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According to market observers, during the holiday-shortened week ahead, investors will focus on the next leg of corporate earnings announcements, as well as auto companies' October sales figures."After a week of consolidation, stocks appear to be headed higher. Many global indices have begun to show signs of an upward breakout which creates a positive backdrop for Indian equities as well," Sahil Kapoor, Chief Market Strategist, Edelweiss Professional Investor Research, told ."The earnings season is progressing well with certain heavyweights beating street expectations. We expect Nifty to rise towards 11,800 in the short term and towards new life highs in the medium term," Kapoor added.According to Vinod Nair, Research Head, Geojit Financial Services: "Volatility is expected to prevail for the short term with the overall market volumes showing a decreasing trend as further cues on Brexit and trade war will remain in focus."On a long term perspective, attractive schemes for consumers, boost from festive season and accommodative factors like fall in oil prices are expected to provide positive momentum to the Indian equity market."Companies like Bharti Airtel, Hindustan Zinc, Petronet LNG, Graphite India, Heritage Foods, JK Tyre & Industries, Tata Chemicals, Tata Global Beverages and United Bank of India are likely to announce their Q2 earnings results during the week, starting October 28.The Indian equity market will remain closed on Monday, October 28, to mark Diwali Balipratipada.Besides quarterly results, investors will also watch out for macro-economic data points such as the output of eight core industries (ECI).In addition, the country's fiscal deficit data will be released during the week, while monthly auto sales numbers will be analysed for signs of any boost coming from the festive season.Apart from the macro-data points, a strong Indian rupee at an expected range of 70.50 to 70.90 will also have a bearing on the market movements."USDINR (dollar/rupee) at 70.50 can't be ruled out, especially looking at the global positive build-up and liquidity support by two of the largest central banks of the US and Europe," said Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.On technical charts, the NSE Nifty50 remains in an immediate uptrend."Further upsides are likely in the coming week once the Nifty crosses the recent intermediate highs of 11,695-11,715," said Deepak Jasani, Retail Research Head, HDFC Securities."Crucial support to watch for resumption of weakness is now at 11,490," Jasani added.(Rohit Vaid can be contacted at rohit.v@.in)( With inputs from IANS )

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