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“If by June-July election expenditure do not cut to the fore, and the first half review shows that we are broadly on track on our macro target, I think the sentiments will be fairly balanced, and we should see a steady currency”, he said.
Nifty on Wednesday ended flat with a gain of just one point and formed a small negative candle with a lower shadow on the daily chart ahead of the RBI policy outcome tomorrow.
As it will be the last trading week before the key event, which coincides with the F&O expiry, heightened volatility is expected, says Rajesh Bhosale, Technical Analyst, Angel One.
The caution is advised as certain sectors appear to be in overbought territory potentially setting the stage for profit-booking. This could notably impact mid and small-cap equities, says Om Mehra, Technical Analyst, SAMCO Securities.
The overall positive chart pattern of Nifty remains intact. There is a possibility of Nifty continuing its upward journey without showing any major breakdown in the near term.