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The Indian stock market experienced a volatile session on Tuesday, with domestic indices opening higher but failing to sustain the gains and closing in the red.Market analysts attributed this fluctuation to investor caution amid the ongoing corporate earnings season and the Lok Sabha elections. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects this volatile trend to persist until the exit poll results provide more clarity.
“Although Nifty opens positive, it is witnessing resistance at higher levels, indicating cautiousness among the investors with the progress of both the result season and the Lok Sabha election. We expect this volatile move to continue till the Exit poll. Hence market to remain in a broader range until clarity emerges,” said Khemka.
Technical analyst Nagaraj Shetti from HDFC Securities, believes that the market needs to confirm the higher bottom reversal with an upside bounce from the lows. The immediate resistance level is pegged at 22,400, while the next lower support levels to watch are around 22,100-22,000.
In the global markets, US stocks ended mixed on Tuesday, with the S&P 500 and Dow Jones Industrial Average clinging onto gains, extending their recent winning streaks fueled by expectations of US Federal Reserve rate cuts this year.
Asian shares struggled for direction following the sluggish US session, with investors divided on the market’s ability to sustain the current rally given economic uncertainties. Oil prices fell in early Asian trading hours on Wednesday after data from the American Petroleum Institute showed an increase in US crude and fuel stockpiles, indicating weak demand. The US dollar made modest gains, while the Japanese yen eased towards the 155 per dollar level, keeping intervention risks from Tokyo high.
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