Trading in Gift Nifty indicates a flat opening on Friday and another dull day for domestic markets. Amid mixed global cues, domestic benchmarks are expected to remain range-bound while action will be on the broader markets, said analysts. Stock-specific action will continue based on Q2-FY25 performance, they added.
Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.
Concerns regarding geopolitical tensions in the Middle East and Europe have further fuelled demand for safe-haven assets. As the market navigates these challenges, investors remain cautious amid uncertain economic conditions.”
Gift Nifty at 24,450 signals flat opening.
Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd, said that Nifty has been consolidating for the last two sessions following persistent foreign outflows and dull earnings. We expect this range-bound move (Nifty hovering around the 24400-24500 zone) to continue without any major triggers, while the earning season would drive sectorial rotation.”
Key results to watch out for today is BEL, Chola Investment, JSW Steel, HPCL, Coal India, and BPCL, he said.
Pranay Aggarwal, CEO of Stoxkart – a discount broker, said: The overall market is currently in an oversold zone, which indicates Doji could be positive for the short term. However, the medium-term trend remains bearish as long as Nifty stays below the 25000 mark. A decisive move above 24500 could trigger a short-term pullback or relief rally following the recent decline. Conversely, a slide below 24300 may increase selling pressure, potentially pushing us down towards 24200 and 24100 levels as well. In summary, traders should adopt a wait-and-watch approach at current levels for any sudden market reactions.
