Page 8 - Sameet Chavan News Today

Whether it is strong GDP forecast by the Reserve Bank of India or foreign inflows momentum, market observers said that the near-term trajectory appeared positive

The next cue for markets is the Federal Reserves December policy outcome, which is expected later in the day. While the US central bank is expected to hold rates, its commentary will be closely tracked for clues to the rate-cut path

Despite the slowdown, minor dips favor the bulls, and a gradual upshift in the support base signifies a positive development technically.

The phase of consolidation may last as long as the index trades below the 21,000 mark, with immediate support at 20,850 and crucial support at the 20,500-20,300 levels, but if the index decisively closes above 21,000, then 21,500 could be the possibility

As per Angel One, this week 20850 is viewed as immediate support, and sustained trading below this level could trigger a price correction, potentially bringing prices toward the next support at 20700.

After the benchmark Nifty hit 21,000 mark just last week, the Sensex hit its 70,000 milestone in intraday deals today. The benchmark surged 232 points in intra-day deals to its new peak of 70,057.83. This is the 5th session in December when the Sensex has hit its peak.

RBI also raised its GDP growth forecast for FY24 to 7.0 percent from 6.5 percent, which ushered further optimism among investors.

Nifty managed to surpass yet another milestone of 21,000 today. It is up 1 percent in CY23 year to date.

Most of Zerodhas AUM was added post-2020, which is one of the biggest bull markets India has seen. While equity funds saw a slowdown in the pace of inflows, investments through the systematic investment plan route hit record high in November.

The experts further advised to continue with the buy-on-dips strategy till the index holds 19,600-19,500 on the downside