F&O Talk| Nifty's next hurdle at 23,800-23,850, breakout needed for further upside: Sudeep Shah of SBI Securities
Reserve Bank of India (RBI) cut interest rates for the first time in nearly five years, as widely anticipated, in an effort to stimulate economic growth.
Nifty formed a red candle on the daily chart, signalling weakness, but a green weekly candle confirmed last week's bullish engulfing pattern.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, at SBI Securities interacted with ET Markets regarding the outlook on Nifty and Bank Nifty for the upcoming week. Following are the edited excerpts from his chat:
So it has almost been a week since the Union Budget presentation. The markets seemed to have taken a breather post the event. However, since the past 2 days, the markets have resumed the downtrend. Your say on the current market scenario.
Following the Union Budget, Nifty staged a strong rally, marking a high of 23807 before succumbing to three days of profit booking. The sentiment took another turn on Friday, when the Reserve Bank of India (RBI) cut the repo rate for the first time in five years, lowering it by 25 basis points to 6.25%. Despite this accommodative move, the index struggled to sustain at higher levels, indicating cautious market behavior.
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