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Domestic markets are likely to open on flat-to-positive note as benchmarks are longing for clues.
Though major indices are expected to move in a narrow range, analysts expect stock-specific activities will continue especially in new-age stocks which are facing heavy sell-off.
With Citi bank planning to sell Nykaa shares, the rub-off effect is likely to be seen today.
Markets have bounced back smartly and wiped out the entire year-to-date decline.
Nifty is up 5.7 per cent this year so far, said Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd. Nifty has lost its momentum after rising more than 7 per cent in the last one month. It is consolidating above the 18,000-levels and marginally below its all-time high of 18604.
“With the result season now over, we expect the market to track global developments in the near-term,” he added.
SGX Nifty 18,382 indicates flat opening with respect to the Nifty futures closing of 18,378 on Thursday. Asian stocks are mixed with some eke out marginal gains in early deal on Friday.
The US stocks recovered sharply from an intraday slump and closed on a flat note, despite the reiteration of the US Fed’s hawkish stance by an official.
Analysts expect the broader market to remain under pressure while benchmarks to continue their consolidation phase.
Ruchit Jain, Lead Research, 5paisa.com, said that consolidation continues for our markets as the index has not been witnessing the support of the broader market.
“The midcap index is trading well below the previous highs, while the market breadth is not strong enough to lead any broad market momentum. Although certain large cap stocks have been leading the indices, this recent consolidation in last few days should just be seen as a time-wise correction within an uptrend,” he added..
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