Nifty scaled fresh highs but saw profit booking. SGX Nifty signals a positive start. Tech View warns of a downward correction. Nagaraj Shetti expects selloff below 23200 levels. Global markets show mixed movements. Oil prices fell. Stocks in F&O ban today include Balrampur Chini Mills, SAIL, and India Cements.
Domestic equities closed marginally on Monday due to selling in IT stocks and HDFC Bank. Investors await US Fed, BoJ policy outcomes, and US, India CPI data for market clarity.
Domestic equities ended the week near all-time highs despite election-related volatility. Analysts expect the upward bias to continue with focus on key economic data. State of the markets signals a negative start with Nifty futures trading lower at 23,267. India VIX rose to 16.88 levels. Brent crude futures slipped to $79.58 a barrel.
Domestic stocks saw a significant bounce back as confidence surged following the reconfirmation of the NDA s third consecutive term in government. Yashovardhan Khemka, Senior Manager of Research & Analytics at Abans Holdings, noted that in the short term, the market will likely stay fixated on government formation, particularly watching for key cabinet appointments in Finance, Defense, Roads, Energy, Commerce, and Railways.
Indian shares were
expected to see a muted start on Wednesday after posting their
worst day in over four years in the previous session, as a
narrow win for Prime Minister Narendra Modi s alliance. -June 04, 2024 at 10:06 pm EDT
- MarketScreener