Mon, Dec 23, 2024 2:09 PM
Ansid Capital predicts potential 20% correction in Nifty 500
A Flip by Avya Verma
U.S. stock index futures were subdued on Mon after a last-minute government funding bill averted a shutdown and investors parsed the central bank's forecast on interest-rate cuts next year. The USC passed spending legislation early on Saturday, minutes after the funding's expiration, which could have disrupted everything from law enforcement to national parks ahead of busy Christmas travel season.
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Broadcom shares moved higher in early Monday trading, putting the stock on pace for a December gain of around 40%, following another price target boost for the AI chipmaker from a top Wall Street analyst. Broadcom (AVGO) shares topped the $1 trillion mark this month, in terms of market value, as the group continues to benefit from its market leadership in custom AI chips as well.
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After a gap-up opening, the Nifty 50 index traded within a narrow range before closing at 23,753.45, remaining below its 200-day moving average (DMA). The market ended higher but retreated from intraday peaks, breaking a five-day losing streak. Financial stocks outperformed, with the Nifty Bank gaining over 1%.
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