The Indian market had a good start on Thursday. This morning Nifty opened 63 points higher at 24,142, while Sensex opened 202 points higher at 77,388. Yesterday Nifty closed at 24,078, up 26 points. The thing to note is that for the last few sessions the market is stuck in a limited range of 24,000-24,200.
US markets rose for the second consecutive day as weak inflation data dampened expectations of the Fed raising interest rates. Asian markets are witnessing huge decline; Korea’s KOSPI fell about 7.5%. Indian market may benefit from sharp fall in semiconductor stocks.
5 important things for the market
Trump says Iran eager for deal; attacks continue
Crude oil steady at $85, near one-month high
Asian markets under pressure; KOSPI, Nikkei fell 7.5%
Yesterday: FIIs sold shares worth ₹735 crore; DII bought shares worth ₹705 crore
Nifty stuck in the range of 24,200–24,000; waiting for breakout
What’s good for the market?
Tremendous rise in American markets
FII selling was very less
Full support from domestic fund purchases
Continuous buying in the support range of 23,800–24,000
PCR has come down to comfortable levels
Fall in VIX is also good for the market
The market has stopped reacting much to news related to Trump and war
What’s bad today?
FII selling, even if less
Crude oil near $85, no signs of slowing down
Rupee near its lowest ever level
Heavy selling in Asian markets
Discounts have narrowed, but Nifty futures still trade at an 11-point discount
What are the important levels for Nifty today?
HDFC Securities Technical Research Analyst Nagaraj Shetty said that Nifty is currently stuck in the range of 24,200-24,000. The market seems to be lacking clear direction and strength; Any new rise or fall will be seen only after this range is broken. Currently, Nifty is getting support at 24,000, followed by 23,800.
Om Mehra, Technical Research Analyst, SAMCO Securities, said that the rupee is trading at an all-time low of 96.25 against the dollar. From a technical point of view, the initial resistance levels for Nifty are 24,220 and 24,260. If there is a correction, there is strong support at 23,800; If it closes below this level, it will signal the beginning of a downtrend.