2024-12-13 09:25:49 am | Source: Geojit Financial Services Ltd
Morning Market Quote : In the near-term the market has a headwind and a tailwind Says Dr. V K Vijayakumar, Geojit Financial Services
Below the Quote on Market by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
In the near-term the market has a headwind and a tailwind. The headwind is the resumption of selling by the FIIs who sold stocks for Rs 3560 crores yesterday. Given the high valuations in India FIIs are likely to sell more at every market rise. Selling has been profitable for FIIs since the dollar has been appreciating after the US election. The tailwind which can support the market is the declining inflation.
November CPI inflation at 5.48% has come within the RBI’s tolerance limit. If this trend continues it can pave the way for a rate cut by the MPC in February. However, the rising dollar is a concern since it can lead to imported inflation. Nifty is unlikely to break from the range of 24500 - 24850. Buying will emerge at the lower end of the band and selling will resume at the higher end of the band
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