On the weekly chart, the index has formed a bullish candle with a lower shadow, indicating buying at lower supports. Nifty has experienced volatility previously and has found support from its 20-day moving average.
India’s gold consumption is projected to drop to 650–700 tonnes this year as a sharp price rally hurts jewellery demand. Investment buying remains strong, with
Federal Reserve President John Williams told CNBC on Friday he does not see an imminent need to follow last week’s interest rate cut with another
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