By – Mr. Vikram Kasat, Head – Advisory, PL Capital.
“The bond market took the wheel, and it steered the US major indexes into their biggest hole in a month.
Bonds finally appear to be getting equities’ attention with 30yr yields breaking out and approaching their 2023 highs (5.17%) – If 30yr yields were a stock, we would say it’s nearing a multi-year base breakout and likely headed higher.
Lowest spread ever between India 30-year bond yield and US 30-year bond yield.
India might not become a Developed Market BUT US is certainly becoming an Emerging Market
Nifty 24813.45
25125 – Important Resistance
On the way down, the low of 24500 on the hourly chart will be the initial downside level to watch out for. A close below 24500 can drag the Nifty lower to test the gap area of 24378 – 24047.”
