Markets take a breather after recent run-up
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The market took a breather on Monday after the recent run-up as investors' focus shift from earnings to economic triggers this week, said Vinod Nair, Head of Research at Geojit Financial Services.
While Nifty was down 90.65 points, or 0.41 per cent, at 22,123.85 at close on Monday, Sensex was down 352.67 points, or 0.48 per cent, at 72,790.13.
The US and India GDP data, eurozone inflation, and US jobless claim data will be influential economic numbers for the central bank to take a call on interest rates, which will dictate the market sentiment in the near term. The uncertainty over demand and high US inventory pushed oil prices down, Nair said.
Rupak De, Senior Technical Analyst at LKP Securities, said that on the daily chart, a small bodied red candle has formed.
Overall, the index might remain sideways during the next few days. The range is likely to stay between 22,000 and 22,200. Any breakout on either side might confirm the future directional trend, De said.
Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities, said the Bank Nifty index experienced a tussle between the bulls and bears, resulting in a volatile trading session.
Despite the volatility, the overall undertone remains bullish, contingent on the index holding the support levels around 46,500-46,400 on a closing basis.
