Nifty Forming A Base At Higher Levels, Says Hemant Thukral
How should traders position themselves ahead of the Fed policy next week?
The Reserve Bank of India’s surprise move to keep policy rates unchanged had little impact on the Indian equity market, especially considering that a majority of economists had projected a 25-basis-point rate cut. The Nifty 50 shrugged off the outcome and scaled back above 8,200. Foreign portfolio investors may have turned net buyers in cash equities but have also bought index puts.
So how should one place bets with the Federal Reserve rate decision due in the coming week? On Bloomberg Quint’s ‘Surf’s Up’, which tracks weekly trends in equity derivatives, Hemant Thukral of Aditya Birla Money says he sees a base forming at higher levels of the Nifty. He also likes specific metal and finance stocks. For more on the levels to bear in mind and stocks to watch, listen in.