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As election uncertainty still continues to weigh on the market, investors are now looking for clues about the timing and extent of the US Fed policy easing
The way Bank Nifty is facing constant wick rejection at lower levels suggests we should see a sharp bounce from these levels. Use this dip as a buying opportunity says technical analyst.
Sensex/Nifty50 Updates: Analysts anticipate flat market opening with focus on interest rate cuts, US data, and ongoing earnings season for investors
Indian shares recovered to close flat on Tuesday, with gains in metal stocks offsetting declines in other sectors. The S&P BSE Sensex closed 0.07% lower at 73,953, while the NSE Nifty50 index ended above the 22,500 level. Indian Bank has shown bullish trend on the daily chart with the breakout of an Inverse Head and Shoulders pattern. Aditya Birla Fashion witnessed a notable breakout of a pattern called the Cup and Handle, suggesting a likely uptrend ahead.
Nifty 50 is likely to consolidate in the range of 22,400-22,600 in the coming session, and if it breaks 22,400, then 22,300 may act as support.