Stock Market View: Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities

 

In Wednesday's trading session, Nifty closed at 22669, marking a decline of 135 points from the previous close. Noteworthy was Sensex's triumph, surpassing the historic 75,000 milestone, with Bank Nifty also hitting a record high at 49057. However, market sentiments were shaken by the US CPI inflation data, questioning the Fed's rate-cut plans and prompting a bearish outlook on potential rate cuts for 2024. Despite this, hopes for robust Q4 corporate earnings and a pre-election rally remain positive catalysts, as reflected in net buying by both FIIs and DIIs. Nifty's options data indicates a trading range of 21700-23000, with 23000 emerging as a crucial resistance zone.