Diwali outlook: Nifty likely to consolidate between 50, 100-day EMAs, says Sudeep Shah of SBI Securities
On Friday, the 30-share BSE Sensex rose 218 points, or 0.27%, to settle at 81,224, while the broader NSE Nifty climbed 104 points, or 0.42%, to close at 24,854.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities interacted with ET Markets regarding the outlook on the Indian indices ahead of Diwali. Following are the edited excerpts from his chat:
How do you expect the key Indian indices (Nifty, Sensex) to perform around the Diwali period, traditionally considered bullish for markets?
Around the Diwali period, Indian markets typically see a bullish sentiment, fuelled by positive investor sentiment, festive optimism, and strong liquidity flows. However, this year, market performance is influenced by a mix of macroeconomic factors, including global economic uncertainty, geopolitical risks (especially in the Middle East), crude oil price fluctuations, and domestic concerns such as inflation and interest rate expectations.
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