Rajesh Palviya, Head of Research, Axis Direct
The Nifty 50 closed Tuesday’s session at 23,913.70, declining 118 points as the index slipped below the key 24,000 mark amid healthy profit-booking following the previous session’s sharp rally. Despite the corrective move, the broader undertone remains constructive as global risk sentiment continues to improve.
Overnight, US markets delivered a mixed but supportive setup, with the S&P 500 gaining 0.61% and the Nasdaq rallying 1.19% to fresh record highs led by strong technology buying, while the Dow Jones eased marginally by 0.23% due to weakness in energy counters. Asian markets are trading largely positive this morning, with Japan’s Nikkei extending gains on easing geopolitical concerns surrounding the US-Iran situation.
On the commodities front, gold is hovering near $4,517/oz, silver around $78/oz, while Brent crude remains steady near $96 despite renewed strikes, indicating that crude volatility is currently under control – a positive for emerging markets including India. GIFT Nifty is indicating a flat-to-positive opening.
Technically, the recent dip appears more like a consolidation after the strong rebound seen earlier, and any sustained move back above 24,000 could trigger fresh short covering and renewed buying momentum toward 24,100 and 24,300 levels. On the downside, immediate support is placed at 23,800 followed by 23,600, where buying interest is likely to emerge.
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