In Stock market today, Index traded on a volatile note on Wednesday as caution prevailed ahead of domestic and U.S. inflation data and key IT earnings.
Stock Market Nifty Chart Prediction.
The Indian stock market was range-bound on Wednesday, as investors weighed the likelihood of subdued IT earnings against optimism about moderation in US inflation.
On the one hand, IT earnings are expected to be subdued in the coming quarters, as the sector faces headwinds from rising costs and a slowdown in global growth. This weighed on the IT sector, which is a major component of the Indian stock market.
On the other hand, investors were encouraged by signs that US inflation may be moderating. This helped to support the broader market, as investors believe that lower inflation will lead to lower interest rates, which will boost economic growth.
However, the upward trend in domestic food inflation, which is being driven by higher mandi prices that are trending above MSP, tempered the optimism. This is because food inflation is a key driver of overall inflation in India.
Overall, the Indian stock market is likely to remain range-bound in the near term, as investors weigh the various factors that are influencing the market.
For Tomorrow NIFTY can open on either side depending on the following factors
- U.S. inflation data
- India inflation data
- TCS and HCL Tech result
For tomorrow nifty has strong support at 19200 and 19500 will act as major resistance
Bank Nifty Daily Chart Prediction
Bank Nifty has been correcting for the past few weeks, and is now trading in a downward sloping channel. The index has reached the lower end of this channel, which is also the 50% Fibonacci retracement level (44600). This level is likely to attract buying interest, and we expect Bank Nifty to start recovering from here.
Our initial target for Bank Nifty is 45000. If the index is able to break above this level, we could see a further rally to 45500. However, if Bank Nifty fails to break above 45000, it could resume its correction and head towards the 44000 level.
Overall, the outlook for Bank Nifty is positive, as the index has reached a crucial support zone. However, we need to see a sustained move above 45000 before we can become more bullish.
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