Mumbai (Maharashtra) [India], December 23 (ANI): The Indian markets bounced again on Monday after consecutive promoting within the final three buying and selling periods.
The Nifty 50 index surged 150 factors, or 0.64 %, to open at 23,738.20 factors, whereas the BSE Sensex index surged greater than 448 factors to open at 78,490.19 factors.
Experts famous that for the markets to rally, vital progress is required on inflation, extra fee cuts are required, and fewer turbulence from Trump 2.0 is critical to see a sustained rally. However, the possibilities of a year-end rally are nonetheless current.
Ajay Bagga, Banking and Market Expert mentioned “The US rally of Friday is supporting Asian equities this morning. The short term momentum is turning positive again and we may see a year-end rally over the remaining 7 working days of 2024. However, the broader trend remains challenging due to the US bond yields being persistently high”.
In the sectoral indices on the NSE, Nifty Metal opened as the best gainer, whereas different indices additionally surged on the time of submitting this report. Nifty IT gained 0.55 %, whereas Nifty Media, Nifty FMCG, and Nifty Pharma additionally noticed positive aspects.
In the Nifty 50 record, 46 shares opened upfront, whereas 2 shares declined and a couple of remained unchanged. The high openers of the day included JSW Steel, Hindalco, Shriram Finance, Trent, and HDFC Bank. The high losers on the opening have been SBI Life, HDFC Life, Power Grid, and BEL.
“The support lies at 23400, which is the objective of the short-term head and shoulders top that was confirmed on 18th December. Under that, final support for bulls lies at the November 21 low of 23,263. The three-day momentum is under five and, therefore, deeply extended on the downside, so the likelihood of a rebound remains very high,” mentioned Akshay Chinchalkar, Head of Research, Axis Securities.
Other main Asian markets additionally gained on Monday, with the Nikkei 225 index surging 0.88 %, Taiwan’s Weighted Index rallying greater than 2.55 %, South Korea’s KOSPI up by 1.57 %, Hang Seng gaining modestly at 0.36 %, and the Jakarta Composite surging by 1.22 %.
“The Nifty 50 experienced a sharp decline last week, falling by 4.77 per cent, the largest weekly drop this year. The index pulled back from the 24,800 mark, which now acts as strong resistance. 23,300 serves as a crucial support level, a breakdown below this level would strongly indicate a continuation of the downtrend” mentioned Sunil Gurjar, SEBI Registered Research Analyst, Founder- Alphamojo Financial Services. (ANI)