Morning Nifty, Derivative and Rupee Comments as of 25 January 2023 by Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 25 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The 18200 Nifty has become a major resistance level which is keeping the Nifty iAn the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside. Two major events of February 1st - the Union Budget and the Fed decision on interest rate - have the potential to break this narrow range. A good budget and positive commentary from the Fed can break the upper band. On the contrary, any negative budget proposal like raising the rate of Long Term Capital Gains Tax or a worse-than- expected hawkish Fed can break the lower end of the range. Let’s wait for the actual outcome.
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