Will Nifty be able to break out of 3-week range? Key levels to watch
Nifty is in a tight range where the cluster of 100-DMA (16,835) and 200-DMA (16,990) is acting as a support zone
Indian equity markets have been in a range for the last three weeks. The market will look for direction from Q2 earnings and global cues. Earnings season kicked off with IT earnings. Next week, many financial and cement companies will come out with their Q2 results. Global markets are quite volatile, which may lead to volatility in our market as well. In terms of global factors, macro numbers from the United States and China will be important. The movement of US bond yields, the dollar index, and crude oil will be other global factors to watch out for. FIIs are aggressively selling in the cash market, but DIIs are providing good support to the market. It will be important to see institutional flows from here on.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started