Mkts to remain sideways
image for illustrative purpose
Mumbai: In the midst of quiet markets BSE Sensex showed a dip to 64,832 points. The focus remained on US Fed chairman Powell’s comments, introducing the potential for increased volatility. Noteworthy sectoral performances included Nifty Reality Index (+1.19%).
Amidst speculations about the Federal Reserve’s rate trajectory, some traders anticipate a rate cut in June 2024.
The Bank Nifty index remained sideways during the day as it sustained above the support at 43,500 points, while it failed to reach the crucial resistance of 44,000 points.
Rupak De, senior technical analyst at LKP Securities, says: “Going forward, the trend is likely to remain sideways to positive as long as it sustains above 43,500 points. The index has been lacking momentum at the higher levels. A fall below 43,500 might signal a failure of the current trend; below 43,500, the index might fall towards 43,000-42,800.”
