Shillong, September 28: World stocks are in the midst of their lengthiest losing streak in two years, driven by concerns of oil prices nearing the $100 per barrel mark.
These worries are compounded by persistent global interest rate hikes and ongoing anxieties over higher US interest rates, as well as concerns surrounding China’s troubled property market, according to insights from Deepak Jasani, Head of Retail Research at HDFC Securities.
As per IANS, India’s current account deficit also saw an expansion during the April-June quarter, primarily due to an increasing trade deficit, a reduced surplus in net services, and a decline in private transfer receipts. In Q1FY24, India’s current account deficit widened to $9.2 billion, equivalent to 1.1 per cent of the GDP, compared to $1.3 billion, or 0.2 per cent of GDP, in the previous quarter. However, it remained lower than the $17.9 billion, or 2.1 per cent of GDP, recorded in Q1FY23.
On September 28, the Nifty experienced a significant decline, negating the engulfing bull pattern that had formed the day before. It is now poised to explore lower levels within the 19,388-19,458 range, with potential resistance at 19,699 in the short term, as noted by experts.
Rupak De, Senior Technical Analyst at LKP Securities, emphasized that the Nifty has undergone a notable correction due to its inability to sustain levels above 19,750. The prevailing sentiment leans towards selling during rallies. Looking forward, the Nifty may see a decline towards 19,250, with immediate support situated at 19,450, while resistance is positioned at the higher end at 19,600.