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Live: Will Nifty sustain 22,000? Accenture’s guidance cut may spook I.T. stocks | Opening Bell

The Nifty 50 extended previous day's recovery further and reclaimed psychological 22,000 mark with above average volumes after the Federal Reserve maintained fed funds rate at 5.25-5.50 percent and stuck to three rate cuts in the current calendar year. Given the renewed buying interest after recent weakness and sharp decline in volatility, the index may extend rally towards 22,200-22,300 levels. If the index holds 22,200 level in coming days, then one can consider the recent low of 21,710, which is a support for the time being, as a lower top, experts said. The Bank Nifty snapped nine-day losing streak and jumped 374 points to 46,685. The banking index climbed back above 50-day EMA (exponential moving average). Global markets are mixed with Wall Street clocking record close for a second straight session and GIFT Nifty indicating a mildly higher start. IT stocks will be in focus after Accenture trims revenue guidance for FY24. Catch Nandita Khemka in conversation with Raja Venkatraman, Co-Founder, NeoTrader and Deepak Ramaraju, Senior Fund Manager, Shriram AMC.

first published: Mar 22, 2024 06:01 pm