Market Update
Harsh Patel
Founder
Nifty opens higher to 26,300 amid robust GDP growth at 8.2%, beating all forecasts. The market may extend gains to 26,500/26,600 ahead of RBI policy.
After Indian markets climbed life-time high last week after 14 months, GDP growth on Friday beats all expectations, suggesting robust economic growth amid US tariff pressures and global trade turbulences, while inflation favors RBI for a rate cut, rebound in growth suggest a pause with a accommodative stance.
Technical supports for the week is seen at 26100, 26000, while on the higher side we may see 26500-26800 levels based on Fibonacci extensions, if Nifty is able to sustain selling pressure near 26280-26350 zone. A buy on dip approach may work well in the market unless 26250 is breached in intraday.
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