Mumbai, July 7 (IANS): Indian equity indices closed on a stellar note in July's first week as Sensex and Nifty posted one-one per cent gains each, while the midcap index rose by more than 2 per cent, resulting in a fifth consecutive week when the market extended its bullish streak.

The market outlook will be guided by domestic and global factors in the next week.

On the domestic front, India’s Union Budget to be presented on July 23 is a key event, the Q1 earnings season also begins this week. Key companies such as Tata Consultancy Services (TCS) and HCL Tech will release their earnings on July 11 and 12 respectively. Additionally, the CPI numbers for June, corporate announcements, foreign fund inflow, and crude oil prices will be major factors to markets in the next week.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said, "India’s Union Budget in July is a key event, with hopes pinned on growth-oriented policies and the development of the monsoon season, which will also be significant points of interest for investors and traders."

On the international front, market participants will closely monitor key events, including Fed speech, UK GDP data, US Core CPI Inflation, Initial Jobless Claims, and US PPI data.

Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd, said, "The Nifty currently has significant support around the 24,100 level. A breach of this support could lead to a further decline towards 23800 levels. A close above 24,450 may push the Nifty towards 24,600 levels. Consolidation is expected with resistance at 24,400-24,500 and immediate support at 24,200."