In spite of favourable factors, BSE Sensex is down 61 points at 69592 points on Thursday with Bharti Airtel, HUL down 2 per cent, indicating that there will be dips in the market triggered by profit booking at higher levels.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says that there are three factors that can keep the market resilient. One, steady decline in US bond yields (10-year around 4.1 per cent now) has created a global environment favourable for equities. Two, India's GDP growth rate is improving and inflation is coming down.
The steadily declining crude price is another big positive. Three, political uncertainty surrounding the 2024 General elections appears to be out of the way after the crucial state election results. These factors have emboldened the bulls and bears have been forced to cover their short positions, he said.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said Nifty opened on a positive note once again with a new record high and thereafter consolidated finding resistance near 20,950 zone for rest part of the session halting the ongoing rally as of now.
The near-term support would be 20,500 and once a decisive breach above 21,000 is establish then further targets till 21,800-21,900 levels can be anticipated. The support for the day is seen at 20,800 while the resistance is seen at 21,100, Parekh said.
(With inputs from IANS)
