Key Points
Bank Nifty and Nifty are looking to US indices for directional cues, while the broader markets are outperforming..
The prevailing uncertainty on the global front and underperformance of the banking index, which holds considerable weight in the index, are capping the upside however index majors from the other key sectors like auto, FMCG and realty are helping in keeping the tone positive..
The US benchmark index, Dow Jones Industrial Average (DJIA), has been seeing consolidation but the broader indices, S&P 500 and Russell 2000, are inching gradually higher..
We recommend maintaining a positive stance till Nifty holds 18,400 and suggest focusing on sectors, which are showing relatively higher strength like auto, FMCG & realty and picking selectively from others..
A mixed trend among the banking majors, especially the private banks, is keeping the participants guessing over the next directional move.Technically, a decisive close for Bank Nifty above 44,500 would again fuel the momentum and help the index to inch towards the 45,100+ zone soon..
You might be interested in
Blood on street for sixth day in a row
27, Oct, 23The decline in benchmark indices was led by heavyweight HDFC Bank, which neared its 52-week low
Markets extend gains as US banks liquidity rescue gives relief; Nifty hits 17,100, Sensex nears 58k; HCL Tech top gainer
17, Mar, 23Sensex closed at 57,989.90 up by 355.06 points or 0.62%. Nifty 50 rose by 114.45 points or 0.67% to end at 17,100.05. Bank Nifty rallied nearly 466 points or 1.2%, while BSE Bankex surged by over 541 points or 1.2%.
Markets take a plunge; stormy weather ahead
24, Jan, 24After a 1.47% fall, derivatives signal more selling; Vix shows volatility ahead
Markets give a thumbs-down to RBI policy, crack 1%
08, Feb, 24The markets were disappointed with no dovish tinge to the policy or cut in cash reserve ratio to ease liquidity in the banking system, analysts said
Markets halt 5-day losing streak after Credit Suisse lifeline lifts mood; Metals underperform, Tata Steel top loser
16, Mar, 23At home, banking stocks recovered, while metal stocks witnessed heavy selling pressure. Smallcap stocks saw money going out in the broader market. However, investors remain on the edge regards to turmoil in banks globally.