Both the indexes registered their second-straight weekly gain on Friday, lifted by stronger-than-expected economic growth data and fast-paced expansion of the country's factory output.
"The Nifty has a strong support around 18,200 level, while an immediate resistance is at around 18,700 we expect some consolidation at those higher levels in the next few weeks with a possibility of testing all-time high levels," said Neeraj Dewan, an independent market analyst. The index has scaled 9.4% from March lows.
The focus is on the monetary policy meetings in the U.S. and India and the progress of monsoons as the country's economy depends on agriculture to a large extent, Dewan added. Most Asian shares extended a global rally on Monday on optimism the Fed would pause rate hikes this month after data showed that while theThis week, investors will closely watch the Reserve Bank of India's monetary policy decision. The central bank is expected to leave its key interest rate unchanged on June 8 and for the rest of 2023, a Reuters poll of economists
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Source: CNBC - 🏆 12. / 72 Read more »