Markets expect profit booking at higher levels after poll results

In spite of beneficial elements, BSE Sensex is down 61 factors at 69592 factors on Thursday with Bharti Airtel, HUL down 2 per cent, indicating that there shall be dips out there triggered by profit booking at higher levels.

V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says that there are three elements that may preserve the market resilient. One, regular decline in US bond yields (10-year round 4.1 per cent now) has created a world atmosphere beneficial for equities. Two, India’s GDP development fee is enhancing and inflation is coming down.

The steadily declining crude worth is one other large constructive. Three, political uncertainty surrounding the 2024 General elections seems to be out of the way in which after the essential state election results. These elements have emboldened the bulls and bears have been compelled to cowl their brief positions, he mentioned.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher mentioned Nifty opened on a constructive observe as soon as once more with a brand new file excessive and thereafter consolidated discovering resistance close to 20,950 zone for relaxation a part of the session halting the continuing rally as of now.

The near-term assist can be 20,500 and as soon as a decisive breach above 21,000 is set up then additional targets until 21,800-21,900 levels might be anticipated. The assist for the day is seen at 20,800 whereas the resistance is seen at 21,100, Parekh mentioned.

(With inputs from IANS)