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Domestic markets range bound before US inflation data

In anticipation of inflation data from the US, the Indian market exhibited range-bound trade, Vinod Nair, Head of Research, Geojit Financial Services, said.

New Delhi, Jan 11,2024:  In anticipation of inflation data from the US, the Indian market exhibited range-bound trade, Vinod Nair, Head of Research, Geojit Financial Services, said.

Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism, he said.

Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations. Selling pressure on IT stocks stemmed from weak earnings estimates, he added.

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.said Nifty faced selling pressure within the 21,700-21,750 range, yet found stability as it held above its 10-day moving average, concluding the session with a positive close.

Presently, Nifty’s immediate support has shifted to 21,600, while 21,730 serves as a resistance level on the technical chart.

The broader positional support for Nifty remains at 21,500.

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