Bulls in the Bank Nifty are sustaining their formidable momentum, propelling the index above the 48,000-mark, as highlighted by Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, during Friday's analysis.
The prevailing market sentiment continues to be bullish, underpinned by a robust foundation at 47,500. Any potential retracement toward this support level is perceived as a chance for investors to capitalize on buying opportunities. Shah is optimistic about the index's upward potential, setting a target of 50,000, underscoring the ongoing positive outlook shared by market participants.
Vinod Nair, Head of Research at Geojit Financial Services, notes that market buoyancy endures, fueled by investor expectations of the clouds over the US economic growth dissipating by H2CY24. This anticipation hinges on the belief that the economy will experience a gentle landing, facilitated by the normalization of monetary policy.
A substantial decline in the USD/INR is observed due to the likelihood of interest rates being cut in the upcoming year. Additionally, the IT index has surpassed expectations, showcasing robust performance in response to the anticipated surge in demand in the US economy.
(With Agency Inputs)
ALSO READ | Analysts Predict Bank Nifty to Reach 50,000-Mark in Upcoming Projections
ALSO READ | Markets Soar to Record Heights Following Dovish Commentary from US Fed
