The Nifty and the Sensex have run up around 17-18% from their June 17 lows. Both indices are around 3% away from their all-time highs. HSBC said Nifty’s valuation, measured by Price to Earnings (PE) ratio at 19.6 times, has recovered above its five-year mean but is still 15% below its peak of 23 times in October 2021 when the Sensex and Nifty hit all-time highs.
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The index is likely to find some resistance around the 22750-22800 levels while on the downside 22300 is likely to act as a crucial support.