New Delhi, April 23 (IANS) The domestic equity markets stayed range-bound on Tuesday with BSE Sensex settled the day at 73,738, up 89 points or 0.12 per cent, while the Nifty 50 closed at 22,368, up 32 points or 0.14 per cent.
The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks, said Vinod Nair, Head of Research, Geojit Financial Services.
“With higher levels of dollar index and US bond yields, FIIs are expected to continue with outflows, but inflows from DIIs are supporting the recovery”, he added.
Rupak De, Senior Technical Analyst, LKP Securities, said that the Nifty remained sideways throughout the session as it failed to provide any directional breakout. However, the overall trend remains positive as the index closed above the critical moving average.
“On the higher end, the range of 22,350-22,400 is likely to act as a resistance zone; a decisive breakout above 22,400 might trigger a rally in the market. On the lower end, support is positioned at 22,250; a breach below this level might weaken the bullish sentiment,” he said.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the Bank Nifty index experienced a sideways trading session following a positive opening, with bears asserting dominance at higher levels. Despite this, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities.
–IANS
san/sha
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
