Indian markets, which witnessed huge unpredictability in the last one week, are likely to remain in a range-bound manner for the next few days. However, domestic markets will be looking to west for the cues in the coming week, as it did last week.
Dealers in the market also say that, apart from international markets, key trigger for the domestic markets next will be industrial growth data for September, which will be out on Wednesday.
Strong closing of the US markets on Friday might have a positive impact on markets on Monday, said an analyst from the leading broking house. On Friday, Dow Jones Industrial Average added 248.02 or 2.85% to end the day at 8,943.81 points. While Nasdaq Composite was up by 38.70 points or 2.41% and closed the day at 1,647.40 points.
Sudhir Nayak, Vice President of Bonanza Portfolio Ltd, said, ?I don?t think so that markets have bottomed yet. We see markets going down to nearly 9,000 levels and then only we might see some stability in the markets. There are fewer possibilities that we might see the pain which was witnessed in October. But as for now, the Indian markets are going to remain volatile in the coming days.?
Dealers in the market say that, volumes will be lower in the coming week as a holiday on account of Guru Nanak Jayanti on Thursday, but a bounce-back in the market on short-covering can not be ruled out. But on Friday, last trading day of the week, 30-share Sensex of Bombay Stock Exchange (BSE) had gained 230.07 points or 2.36% and closed the day at 9,964.29 points. The broader S&P CNX Nifty of National Stock Exchange (NSE) had rose by 80.35 points or 2.78% to end the day at 2,973 points.
?There are possibilities that some genuine buying may be witness in the coming week at lower level by the retail investors,? said an analyst from the leading broking house.