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NSE Nifty today: index to remain range-bound in line with global markets: analysts


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On Thursday, Nifty ended up 0.93% at 15,556.65 – Photo: Shutterstock

NSE Nifty 50 index (India 50) could trade range-bound on Friday taking cues from global and Asian markets, analysts told

While falling crude oil prices could cheer the market, the feat of a global recession and hike of interest rates by central banks across the world still looms large, they said.

“The Nifty 50 trend remains weak with resistance seen at 15,870, and unless the same is crossed we expect the weakness to continue.

Short-term volatility continues to remain high. Broadly expect pressure to continue, while limited stock specific risk definable opportunities are available. Select auto, banking and midcap energy stocks look attractive from a risk perspective,” Sahaj Agrawal, head of research (derivatives) at Kotak Securities said.

India 50 - NIFTY50

“Nifty seems to have made a higher bottom at 15,385 and is now slated to make a higher high above 15,707. A downward breach of 15,385 could lead to all bullish bets being taken off the table,” Deepak Jasani, head of retail research at HDFC Securities said.

“The positive takeaway is that the benchmark Nifty continues to hold up relatively well and it appears that investors are looking forward to a recovery.

The market can move up for some time, but we suspect exhaustion will occur and that may lead to a major correction. Technically, Nifty has support at 15,363 and below the same except a waterfall of selling, while the index could face a major hurdle at 15,807”, Prashanth Tapse, vice president (Research), Mehta Equities said.

The prospect of falling oil prices could add some cheer to the markets.

US crude oil spot

Nifty 50 Hot stocks

Tata Motors

Shares in Tata Motors, which closed up 3.57% on Thursday, will be in focus after the automotive firm said it was investigating the incident of its Nexon electric vehicle (EV) catching fire in Mumbai. This comes after spate of fire incidents in the EV two-wheeler segment in the country, according to a local media report.

Hindustan Unilever

Hindustan Unilever (HUL), Indian subsidiary of British consumer firm Unilever, said it would continue to increase product prices as inflation remains high. 

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Speaking to shareholders at the company’s annual general meeting, chairman Nitin Paranjpe said HUL was working towards cost-efficiency at a time the country was going through “probably the most difficult economic situation”.

Nifty on Thursday

On Thursday, Nifty ended up 0.93% at 15,556.65, mostly mirroring global sentiments in the absence of any major domestic event.

“Technically, for the last three days the market has been witnessing non-directional activity. For Nifty, 15,400 and 15,600 are the important levels to watch out and below the same the index could slip up to 15,340-15,300. 

On the flip side, 15,600 would be the key breakout level for the bulls. Above which, the index is likely to hit the level of 15,720-15,800,” Shrikant Chouhan, head of equity research (Retail) at Kotak Securities said.

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