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Global volatility subsides, Stock specific action to prevail amid consolidation
- Indian benchmarks retreated for second week led by global volatility amid concerns over liquidity. Nifty and broader market indices corrected 1.5% each
- Way ahead: Expect consolidation in Nifty in upcoming truncated week in the 23800-24400 band, while sustainability above 24400 would trigger extended upsides towards 24700 levels
- Markets would look for direction from global markets, India and US inflation print
- Structure: Nifty has corrected 5% (this has been norm in CY24) and relatively outperformed global markets. Globally, Nikkei and US indices have also bounced from oversold readings and expected to consolidate
- India VIX: This is key monitorable from risk perspective. VIX has cooled down significantly from resistance zone of 23-30 indicating that participants are not expecting higher risk in short term
- Sectorally, Oil & Gas, IT, Pharma and Chemicals are expected to perform better
Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
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