‘Nifty is poised for a potential uptick as bulls look to capitalise on positive momentum from Wall Street’
— Nifty is poised for a potential uptick as bulls look to capitalise on positive momentum from Wall Street
–Traders are likely to adopt a risk-on approach, driven by strong cues from Wall Street, the expectation of a rate cut by the Federal Reserve in September, and robust US retail sales figures, which have eased recession concerns.
–The July US CPI data further boosts confidence that inflation will return to the Fed’s 2% target.
–Risk appetite is expected to improve significantly only above the Nifty 24,497 mark.
–In Wednesday’s session, FIIs were net sellers by Rs 2,595 crore, while DIIs bought Rs 2,236 crore.
–Nifty options data suggests a trading range of 24,000-25,000, with 25,000 acting as a key resistance level.
–Key stocks to watch include Aurobindo Pharma, Bajaj Auto, Naukri, and TVS Motors, with a bullish outlook on Aurobindo Pharma for the month.
Pre-market views by: Prashanth Tapse, senior VP (research) at Mehta Equities Ltd
