Market Update: Kotak Securities’ Amol Athavale’s Views on the Market
– Despite positive signs from European and Asian markets, Indian markets have remained weak for the second consecutive day.
– The RBI’s monetary policy had initially led to a surge in Indian markets, but investors have now started booking profits.
– The market may continue to be volatile in the short term, with attention shifting to next week’s US FOMC meeting.
– Technically, the Nifty faced resistance near 18775 and has since turned lower, forming a bearish hammer candlestick pattern on the weekly charts.
– The index may continue to face weakness below 18675 and could slide towards the 20-day SMA or 18450.
– Further downside could push the index towards 18350, while a break above 18675 could lead to renewed buying towards 18800-18900.
Kotak Securities’ Amol Athavale has shared his views on the current state of the Indian markets. Despite positive indicators from markets in Europe and Asia, Indian markets have remained weak for the second day in a row. The initial surge seen in Indian markets after the RBI’s monetary policy has led investors to book profits, resulting in volatility in the short term. Attention is now shifting to the US FOMC meeting next week.
Technically, the Nifty has faced resistance near 18775 and has since turned lower, forming a bearish hammer candlestick pattern on the weekly charts. The index may continue to face weakness below 18675 and could slide towards the 20-day SMA or 18450. Further downside could push the index towards 18350, while a break above 18675 could lead to renewed buying towards 18800-18900.
Overall, the market may remain volatile in the short term, with investors keeping a close eye on global events and economic indicators.
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