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All eyes on US Fed as rate cut optimism lift sentiments

ICICIdirect Research 13 Sep 2024 DISCLAIMER

Nifty reclaimed new highs as rate cut hopes and benign inflation expectations helped by good monsoon and lower brent prices weighed on sentiments. As a result, Nifty gained 2% for the week ahead of US Fed meeting next week

What to expect: Nifty has retraced seven session corrective phase in faster time. Expect to head towards 25800 with key support at 24750.

Private banks showing signs of strength and with their significant weightage likely to steer Nifty higher
Sectorally, BFSI, IT, Metals, Consumption are expected to outperform

Brent: Prices continue their down trend after breakdown from one year consolidation. Expect prices to head towards $67 over coming months while upsides capped at $80

Liquidity: FIIs have been net buyers in four out of past five sessions. As of September 12, FIIs have invested nearly Rs 14,750 crore in domestic equities, including some block deals. Additionally, they brought in around Rs 7,000 crore in yesterday's session (a provisional figure), hence, amounting to approximately Rs 20,000 crore in total inflows so far this month. This reflects confidence in large-cap stocks and suggests that downside risks are limited.

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