In the last week, broader markets were in an uptrend. Nifty Midcap hit an all-time high at 11,347 and posted the biggest weekly gain in 8 months and Nifty's small-cap closed the week at 17,009 level. Nifty Realty and Nifty Metal hit a record high this week gaining 7 per cent each.

The outlook for the market will be guided by the major domestic and global economic data such as India PMI manufacturing data, India Service Data, UK CPI Inflation Data, US Initial Jobless Claims, S&P Global Services data, and S&P Global Manufacturing PMI and Q4 corporate results.

Also, US Fed Chair Jerome Powell is scheduled to deliver a speech on Monday (May 20), which is expected to further influence market sentiments.

As per market experts, "The release of PMI data for May from both the US and India next week will be closely monitored for further market insights. Amidst ongoing uncertainties surrounding election results and quarterly earnings, we anticipate continued volatility in the near term."

Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said, "Nifty closed above its crucial 20-day moving average (DMA) at 22,300, hinting at a potential bullish trend. This positive momentum could push the index towards 22,525 and even 22,750 levels."

"On the downside, 22,300 will act as the immediate support level, followed by a 100-DMA of 22050. It's important to note that the market may experience volatility in both directions" he added.