Share Market: After a slight rise in the stock market last week, investors are now looking at the next week. Experts believe that the movement of the Indian stock market next week will depend on the results of the presidential election, the Fed's decision on interest rates, PMI, FII data, and fluctuations in crude oil. 

The stock market performance was volatile last week. However, the main indices managed to close in the green. Nifty was at 24,304 with a gain of 123 points or 0.51 percent and Sensex was at 79,724 with a gain of 321 points or 0.41 percent.

Sectoral rotation seen last week 

Sectoral rotation was seen in the trading sessions from 28 October to 1 November. The IT index, which had closed strongly in the previous week, fell by 4 percent. Bank Nifty, which was weak in the previous week, saw a rise of about 1.75 percent during this period.

The reason for the rise in the stock market last week is the good results presented by companies like ICICI Bank, Federal Bank, and L&T. Apart from this, the market has also got support from strong domestic economic data. India's fiscal deficit in the April-September period of the current financial year was Rs 4.75 lakh crore. This is 29.4 percent of the target for the financial year 2024-25. In the last financial year, this figure was Rs 7.02 lakh crore.

FII sold more than 1 lakh crore

Foreign institutional investors (FIIs) sold shares worth about Rs 14,000 crore last week. In October, FIIs sold shares worth Rs 1.2 lakh crore. During the entire month, domestic institutional investors (DIIs) invested Rs 1.07 lakh crore in the stock market.

What do experts say

Santosh Meena, Research Head, Swastika Investmart says that the index is not able to cross the level of 24,500. Currently, the support is at 24,000 to 23,900. If it breaks this, then Nifty can go to test its 200-day moving average of 23,500. At the same time, 24,500 and 24,650 are strong resistance levels.

Palka Arora Chopra, Director, Master Capital Services, says that Bank Nifty has shown strength this week and closed with a gain of 1.75 percent. Its strong support is at the level of 51,000. If it breaks, then the level of 50,500 can be seen. At the same time, 51,800 and 52,300 can come at the upper levels. Looking at the setup, investors should adopt the strategy of 'sell on the rise'.