Nifty maintains stability amid earning season kick-off, Bank Nifty eyes key levels for potential upside
时间:2024-06-26 16:17:38 阅读(143)
As we enter the earnings season, Nifty appears to have averted a large slide that it was poised to, at one point, providing for a soft landing for the decline, and allowing a sideways move, and a breathing space for bulls to regroup. While Nifty and Bank Nifty failed to reclaim their previous peaks, and even as some sectors found the going not so easy, it is instructive to note that several sectoral indices like consumer goods, power, PSE, realty, oil, fmcg, etc. moved to new record peaks.
In other words, the risk appetite never went away, even as Nifty and Bank Nifty’s struggles suggested a sense of caution.
Yet another striking feature of last week was how VIX fell from 15.5 levels to sub 13 levels, suggesting that volatility expectations have dwindled substantially. Towards this end, we will begin the week with an upside, but modest expectation, aiming 21860-930, with eyes on 22400 as well. Downside markers may be placed at 21630, but a collapse is less expected, unless below 21370.
The reason why we are a bit guarded in the upside expectations is because, 9 out of the last 10 years, which have included two election years, January’s second half has ended in the red. Traders will still have a lot to look forward to though, as earnings season will provide plenty of stock-specific moves.
Bank Nifty meanwhile is poised to enter the week evenly poised, after having recovered well from Friday’s lows. While we wait for a push above the 48130/48300 region in order to resume the 50000 move, favoured view sees less chance of a directional upside, with MACD histogram having fallen into the negative zone in daily charts, and the index is likely to see a struggle. The inability to clear the 48300 region should confirm the same, pushing the index into a consolidation zone of 47800-47000.
(Anand James, Chief Market Strategist at Geojit Financial Services. Views expressed are author’s own. Please consult your financial advisor before investing.)
上一篇:India bond yields seen steady, Aug CPI data eyed
下一篇:Zomato, PNB, KPI Green Energy, TVS Motor, TCS, Apollo Hospitals, Wipro stocks in focus on F&O expiry
猜你喜欢
- Share Market Highlights- Nifty ends above 18200, Sensex surges 290 pts; Bank Nifty below 44000, Adani Ent, Ports skyrocket 3%
- IIT Mandi invites applications for short-term certificates in Machine Learning and IoT Automation
- Indian bond yields flattish, Friday’s debt auction to provide cues
- Share Market Highlights- Nifty settles below 17800, Sensex plunges 250 pts; Bank Nifty dips 270 pts, Nykaa shares fall 2%
- Share Market Highlights- Nifty settles above 19700, Sensex over 66100; Pharma, PSU Bank, FMCG stocks shine
- Share Market Highlights- Nifty settles below 18700, Sensex sinks 250 pts; Bank Nifty below 43650, Adani Group stocks tank
- Share Market Highlights- Nifty settles below 19410, Sensex below 64950; Bank Nifty adds over 110 points
- India Making for World! Modern Coach Factory receives order for AC coaches from Mozambique-PHOTOS
- Indian equities up 1% amid uncertainty over Fed actions