F&O Talk | Nifty eyes consolidation, key support at 23,800: Sudeep Shah of SBI Securities
The US Fed cut its benchmark lending rate by 25 bps to 4.5%, in line with expectations and in an attempt to support economic growth, China’s National People's Congress (NPC) approved $839 billion refinancing of local government debt. This would help reduce interest payments by 600 billion yuan over five years.
FIIs have been selling equities for the last 29 consecutive days amounting to Rs 1.41 lakh crore, denting investor sentiments. Markets are currency trading on the back of mixed global factors and subdued quarterly results.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ET Markets regarding the outlook on the markets. Following are the edited excerpts from his chat:
Nifty seems to be near its support currently. Do you foresee some betterment in the macroeconomic factors that may help the index bounce back?
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