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Prabhudas Lilladher flags key 23,000 level for India market upswing
The note points to Brent around $101 and says crude near $100 could affect India’s inflation and the RBI’s guidance.
Prabhudas Lilladher technical research vice president Vaishali Parekh said India equities need a decisive move above the 23,000 level to confirm conviction for further upside, while noting that the market bias has improved after successive rallies and pullback on two straight sessions, according to LiveMint Markets.
She linked the supportive tone during the session to firmer global markets, positive business updates from select financial companies, and positioning ahead of the RBI policy decision, which sustained buying interest, the outlet reported.
On commodities, LiveMint Markets said Brent traded around $101 after retreating from above $102, with factors including recovering Middle East exports and proposed releases from emergency reserves easing immediate supply concerns.
However, the note characterized the energy picture as only moderating rather than normalizing, adding that crude staying near $100 could complicate India’s inflation and currency outlook and influence the RBI’s guidance even if the near term supply premium eases.
Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%