Feel good sentiment following Chandrayyan-3’s successful landing and positive global markets to help domestic markets open in higher orbit. The Gift Nifty futures indicates that Nifty could reclaim 19,500 mark. However, according to analysts, marketmen will keep analysing minutes of US Fed and RBI policy meets. Besides, hopeful of resilient Indian economy also increases confidence of bulls.

As per ICRA Ratings, India’s economic growth will pick up speed in the April-June quarter of the current fiscal year, rising from 6.1% growth during the January-March quarter to 8.5%.

“The Asian markets mostly ended higher on Wednesday due to increased risk appetite driven by expectations of potential Fed interest rate cuts following upcoming remarks by US Fed’s Jerome Powell. However, gains were limited due to worries about China’s struggling economy and the possibility of China selling US Treasury notes to stabilise the Yuan,” said AUM Capital in a note.

Most equities across Asia-Pacific region are up in early deal on Thursday.

Vikas Jain, Senior Research Analyst at Reliance Securities, said 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%,” he added.

The Nifty Futures Open Interest (OI) indicated buildup of fresh long positions after three losing trading sessions, said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities. The maximum call OI for Nifty is placed at 19,500 Strike. Short covering at 19,500 Strike is likely to result in a sharp move on the upside ahead of the weekly expiry on Thursday, he added

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