BLOG
Heading: Nifty eyeing 25000, global cues to steer sentiments
Global equities made a strong comeback last week as US recession fears subsided after latest economic data. US indices gained 2% while Nifty inched up by 0.5%
Way ahead: Nifty managed to surpass 24400 level with multi sector participation on Friday. Higher high-low on weekly time frame indicate that index has more legs on upside and expected to head towards 25000 in coming weeks. Last week’s low at 24100 remains crucial support with buy on dips strategy at work
Structure: Despite global volatility, Index has maintained its rhythm of not correcting more than 5% (pricewise) and two weeks (time wise) since beginning of CY24. Key take away is that post such price/time correction Nifty has tendency to surpass life highs in each of the four instances.
Market breadth: Profit taking in broader markets continued as percentage of stocks above 50day ema are now at 43% against 60% last week. This ratio usually bottoms out below 35%. In current context, mid and small caps may consolidate in coming week before next leg of rally emerge
India Vix: Volatility gauge has reverted to pre-election levels signaling that not much volatility is expected in near term by participants
Sectorally, IT and Pharma continues to outperform while Metals, Capital goods and PSU banks look oversold and may undergo base formation
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.
Related content
Blogs
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Articles - Stocks
Advantages and Disadvantages of NPS
It is a long established fact that a reader will be distracted by the readable content of a page when looking at it...
Video
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.
Video - Stocks
What is Book Value?
Book Value Explained – Find out what is book value in stocks in this video by ICICIdirect.com.