Mumbai, Jan 31 (SocialNews.XYZ) A positive build-up was reflected in Indian markets prior to the Interim Budget (Feb 1) on Wednesday and although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues, said Vinod Nair, Head of Research at Geojit Financial Services.
At close on Wednesday, Sensex was up 612.21 points or 0.86 per cent at 71,752.11, while Nifty was up 203.60 points or 0.95 per cent at 21,725.70.
The overall trend in the market is akin to a seesaw, and the buy-on-dips strategy is effective as of now, Nair said.
The pharma sector stood out with a positive earnings outlook. Global market cues are mixed ahead of the FOMC meeting, and US 10-year yields are marginally down. An immediate rate cut seems improbable, but indications about the future trajectory could ease volatility, he said.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty has formed a Piercing Line pattern on the daily chart, following a dark cloud cover in the preceding trading session.
This consecutive complete reversal pattern indicates a highly-volatile market sentiment. The trend may continue to be volatile on Thursday, especially as the Interim Budget will be delivered. Support on the lower end is situated at 21,500, while a decisive move above 21,750 might trigger a rally towards 22,100 and beyond.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
