Niftys short-term trend remains weak, with a potential drop below 23,800 likely to target the next support level around 23,500 (the 200-day EMA) in the near term. Immediate resistance is positioned at 24,050, according to Nagaraj Shetti of HDFC Securities.
India's rising economic prominence is attracting international investors, with mega-cap companies like Reliance Industries and HDFC Bank increasingly appearing in global indices. The brokerage noted that as more Indian companies are included in international investment indices, foreign capital inflows are expected to grow, enhancing liquidity and strengthening overall market dynamics.
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Asian Paints faced a challenging second quarter with muted demand due to uneven rainfall and a slowdown in metro cities. Despite price hikes, competitive intensity remains high. The company is cautiously optimistic about single-digit volume growth in the coming quarter while closely observing AkzoNobel's strategic review of its India business.
After refiling their IPO documents in August, the companies gained regulatory approval between November 4 and 8. Their shares will be listed on the BSE and NSE
