Indian shares in Tuesday’s trade followed weak global trends to open lower. Earlier, the BSE 30-share Sensex fell 0.37 percent or 301.7 points to 81,446.87, while the Nifty index was down 0.3 percent or 73 points at 24,595.25.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Globally the markets will be waiting for the FOMC result on Wednesday. The markets have already discounted the 25bps rate cut and, therefore, the focus will be on the Fed official’s analysis. Any from the ambiguous analysis will be contrary to the market view This is the only possibility that the PMI for services 58.5 percent shows a strong, visible economy well in the market.”
Technology
Akshay Chinchalkar, Head of Research, Axis Securities said, “Friday’s highly volatile session saw the Nifty lower at the beginning of the session, but the day’s decline occurred during the collapse of the shoulders and shoulders pattern that was activated on December 3 with an upside target of 25,500 This objective remains valid as long as the market remains above 23,873, but the most important support now is Friday’s low 24,180 “.
Seasonal patterns also support the bullish view, as the Nifty rose in the second week of December -80 percent of the time over the past decade, with an average gain of 1.1%.
Asian markets
The MSCI Asia ex Japan index fell as investors remain cautious ahead of the outcome of this week’s Federal Reserve meeting, where the central bank is expected to cut rates but said it will slow the pace of the cuts.
