spot_img
Friday, July 19, 2024
HomeMarkets NewsIndian equities poised for positive open, Gift Nifty at 20,130 signals strong...

Indian equities poised for positive open, Gift Nifty at 20,130 signals strong start

-


Domestic markets are expected to open on a positive note despite ‘valuation’ concerns, especially in mid an small-cap space. Gift Nifty at 20,130 indicates another gap up opening for Nifty and Sensex. Nifty futures on Monday closed at 20,036.

Asian markets are trading flat on mixed cues from global markets in early trade on Tuesday despite positive closing at the US stocks overnight.

While markets have rallied for seven straight sessions, the fear of missing out (FOMO) can rule traders’ mindset as bargain hunting and value buying could be the probable theme, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Analysts advise investors to remain cautious and book profits, as these kinds of valuation are not sustainable,. . Traders should remain cautious with prudent stop loss, they added.

Already, FPIs have started offloading shares in the equity markets.

Kedar Kadam, Director – Listed Investments, Waterfield Advisors. “In our view, the FII selloff is primarily driven by Rising US Treasury yields & Strengthening USD. Going ahead, we expect some profit booking to emerge soon. Some risks to this market rally include inflation, erratic weather conditions, rising crude prices, slowing global growth & resultant impact on domestic exports, escalation in geopolitical tensions.”

However, analysts are bullish on long-term prospects of Indian equities.

Sandip Raichura – CEO of Retail Broking and Distribution & Director, Prabhudas Lilladher Pvt Ltd, said “20k on the Nifty may just be a number but its history, nevertheless. While we may keep talking about valuations and liquidity, the fact is that a lot is changing in India and maybe the markets are collectively seeing this golden decade ahead very differently from the cynics!” Said

Kedar Kadam added: “ we remain optimistic about long term earnings growth prospects of corporate India and the economy. Hence any correction in the market on account of profit booking will be an opportunity to add more.”





Source link

Related articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
3,912FollowersFollow
0SubscribersSubscribe
spot_img

Latest posts