Hello reader, hope you’re doing well. The benchmark indices are expected to open on a positive note, but they may become unstable later due to weakness in various Asian markets following a slight decline in the US markets overnight. Despite the recent setback caused by Fitch’s downgrade of the US, resulting in a significant increase in US bond yields and the dollar index, India’s impressive economic growth continues to attract global investors. While there might be some instances of investors booking profits in local shares, India’s strong performance across various economic indicators should support a recovery in the future. From a technical perspective, the Nifty index may experience fluctuations within a narrow range, with significant resistance at the 19575 level and intraday support expected around 19300.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.