The market took a breather on Monday as investors shifted focus from earnings to economic triggers this week. While Nifty and Sensex were down, economic numbers like US and India GDP data will dictate market sentiment. Oil prices fell due to uncertainty over demand and high US inventory.
According to Vinod Nair, Head of Research at Geojit Financial Services, the market saw Nifty down by 90.65 points and Sensex down by 352.67 points on Monday. The upcoming economic numbers will be crucial for the central bank to decide on interest rates.
Rupak De, Senior Technical Analyst at LKP Securities, mentioned that the market might remain sideways in the next few days, with a range likely to stay between 22,000 and 22,200. Any breakout on either side could confirm the future directional trend.
Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities, noted that the Bank Nifty index experienced volatility with a tussle between bulls and bears. The overall undertone remains bullish, provided the index holds support levels around 46,500-46,400 on a closing basis.
