The Indian stock market is riding a bullish wave

1.Sensex and Nifty 50 Recovery:  The Sensex added 0.9% and the Nifty 50 gained 1.24% over the past week

2.Budget Impact

Union Budget announcement day due to unexpected hikes in capital gains taxes and STT, the indices staged a significant recovery. This bounce-back was driven by heavy value-buying and buoyancy in major stocks, with Nifty 50 hitting a new all-time high of 24,861.15.

3. Key Market Drivers for the Week Ahead

Q1FY25 Results The upcoming week will see the release of several important quarterly results. Companies like ICICI Bank, Punjab National Bank, and Dr Reddy's Laboratories are set to announce their Q1FY25 results.

4. US Fed Policy Decision

The US Federal Open Market Committee (FOMC) is scheduled to meet on July 31. Market expectations are that the Fed will maintain a dovish stance and keep interest rates unchanged at 5.25%-5.50%

5. Global Economic Data

Key global economic indicators to watch include the US job openings data, China’s manufacturing PMI, and UK BoE interest rate decisions

6. Analyst Insights

The Fed’s decision will be closely watched for any indications of a shift in monetary policy.

7. Oil Prices

Recent Trends – Brent Crude: Fell by 1.5%      to $81.13 per barrel, impacted by declining Chinese demand and      geopolitical tensions. – West Texas Intermediate (WTI):      Closed 1.4% lower at $77.16 per barrel.

8. IPOs and Listings

Upcoming IPOs – Mainboard: Akums Drugs and      Pharmaceuticals, Ceigall India, and Ola Electric will open for      subscription. – SME Segment: Includes      Sathlokhar Synergys, Bulkcorp, and others. Ongoing IPOs and Listings – Ongoing: Clinitech      Laboratory, Aprameya Engineering, and Trom Industries. New Listings: SAR Televenture FPO and RNFI Services among others.

9. FII and DII Activity

Foreign Institutional Investors (FIIs) – Recent Activity: FIIs sold      approximately ₹4,721 crore this week but have been net buyers overall in      recent months. Domestic Institutional Investors (DIIs) – Buying Trends: DIIs      continued their buying streak, acquiring about ₹8,888 crore in the cash      segment this month.

10. Nifty 50 Outlook

– Resistance and Support:      Key resistance at 25,000 with support around 24,500. A sustained move      above 25,000 could signal further gains. – Technical Indicators: The      Nifty has formed a bullish pattern, suggesting potential for reaching      25,400. Bank Nifty – Recent Performance:      Showing signs of recovery with key resistance at 52,000 and support levels      at 51,000.