Sensex Today | Stock Market View | Pre-opening comment by Prashanth Tapse, Mehta Equities
In today’s market scenario, the Dow celebrates its fifth consecutive day of gains, marking its longest winning streak of 2024. Meanwhile, optimism surrounds the Gift Nifty’s performance this Wednesday morning, though concerns linger over Nifty’s ability to break its recent losing streak amidst disappointing Q4 corporate earnings and election uncertainty. Despite challenges, factors such as a robust US economy, potential Federal Reserve rate cuts, and depressed WTI oil prices offer hope for market resilience. Nifty’s pivotal support rests at the 22137 mark, with options data indicating a trading range of 21700-23000. Amidst ongoing corporate earnings scrutiny, strategic trades on Nifty and Bank Nifty are advised, while stocks like NESTLE and MARICO appear promising amidst any corrective declines. Jindal Steel & Power emerges as a sell candidate due to weakening momentum.
