Will Nifty hit 20,000 today?

Posted on by

All eyes are on Nifty Weather as it breaches the historic 20,000 mark on Friday. Although it came tantalizingly close to the psychological number, giving traders some anxious moments near Thursday’s trading close, experts think it may make the breakthrough sooner rather than later.

Gift Nifty qt 19875 indicates a flat open for Nifty as the July Nifty futures contract closed at 19970.

According to market experts, Infosys results that did not receive a good response From investors, it may lead to a decline in the company’s shares and the information technology sector in general. In fact, the Nasdaq’s Infy Exchange Rate Index fell nearly 9 percent on Thursday, after an earnings announcement that revised growth estimates downward.

After Infosys, Investors will focus on Reliance Industries, the weight of the indicator, which is set to announce the results today. The result is widely expected outside of after-market hours only. However, the stock may affect the direction of the market up to this time.

Besides, Indian markets are overbought and a correction may be near, analysts said.

Ajit Mishra, Senior Vice President – Technical Research, Religare Broking Ltd said: “We may see some consolidation in the next session citing the psychological hurdle of a new milestone and overbought positions. However, alternating buying across sectors should keep the tone positive. Participants should line their positions accordingly and look for buying opportunities on dips.”

Meanwhile, US stocks closed mixed with the Dow Jones rising even as the Nasdaq and S&P 500 fell sharply.

“It is becoming increasingly clear that markets believe the Federal Reserve (Fed) can achieve a ‘soft landing’ scenario, where inflation is reduced without stifling growth in the process,” said Daniela Hathorn, senior market analyst, Capital.com. Given the way risk appetite has blossomed recently, with equities leading the way up, it appears that even another rate hike may struggle to spoil the good mood among investors. inflation.”

Most stocks in the Asia-Pacific region fell in early trading on Friday.

Ashwin Ramani, Derivatives Analyst and Technical Analyst, Samco Securities, said:Future open interest (OI) data showed long growth in five of the previous six trading sessions, indicating strong buying interest..” However, the buying and selling ratio (PCR) decreased from 1.44 to 1.40, indicating that short makers are not very comfortable adding positions at higher levels, he added..