Buoyant sentiments may lift Nifty towards 20K mark over next few days
2 min readNifty has been gaining power and is inching nearer towards its life excessive of 19,992, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
With monsoon regularly bettering and India internet hosting G20 summit over the weekend, sentiments are buoyant and may lift market towards its life excessive and 20K mark over the next few days, he added.
Rupak De, Senior Technical analyst at LKP Securities mentioned the Nifty displayed power, primarily pushed by robust demand for large-cap shares. The general pattern remained strong because the index constantly stayed above a essential transferring common. However, a big hurdle for the Nifty got here within the type of substantial Call writing on the 19,900 strike worth.
Looking forward, solely a decisive transfer above the 19,900 degree has the potential to propel the index towards the 20,200 mark. On the flip aspect, there was substantial put writing on the 19,700 degree, offering robust help for the Nifty, he mentioned.
Vinod Nair, Head of Research at Geojit Financial Services mentioned home indices skilled a gradual rally all through the week, buoyed by robust home macroeconomic knowledge comparable to strong GDP and PMI figures, which painted a constructive outlook for the home market. Despite a blended international pattern marked by weak cues, Indian equities remained resilient, supported by this robust financial outlook. Global considerations had been sparked by a surge in crude oil costs, August’s US jobless claims knowledge, weak Chinese service PMI and commerce figures, and rising fuel costs on account of strikes in Australia, he mentioned.
However, within the broad market, mid- and small-cap shares attracted robust shopping for curiosity, though their valuations had been comparatively excessive. Moreover, heightened order inflows made sectors like infrastructure and realty significantly engaging to traders in the course of the week. Currently, the market is eagerly awaiting knowledge on inflation and industrial manufacturing to supply additional steerage, he added.
(With inputs from IANS)