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New Delhi, Sep 3 In the absence of any major triggers from the domestic market, sentiments will be driven by global cues, including the release of US payroll and PMI data, says Vinod Nair, Head of Research at Geojit Financial Services.The domestic market witnessed a significant rally at the end of the week, driven by higher-than-expected domestic manufacturing PMI and positive GDP growth data, reflecting a robust economic outlook, he said.Favourable global cues also played a role in this upturn. Notably, there was heavy buying in metal stocks in anticipation of further stimulus measures from the Chinese government. Auto stocks also performed well, buoyed by strong sales figures, he added.Investor sentiments were mostly cloudy due to mixed market trends on the global and domestic fronts. Concerns about the progress of US policy measures weighed on both domestic and global markets after the Fed Chair expressed his commitment to managing inflation within target bounds. Additionally, lacklustre economic data from Europe contributed to the downturns in the domestic market, though domestically focused small and mid-caps remained resilient, he said.As the week progressed, investors regained optimism regarding a policy rate hike pause following the arrival of subdued economic data. However, the impact of the same on the domestic market was limited as investors awaited domestic GDP data. Several weak economic indicators from the US, including softer labour market data, a moderated GDP figure, and US PCE inflation aligning with expectations, increased the likelihood of the Fed pausing its rate tightening, he added.Shrey Jain, Founder and CEO SAS Online said Institutional data showed that both FIIs and DIIs are gradually building long positions, reflecting confidence in the market's long-term potential. Also, the dollar was on course to end a six-week winning streak against major currencies on Friday. It was entering a crucial phase ahead of the monthly US jobs report, which is expected to play a pivotal role in shaping the near-term direction of Federal Reserve policy.Nagaraj Shetti, Technical Research Analyst, HDFC Securities said the short term trend of Nifty has turned up and one may expect further upside in the short term. The next overhead hurdles to be watched are around 19,600 and 19,800 levels in the next couple of weeks. Immediate support is placed at 19,350 levels.Rupak De, Senior Technical analyst at LKP Securities said Nifty has started the September series on a bullish note, as the index has moved above the 21EMA for the first time in several days. This suggests the potential for a bullish reversal. Additionally, the index has broken out of a falling channel, further indicating increasing bullish sentiment. Looking at the higher end of the spectrum, there is now a resistance level at 19,530 points. If the Nifty manages to breach this resistance, it could signal a continuation of the uptrend. On the lower end, there is strong support at 19,340 points.--IANSsan/dpbDisclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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