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The Nifty50 index managed to reclaim 19000 levels on Tuesday amid short covering of existing short positions in the Index futures, suggest experts.
Given the bearish sentiment prevailed in the market, the bears may push the Nifty50 towards 19,220, the low of the August month if it decisively breaks 19,500 on closing basis
One critical factor in this recovery is the reduction in attrition rates reported by IT companies during Q1FY24, signifying improved knowledge retention and cost savings from reduced employee turnover.
Strong put writer additions were observed at 19,500, which is where maximum open interest on the put side is placed. The level of 19,500 will act as a strong support and the option activity at this strike will provide important cues about Niftys intraday direction, Samco Securities said.
As an investor in Indian equity markets, you must not fret over the US downgrade by Fitch and focus on stocks that you own in your portfolio over anything else. Make sure that they are fundamentally sound and hold them with patience.