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Market is likely to open on flat note on Tuesday amid mixed global cues. Analysts expect lacklustre trading day for traders with stock-specific action to dominate. Lack of triggers to keep market in a range, said analysts. With result season is over, now the focus is shift to global cues.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said: this week market would take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US fed chair Powell’s speech, jackson hole symposium due later in the week and release of RBI meeting minutes. Thus, in the near term we expect market to trade in broader range with buying seen at lower levels. Stock specific action is likely to dominate.
Gift Nifty at 19,390 indicates a flat opening as Nifty August futures on Monday closed at 19,399. Equities across Asia-Pacific region are mixed but largely positive.
Aggressive selling by foreign portfolio investors is equally absorbed by domestic investors.
Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities, said: The Foreign Portfolio Investors (FPIs) were seen covering their short positions.
“The Index has formed a morning star candlestick pattern on the daily chart. This bullish reversal pattern formation around the 50-Day Exponential Moving Average (DEMA) of 19,270 and the 50% Fibonacci retracement of 19,323 drawn from the low of 18,647 made on 26th June to the high of 19,992 made on 20th July can give a ray of hope to bulls in the coming days. The level of 19,300 on the downside will act as a strong support for Nifty while a close above today’s high of 19,426 can lead to initiation of fresh longs,” he added.
According to Vikas Jain, Senior Research Analyst, Reliance Securities,Concerns over the Fed’s path on interest rates have returned to markets. The release of minutes from the Federal Reserve’s latest policy meeting suggested the committee remains focused on reining in inflation and won’t rule out further hikes in September. In India, CPI Inflation Spikes To 15-Month High as the Consumer Price Index for the month July stood at 7.44% compared with 4.87% in June while expectation was 6.50%.
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