TO GET LIVE TRADING TIPS WHATSAPP YOUR NAME SEGMENT ON 9039542248 OR FILL THE FORM VISIT https://niftytipsniftylevels.blogspot.com/p/enter-mobile-number-for-2-days-trial.html
Domestic stocks traded in positive territory after an encouraging handover from their global peers. Nifty opened higher and held steady throughout the session to close up 84 points (+0.4%) at the 19,439 level. Auto, FMCG, pharmaceuticals and consumer discretionary were the biggest gainers, each up more than 1%. The defense sector was in the spotlight on the eve of the Indian Prime Minister's visit to France, where several deals are likely to be signed, including a technology transfer agreement. Market now awaits Q1 results, IT sector starts tomorrow with expectations muted and focus on maintaining margin and improving long-term guidance. The upbeat sentiment is also supported by expectations of China's stimulus to shore up economic growth and hopes for a softening US inflation data. India's overall score is slightly above its long-term average, which is reasonable given strong earnings expectations for fiscal 2024. Pressures in the banking sector limit the upside while others are doing their best to propel the markets higher. While it may further delay the trend's resumption, sentiment is likely to remain positive. Additionally, we are closely monitoring the US markets for clues and their sustained recovery could trigger the next phase of the uptrend. In the meantime, we reiterate our view that we will focus on stock selection and use this phase to gradually accumulate during downturns. Nifty has traded between 19,400 and 19,500 for the past six trading sessions and has shown strength at lower levels. Today, Nifty has maintained its gains despite gains from several heavyweights in the banking and financial sector. Looking ahead, we expect the positive momentum to continue on the back of healthy earnings, continued FII inflows and an improving monsoon. The technology sector is likely to remain active as TCS and HCL Tech are set to report results on Wednesday. Investors would also pay attention to inflation data for India and the US on Wednesday.
Resistance: 18700, 18800, 18900
Support: 18600, 18500, 18400
No comments:
Post a Comment