Morning Market Quote : Nifty is finding it difficult to break the 18100-18400 range Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 19 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty is finding it difficult to break the 18100-18400 range, in spite of favourable global cues and good Q4 results. The US 10-year bond yield has risen to 3.64 and the rupee has weakened to 82.65 to the dollar. This currency movement is not supportive for the equity market. And FII buying is getting neutralised by DII selling. The 6% rally in Nifty from the March lows has been used as a profit booking opportunity by DIIs and traders. This trend is evident from the ‘sell on news’ in major stocks like SBI and ITC in spite of good results.
The sell on rally strategy of the bears has been working this week. The near-term outlook is cloudy.
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