Shillong, October 16: Nagaraj Shetti, Technical Research Analyst at HDFC Securities, observed a shift in Nifty’s trajectory following a sustainable intraday upside recovery on Friday.
As per IANS, on Monday, Nifty experienced a choppy movement, ultimately closing the day 19 points lower. Despite a negative opening, there was a minor upside recovery from the day’s lows that couldn’t be sustained until the end.
Geopolitical tensions continue to influence equity sentiment, yet mid-and small-cap indices saw bargain hunting in anticipation of festival-driven demand and positive Q2 results, according to Vinod Nair, Head of Research at Geojit Financial Services.
The potential impact of rising oil prices on yields and operational costs, possibly affecting H2FY24 margins, remains a concern.
As the earnings season gains momentum, investors may adopt a bottom-up approach to portfolio restructuring.
Aditya Gaggar, Director of Progressive Shares, noted the sector-wise performance, highlighting Metal as the top performer, followed by PSU Banks and Auto, while Pharma experienced a correction.
Notably, Mid and Small Caps outperformed the Benchmark Index, recording gains of over 0.20%. To sustain the ongoing upward movement, the Index must breach the formidable resistance at 19,780, with downside protection expected at 19,660.
