Analysts say, a follow through strength above Friday’s high 24,284 for Nifty will signal extension of the pullback towards 24,400 levels in the coming sessions. While failure to move above Thursday’s high will signal consolidation in the range of 24,000-24,250.
High crude oil prices, persistent geopolitical concerns in the Middle East, and elevated international bond yields continued to weigh on risk appetite for Indian investors lately. The recent efforts by the US Treasury to ease pressure on bond yields failed to provide lasting comfort, as rising crude prices and renewed inflation concerns remained key overhangs for global markets. Analysts say, a follow through strength above Friday’s high 24,284 for Nifty will signal extension of the pullback towards 24,400 levels in the coming sessions. While failure to move above Thursday’s high will signal consolidation in the range of 24,000-24,250.
STATE OF THE MARKETS
Tech View: Overall, sentiment remains sideways to mildly positive. On the lower end, support is placed at 24,200. A fall below 24,200 might trigger a correction towards 24,000. On the higher end, resistance is placed at 24,350; a rise above this level might take the index towards 24,500.
India VIX: India VIX, which is a measure of the fear in the markets, rose 4% to settle at 11.20 levels.
Read more: Ahead of Market: 10 things that will decide stock market action on Monday
Stocks in F&O ban today
SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Foreign portfolio investors net sold shares worth Rs 543 crore on Friday. DIIs, meanwhile, were net buyers at Rs 2,123 crore.
The rupee pared initial gains and settled higher by just 3 paise at 95.71 against the US dollar on Friday, as the support from a weak dollar was negated by continued geopolitical tensions.
