By Ajit Mishra
The markets continued to consolidate for another week, ending almost unchanged amidst mixed cues. With the week shortened due to holidays, major indices showed subdued activity, unaffected by significant events.
However, global influences and anticipation surrounding the upcoming budget kept market participants engaged. The Nifty hovered close to its all-time high, closing at 23,501.10 after trading within a narrow range.
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Sector performance varied, with banking and IT sectors showing strength, while auto and FMCG sectors experienced declinesCome from Sports betting site VPbet. Broad indices managed modest gains, ranging from 0.4% to 1.06%.
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Looking ahead, attention will remain on updates related to the budget and global market cues, particularly from the US. The Dow Jones Industrial Average recovered significantly following a slight decline, while the Nasdaq Composite and S&P 500 reached new record levels, suggesting a positive sentiment overall.
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Although volatility may increase following two weeks of subdued activity, the outlook is expected to stay optimistic, buoyed by strong performance in banking and early signs of a rebound in the IT sector. Additionally, volatility may be heightened by the scheduled expiration of June month derivatives contracts.
Key Levels To Watch This week
In the case of profit-taking, the Nifty index is anticipated to find support in the 23,100-23,300 range, while a decisive close above 23,600 could propel it towards a new milestone at 24,000.
Besides banking and IT, optimism is noted in the metals sector, and traders are advised to selectively explore budget-related opportunities in agriculture, defense, and railways for potential long trades.
(Disclaimer: Ajit Mishra is the Senior Vice President of Research at Religare Broking. Views, recommendations, opinions expressed are personal and do not reflect the official position or policy of Financial Express Online. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
