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Nifty fails to settle above 24,000 again, analysts target August break
The index settled at 23,985.35 on July monthly expiry despite trading as high as 24,530.9, with analysts pointing to easing West Asia tensions and expectations for foreign inflows.
LiveMint Markets reports that the Nifty 50 missed its repeated 24,000 settlement hurdle at the latest monthly derivatives expiry, settling at 23,985.35 after reaching a high of 24,530.9 on 7 July.
The outlet said this followed five straight monthly settlements below 24,000 since the start of the West Asia war, with settlements ranging between 22,331.4 and 23,985.35 even as the index traded above the level during the months.
Market analysts cited heavy selling at the 24,000 call option, making it a difficult threshold. Amit Golia, managing director and CEO of Shriram Financial Services Pvt. Ltd., said there were signs of a “climb-down” after a 17 June ceasefire broke down.
LiveMint Markets added that the 17 June interim ceasefire, agreed for 60 days, unraveled earlier this month over differences on shipping through the Strait of Hormuz, a route that carries about a fifth of global oil supply. The report noted that Brent crude cooled to about $79 a barrel on 17 June on ceasefire hopes, then rose to around $95 a barrel by 23 July after fighting resumed, and said analysts are watching whether tensions ease and crude “cools off” to support a renewed move above 24,000 in the 25 August expiry.
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