Domestic Equity Markets Remain Range-Bound
Date
4/23/2024 7:45:11 AM
(MENAFN- IANS) New Delhi, April 23 (IANS) The domestic equity markets stayed range-bound on Tuesday with BSE Sensex settled the day at 73,738, up 89 points or 0.12 per cent, while the Nifty 50 closed at 22,368, up 32 points or 0.14 per cent.
The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors' reassessing the risks, said Vinod Nair, Head of Research, Geojit financial Services.
“With higher levels of dollar index and US bond yields, FIIs are expected to continue with outflows, but inflows from DIIs are supporting the recovery", he added.
Rupak De, Senior Technical Analyst, LKP Securities, said that the Nifty remained sideways throughout the session as it failed to provide any directional breakout. However, the overall trend remains positive as the index closed above the critical moving average.
"On the higher end, the range of 22,350-22,400 is likely to act as a resistance zone; a decisive breakout above 22,400 might trigger a rally in the market. On the lower end, support is positioned at 22,250; a breach below this level might weaken the bullish sentiment," he said.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the Bank Nifty index experienced a sideways trading session following a positive opening, with bears asserting dominance at higher levels. Despite this, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities.
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