Indian markets are struggling with weak global trends

Mumbai: Indian markets are recovering from the weak global trend on the back of positive manufacturing PMI data and optimistic expectations of the upcoming Q4 results, Vinod Nair, head of research at Geojit Financial Services, said on Wednesday. The broader market bounce is expected to continue in the short term, he said. signals strength.Meanwhile, strong US economic data has cast doubt on a US Fed rate cut in June, as the market had anticipated.Markets are looking for more signals from US Fed Chairman Jerome Powell on Wednesday. Is also focusing on the speech.

Nair said, a statement in line with the previous policy is expected to bring relief to the global market. Rupak Dey, senior technical analyst at LKP Securities, said that after a weak initial start due to negative global cues, Nifty remained volatile throughout the day. . Despite this, the overall sentiment remains strong as the index remains above the key moving averages. He said, “Relative Strength Index (RSI) indicates bullishness in the short term. In the short term, the index may move towards 22,650. Support at the level is at 22,350. At Wednesday’s close, the Sensex was down 27.09 points or 0.04 per cent at 73,876.82, while the Nifty was down 18.60 points or 0.08 per cent at 22,434.65.