Nifty 50 Forecast Today - 17/06: Buying Pressure (Chart)
Date
6/17/2024 2:44:32 PM
(MENAFN- Daily Forex)
The nifty 50 initially fell during trading on Friday as we continue to see a lot of noisy behavior.
We are currently trading around the ₹23,465 level, and the fact that we have turned around and shown this type of strength after the initial sell off during the day suggests that we will continue to break much higher. This would make a certain amount of sense as traders are banking on a lot of loose monetary policy around the world, which typically will help emerging markets such as India.
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Don't forget the rupee
Keep in mind that the Indian rupee has been struggling as of late, and that does tend to help the idea of Indian exports picking up. Remember, even though the Indian economy is growing as quick or perhaps even quicker than just about anybody else, the reality is that it's #1 export is still the ability to farm out cheap labor. In that sense, it's very much like China in the sense that it needs a stronger global economy to predicate higher growth. It's quite possible that the Indian rupee starts to struggle again, and it only drives the stock market up higher.
I believe that India will be one of the strongest economies over the next several years, as it has a trajectory of extreme growth, although there always seems to be some type of political issue in the country. Nonetheless, it looks like traders are willing to step in and buy every dip and it looks like we are almost certainly going to break to fresh, new highs. Beyond that, New York had a very strong day on Friday as far as recovery is concerned so that could give Asian traders a little bit of momentum to kick off the week on Monday. Obviously, you have to keep in mind that we could get headlines over the weekend to cause issues, but as things stand right now it certainly looks as if the buyers are mainly in control. I still like India overall, including this index.
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