Nifty predictions July 12: Decisive breakout above 19,500 may trigger upside; Bank Nifty to face resistance at 45,200
equity market is expected to open on a cautious note Wednesday following mixed trends in Asian peers as investors remain watchful of key inflation data in the US and India to be released later today. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark indices as the Nifty futures were trading 8 points, or 0.04%, lower at 19,529 level. Market will take cues from the corporate earnings for the June quarter with the IT majors Tata Consultancy Services (TCS) and HCL Technologies to release their Q1FY24 results later during the day.
On Tuesday, the Indian equity indices ended higher led by positive global cues. The Sensex closed 273.67 points, or 0.42%, higher at 65,617.84 while the Nifty ended the day at 19,439.40, up 83.50 points, or 0.43%. Also Read: Gift Nifty, Asian stocks to TCS Q1 results - check out key global cues for the Indian stock market “The market now awaits the Q1 results, IT sector which kicks off today, where expectations are muted with a focus on the sustenance of margin and improvement in long-term guidance.
The positivity also stems from China's anticipated stimulus to withstand economic growth and hope on the moderation in US inflation data," said Vinod Nair, Head of Research at Geojit Financial Services. Nair believes the overall valuation for India is marginally above the long-term average, which is fair given strong earnings expectations on FY24. On the technical front, after showing a choppy movement with weak bias in the last few sessions, Nifty bounced back on Tuesday amidst volatility.
The index formed a small positive candle on the daily chart with a long upper shadow. “Technically, this pattern reflects an emergence of selling pressure at the highs. Presently, the Nifty
. Read more on livemint.com
