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Sumeet Bagadia sees Nifty 50 bias turning sideways to bearish
He projects Bank Nifty to trade in a 55,000 to 56,000 range for the next session, while citing US 10-year yields above 5.1% as a key headwind.
Sumeet Bagadia expects India’s Nifty 50 to keep a sideways to bearish bias in the next session, with support at 22,900 to 23,000 and resistance at 23,300 to 23,370, LiveMint Markets reports.
Bagadia also flagged that Bank Nifty is likely to trade within 55,000 to 56,000, and said the broader market backdrop remained volatile as the Nifty 50 extended its weekly losing streak to seven straight weeks, its longest run in six years.
According to LiveMint Markets, the Nifty 50 fell 1.64% on Thursday before recovering modestly on Friday, and still finished the week down about 0.88% from the prior Friday close.
LiveMint Markets notes that higher global yields and oil prices, along with geopolitical uncertainty, contributed to the midweek sell-off, pointing to the US 10-year Treasury yield moving above 5.10% during the week as tightening financial conditions for emerging markets.