Business

Indian stocks end fiscal year positively

Indian equities closed the fiscal year on a positive note, with retail, DIIs, and FIIs showing increased buying activity across the board, according to Vinod Nair, Head of Research, Geojit Financial Services. The mid and small-cap stocks have rebounded, hinting at a positive outlook for the stock market in FY25, with a focus on large-caps due to premium valuations in mid-caps.

Rupak De, Senior Technical Analyst, LKP Securities, noted that the Nifty surpassed the 22,500 mark and showed a breakout in consolidation on the daily timeframe, indicating growing optimism. However, resistance near the previous swing high of 22,526 could pose a challenge, requiring a sustained rally above 22,525. Support at 22,200 could help prevent a downward trend in the short term.

Overall, the Indian stock market has shown promising signs at the close of the fiscal year, with various market players contributing to the optimistic sentiment. Investors will be closely watching the performance of both large and mid-cap stocks in the coming months to gauge the overall market direction and potential risks.

IANS

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