MUMBAI: The Indian markets are bucking the weak global trend aided by positive manufacturing PMI data and optimistic expectations of the upcoming Q4 results, Vinod Nair, Head of Research, Geojit Financial Services, said on Wednesday.
Buoyancy of the broad market indicates the strength to continue in the short term, he said.
Meanwhile, strong US economic data has cast doubts on the US Fed rate cut in June as anticipated by the market.
The market is also focused on US Fed Chair Jerome Powell’s speech scheduled later on Wednesday for more hints.
A statement in line with the last policy is predicted to bring back respite to the global market, Nair said.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages.
"The Relative Strength Index (RSI) indicates bullish momentum in the short term. Over the short term, the index may trend towards 22,650. Support is positioned at 22,350 on the lower end," he said.
At close on Wednesday, 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.