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Over the next few days, the trend in the Nifty 50 index might remain sideways unless it breaks above the all-time high of 22,783.
An above-average monsoon will benefit cement players, who derive a significant portion of their revenues from rural housing, says the founder and fund manager of Green Portfolio.
ICICI Bank was the star performer in the Nifty 50 and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock traded above all key moving averages now.
On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.
Last week, many investors were focused on economic data. The Personal Consumption report offers information about Americans’ income and spending over the previous month. It includes one of the Federal Reserve’s preferred inflation gauges, the personal consumption expenditures (PCE) price index. The March report showed: Disposable income, which is the amount