Nifty is witnessing early upward momentum and appears to be the standout bullish Diwali theme in town, largely unaffected by relentless selling from FIIs. However, the likelihood of this pressure jeopardizing Nifty's recent optimism seems slim, given its standing as a standout bullish theme. Encouragingly, WTI crude oil futures have reached a three-month low at $75 per barrel, despite signals of supply cuts from Saudi and Russia, setting Nifty's targets at 19,500 and possibly 19,789. Traders are increasingly confident that the Federal Reserve has concluded its historic tightening cycle, with expectations leaning towards a rate cut in June. Yet, with all eyes on Fed Chair Powell's upcoming speech, more aggressive traders might prefer a cautious stance. Technically, sustained selling below the Nifty 19,221 level could make the benchmark vulnerable. Nifty's options data hints at a probable trading range of 18,900-19,700, with 19,600 remaining a crucial resistance zone. As Q2 results from various companies like Adani Ports, Aurobindo Pharma, Bosch, and others are set to be revealed today, the overall sentiment suggests Nifty will likely continue to shine amid the welcome decline in oil prices.
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