Nifty Market Outlook: Flat-to-Positive Opening Expected in Current Trade
The market outlook for Nifty suggests a flat-to-positive opening, with Nifty futures closing at 24,694 on Monday and Nifty indicating an opening at 24,720 on Tuesday. Analysts anticipate continued consolidation in the market, with benchmarks moving lacklustre while specific stocks show activity.
Head of Retail Research at HDFC Securities, Deepak Jasani, mentioned that US stocks dipped on Monday awaiting consumer price index data. Asian equities saw an uptick after China’s plans for stimulus next year. Investors are awaiting India’s IIP and inflation numbers this week to gauge RBI’s rate cut decisions.
Short-term trends for Nifty remain bullish, with support at 24550 and resistance at 24857. Chola Securities advises caution due to high valuations in Indian equities but sees deep corrections as opportunities for quality acquisitions. FPIs continue their buying spree in the Indian stock market.
Technical Analyst Rajesh Bhosale suggests monitoring the range of 24400 to 24800, adopting a “buy on dip and book profits at higher ranges” strategy during consolidation. Stock-specific actions are recommended, with sectors showing uneven participation. Traders are advised to be selective in their choices.
