The Nifty reached a new all-time high because the RBI Governor introduced the financial coverage, surpassing the 21,000 mark, says Rupak De, Senior Technical analyst at LKP Securities.
The RBI Governor maintained the important thing lending charges at 6.50 per cent, a choice that had already been anticipated and factored in by the market members. The upward revision of the actual GDP development projection for 2023-24 is anticipated to have a optimistic impression in the marketplace.
In the quick time period, the Nifty would possibly see volatility; solely a transparent breakout above 21,000 may drive the index in the direction of the vary of 21,550-21,700. A crucial help stage is located at 20,800, he mentioned.
The market is prone to stay in a spread within the near-term. A consolidation across the current ranges is probably going earlier than the following section of the rally begins, says V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The undercurrents within the financial system point out a sturdy financial system able to sustaining the present development of earnings development into FY 25. Leading indicators like energy demand, housing demand, credit score development and revival of rural demand recommend a resilient financial system which may hold the market buoyant, restrained solely by valuations, he mentioned.
Fairly valued segments like banking could also be collected on dips. Falling crude is optimistic for paints, tyres and aviation the place demand continues to be sturdy, he added.
(With inputs from IANS)