Nifty predictions July 13: Can index surpass hurdle at 19,500? Support for Bank Nifty seen at 44,500 level
equity market is likely to open higher on Thursday following a positive trend in global peers as sentiment improved after slowing inflation in the US indicated that the Federal Reserve could soon end its monetary policy tightening. Trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading at 19,555.00 level as compared to Nifty’s previous close of 19,384.30.
On Wednesday, domestic equity benchmarks the Sensex and the Nifty closed lower, snapping their two-day winning run. The Sensex closed 224.94 points, or 0.34%, lower at 65,393.90 while the Nifty50 ended the day at 19,384.30, down 55.10 points, or 0.28%. Nifty continued to remain in the narrow range for the seventh consecutive session.
Bank Nifty continued to underperform as it fell for the fourth session on the trot. Also Read: Gift Nifty, Asian markets to inflation data - check out key triggers for Indian stock market “The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index.
Further, an uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious. Monsoon progress and the Kharif sowing trend in July are the keys to the future inflation trend," said Vinod Nair, Head of Research at Geojit Financial Services. On the technical front, Nifty formed a long negative candle on the daily chart, indicating a lack of strength in the market.
The bearish engulfing pattern indicates a potential reversal in the market. Nifty has remained in the range of 19,300-19,500. Analysts believe any level above 19,500 would resume an
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