IANS | 23 Apr, 2024
The domestic equity markets stayed range-bound on Tuesday with BSE
Sensex settled the day at 73,738, up 89 points or 0.12 per cent, while
the Nifty 50 closed at 22,368, up 32 points or 0.14 per cent.
The
domestic market exhibited range-bound performance, tracking positive
global cues with sustained outperformance of the broader market. While
tensions between Iran and Israel were perceived to have limited
escalation, the uptick in crude prices suggests investors’ reassessing
the risks, said Vinod Nair, Head of Research, Geojit Financial Services.
“With
higher levels of dollar index and US bond yields, FIIs are expected to
continue with outflows, but inflows from DIIs are supporting the
recovery", he added.
Rupak De, Senior Technical Analyst, LKP
Securities, said that the Nifty remained sideways throughout the session
as it failed to provide any directional breakout. However, the overall
trend remains positive as the index closed above the critical moving
average.
"On the higher end, the range of 22,350-22,400 is likely
to act as a resistance zone; a decisive breakout above 22,400 might
trigger a rally in the market. On the lower end, support is positioned
at 22,250; a breach below this level might weaken the bullish
sentiment," he said.
Kunal Shah, Senior Technical & Derivative
Analyst at LKP Securities said that the Bank Nifty index experienced a
sideways trading session following a positive opening, with bears
asserting dominance at higher levels. Despite this, the overall
sentiment remains bullish, suggesting that dips should be seen as buying
opportunities.