All eyes on Nifty weather will breach the historical 20,000-mark on Friday. Though it came tantalisingly came close to the psychological number, giving some anxious moments to traders towards the close of trade on Thursday, experts believe it may achieve the milestone sooner-than-later.

Gift Nifty qt 19,875 signals a flat opening for Nifty as Nifty July futures closed at 19,970.

According to market experts, Infosys results, which did not receive a good response from investors, may pull down the company’s stock and overall IT sector. In fact, Infy ADR at Nasdaq slipped nearly 9 per cent on Thursday, after its results announcement that revised the growth estimates downwards.

After Infosys, investors will focus on Reliance Industries, index weight, that set to announce results today. It is widely expected the result would be out only post-market hours. However, the stock may influence the market direction till such time.

Besides, Indian markets are at an overbought position and correction may round the corner, analysts said.

Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said: “We may see some consolidation in the following session citing the psychological hurdle of a new milestone and overbought positions. However, rotational buying across sectors would keep the tone positive. Participants should align their positions accordingly and look for buying opportunities on dips.”

Meanwhile, US stocks ended on mixed note with Dow Jones climbing even as Nasdaq and S&P500 edged down sharply. 

Daniela Hathorn, Senior Market Analyst, Capital.com, said: “It’s becoming increasingly apparent that markets believe the US Federal Reserve (Fed) can achieve a “soft landing” scenario, where inflation is reduced without hindering growth in the process. Given the way risk appetite has been booming recently, with stocks leading the way higher, it seems that even another rate hike may struggle to ruin the good mood among investors. In all fairness, the economy has shown incredible resilience so far, which is helping the Fed’s hawkish stance to combat inflation.”

Most equities across the Asia-Pacific region are down in early trade on Friday.

Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities, said: “Future Open Interest (OI) data showed Long Buildup in five out of the previous six trading sessions, indicating strong buying interest..” However, the Put-Call Ratio (PCR) fell from 1.44 to 1.40, signalling that the put writers are not very comfortable adding positions at higher levels, he added..

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