US Market mainly moved lower during trading on Tuesday, StoxBox extending the pullback seen during last Friday’s session. The Nasdaq showed a notable move to the downside amid weakness among tech stocks. Asian markets traded mostly lower this morning, and the dollar tracked bond yields lower while gold held steady after hitting over a one-week high. Amidst market volatility, the domestic market is poised to approach record highs again. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction. However, the decline in mid & small-caps suggests that investors continue to exercise caution due to higher valuations. Indian market looks set to open on a flat note Wednesday, tracking mixed cues from global markets. On the stock-specific news, Zee Entertainment Enterprises may see increased activity following reports that SEBI has disinterred a $241 million discrepancy in the company accounts after its collapsed merger with Sony Group.
The StoxBox Nifty 50 index claimed a new historic peak on Tuesday, and the Gift Nifty is directing further upside on Wednesday, as it trades 20 points higher. Immediate support derives at 22000, followed by 21700 levels. Only a decisive drop beneath 21700 could jeopardize the positive strength. On the upside, the price action hints a move towards 22340 -22500 levels.
For more such News Kindly Check blogoday.com
