Nifty tries to hold 19,100 as market experts see volatility continuing
- Dr Reddy, BPCL, Bajaj Finserv are the notable gainers in morning trade.
- Bharti Airtel, Britannia, LITMindtree, in contrast, are the laggards.
- Market watchers expect the volatility to continue through the week.
Equity benchmark indices, the
At the start of the trading session, Sensex witnessed a rise of 135.15 points, opening at 64,254.83, while Nifty gained 49.25 points to open at 19,170.25. Among the Nifty companies, there were 28 advances, 21 declines, and one remained unchanged. However, at the time of publishing, the Nifty had slipped 0.2% in the red.
Notable gainers during the initial market opening included Dr Reddy, BPCL, Bajaj Finserv, Tata Motors, and Hindalco. In contrast, Bharti Airtel, Britannia, LITMindtree, M&M, and ONGC were among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Dow Jones and Nasdaq saw a good rally in yesterday's session. U.S. stock futures indicated a rebound today, following last week's selloff triggered by disappointing reports from major tech giants. Investors eagerly anticipate the Federal Reserve's two-day meeting and Apple's forthcoming earnings report scheduled for Thursday."
The positive sentiment in the Indian market follows a strong rally in Dow Jones and Nasdaq in the previous session. U.S. stock futures indicated a potential rebound, recovering from the selloff driven by disappointing reports from major tech companies.
Aggarwal said, "As investors navigate the
Near-term trade is anticipated to continue the trend of market volatility due to numerous events that are in focus. Investors are closely watching the upcoming Federal Reserve two-day meeting and Apple's earnings report scheduled for Thursday. However, as investors navigate market volatility, there are expected to be crucial resistance levels in the Indian market at 19343-19463.
Options interest data reveals substantial open interest between 19300-19500 levels, with call writers actively selling calls. On the downside, significant support is expected to hold at 18134-18458.
"Investors should not worry about concerns related to war, US recession, Debt Levels, high-Interest Rates, Rising yield. They should focus on quality stocks on every dip for the long term. Indian Economy has huge potential and Govt. focussing on a 5 trillion economy is achievable. We have tremendous scope for growth and our market will surely see new highs in the coming times. We remain positively biased on Indian Economy", said Aggarwal.
AdvertisementHe added, "Traders should trade with risk-defined strategies only. Keeping low risk and high reward is good in this market. On the sectoral front, we continued to remain bullish on IT, Media, Metals, FMCG, Pharma and banking".
While various global concerns, including geopolitical tensions and economic factors, are influencing market sentiment, experts remain positively biased on the Indian economy's potential.
Investors are advised to focus on quality stocks for the long term and to use risk-defined strategies for trading. Sectorally, the market remains bullish on IT, Media, Metals, FMCG, Pharma, and Banking.
Experts express optimism about India's economic growth potential and its ability to achieve the goal of becoming a USD 5 trillion economy.
The market is expected to see new highs in the near future, providing opportunities for investors.
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