Today’s Stock Market: The Nifty has continued its erratic trajectory close to 25116, where it has encountered severe resistance. On the down side, the Nifty may find support at 24700 and 24462. Experts predicted that a clear mark above 25116 would restore the Nifty’s positive momentum.
Stock Market Today: At 24,826.20, the benchmark Nifty-50 index closed Tuesday’s tumultuous session 0.7% lower. While IT,FMCG,and auto led the losses for other sectors,Pharma and Realty were among the gainers,and the Bank Nifty closed the day 0.39% lower at 55,352.80. The overall indexes closed nearly unchanged.
Wednesday’s Trade Setup :
The Nifty has been maintaining its erratic pattern and has been unable to break through the 25116 resistance. On the down side, the Nifty may find support at 24700 and 24462. Senior Derivative & Technical Research Analyst Nandish Shah of HDFC Securities stated that a clear mark above 25116 will restore the Nifty’s positive momentum.
According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.,the Bank Nifty is encountering resistance in the vicinity of 56,000–56,100 levels,with support situated at 54,776.
International Markets and Q4 Outcomes :
The release of the minutes from the most recent FOMC meeting is one of the major international events that investors are now watching because it may give them clues about the Fed’s policy outlook in the face of ongoing inflation and budgetary strain. According to Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd., markets are likely to stay turbulent in the near future as they closely monitor trade discussions, global events, and remaining corporate earnings.
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