifty witnessed a strong jump after several weeks of decline. After the BJP's victory in the Maharashtra elections, the next week is going to be very important for the stock market. According to experts, in the week starting from November 25, investors will be eyeing Foreign Institutional Investors (FII) data, second quarter GDP data, conflict between Russia and Ukraine, and crude oil prices along with other factors.
Vinod Nair, Head of Research, at Geojit Financial Services, said, "The market made up for the current week's losses with a strong jump on Friday. During this time, investors used the opportunity of boom to buy beaten down stocks."
The impact of Maharashtra election results will be visible.
Master Capital Services Limited Director Palka Arora Chopra says that the victory of BJP-led alliance Mahayuti in Maharashtra will bring political stability and it is very positive for the sentiment of investors. This can lead to a rally in the market.
Nifty can go up to 24,500
Chopra further said that during the week, Nifty closed in the green above 23,900. 24,100 is going to be an important resistance level for the National Stock Exchange (NSE) benchmark. If the index crosses this level, it can go up to 24,500. 23,700 is an important support level. If it breaks it, it can go up to 23,400.
Bank Nifty is above the moving average.
Santosh Meena, Research Head, Swastika Investment said that Bank Nifty is above the 200-day moving average. 51,300 to 52,000 is an important resistance level. If it breaks this, then 52,600 to 53,300 will be a resistance level.
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