In the absence of any new positive triggers, equity markets mildly increased on Thursday, although traders largely stayed off the trades. Concerns about a global downturn and the lack of any indications that the cycle of rate increases will slow down continued to dampen the mood.
According to Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd., "market turbulence could persist in the short future" despite the fact that markets remained range-bound with a positive tilt.
The wider trading range, according to option data, is between 17400 and 18200 zones, and the immediate trading range is between 17700 and 18050 zones.
Tech View: The Nifty is gaining traction, renewing positive expectations for a test of the short-term barrier at the levels of 18,000. At 17,650 levels, the prices have immediate support on the downside. A good closing above 18,000 will trigger an index breakout, which could push prices up to levels between 18,200 and 18,250.
• India VIX: The indicator of market anxiety, India VIX, decreased by 4.12% to close at 13.04 levels.
US stocks decline while Treasury yields increase.
US market indexes declined at the close on Thursday, reversing earlier gains as Treasury yields increased following a disastrous 30-year bond auction that masked positive financial results from major corporations like Disney and PepsiCo.
Asian stock prices drop
As investors began to prepare for the possibility of higher interest rates as the Federal Reserve fights inflation, stocks in Asia started to tumble on Friday after US equities fell for a second day.
The Topix index for Japan barely moved.
• Australia's S&P/ASX 200 Index dropped 0.69 percent and South Korea's Kospi index dropped 0.5%. The Hang Seng futures in Hong Kong decreased by 0.3%. READ ON APP
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