Indian markets, after profit-taking in the previous session, taking into account PM Modi’s comments and other cues, are seen to open on a tepid note in Wednesday’s session. GIFT Nifty futures, an early indicator of the market opening, are down by a tad 0.02 percent or 5.5 points at 24,730.
As a positive trigger India’s retail inflation for April came in at 3.16 per cent, its lowest since July 2019 on the back of reduction in food prices.
In the previous volatile session- Nifty, despite losing nearly losing 40 per cent on the gains eked out in Monday’s session managed on to hold on 24,500 levels.
In the near-term any development on the war front will likely play a decisive role in giving a direction to the Nifty50 together with Q4 earnings.
Technical view:
Rupak De, Senior Technical Analyst at LKP Securities said, “The index slipped lower as traders booked short-term profits. However, sentiment is likely to remain positive in the near term, despite some profit-taking following the recent sharp rise. The index continues to trade above the short-term moving average, confirming a bullish trend. Additionally, it has been sustaining above the previous consolidation zone. In the short term, the index may continue its upward movement with the potential to reach 25,350. On the downside, support is placed at 24,400. A buy-on-dips strategy may be favorable as long as the index remains above this level.”
India VIX cools off
The fear gauge India VIX dropped declined by 1 per cent in the previous session, reflecting easing investor sentiment after the ceasefire and amid improving global and domestic cues.
Q4 earnings in sight
From the Nifty pack, Eicher Motors is slated to report its earnings after market hours.
Companies in the F&O segment scheduled to report Q4 results are Berger Paints, Jubilant Foodworks, Lupin, Muthoot Finance, Shree Cement, HAL, Tata Power, Apollo Tyres and Torrent Power.
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