Nifty story new
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We’re now eyeing 18,100 in Nifty however mixed global cues may continue to trigger volatility in between. Besides, the performance of the global markets especially the US would remain on their radar. Participants will be eyeing macroeconomic data viz. The broader indices too witnessed decent traction and gained in the range of 2-3.5%. All sectors contributed to the move wherein banking and financials led the surge. Consequently, both the benchmark indices, Nifty and Sensex, settled closer to the week’s high at 17,833 and 59,793 levels respectively. Several factors like the easing of crude, consistent foreign inflows and rebound in the US markets in the latter part helped the index to inch higher. " Markets ended the 3-week long consolidation phase and posted decent gains, tracking favourable cues.
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If we look at the derivative data then the short positions of FIIs in the index future is still around 80% therefore the market will also have the support of short covering rally."Ījit Mishra, VP - Research, Religare Broking Ltd On the downside, 40000-39500 will act as a strong demand zone. On the downside, 20-DMA around 17700 will act as an immediate and strong support level while 17500 is a sacrosanct support level.īank Nifty is outperforming and has moved above the 40000 mark where 40800-41000 is an immediate and strong resistance zone above this, we can expect a rally towards the 41800-42000 zone. Technically, Nifty has an immediate and psychological hurdle of 18000 above this, we can expect a rally towards 18350/18600 levels. This week market will have an eye on macro numbers where we will have our IIP and Inflation numbers while the US inflation number will play an important role. If the flows from FIIs remain supportive then our market is likely to head towards new highs soon. Strong FIIs' flow and sharp fall in crude oil prices were key supporting factors for the Indian markets. The bullish momentum is likely to continue as global cues turned supportive. "Indian equity market benchmark indices Nifty and Sensex break their two-week losing streak and continued their northward journey however previous week's losses were minuscule and we were outperforming our global peers. Santosh Meena, Head of Research, Swastika Investmart Ltd. India is the world's third-largest importer of oil and benefits from a fall in prices as it brings down imported inflation. Also lifting investor sentiment is a slide in oil prices.