Ahead of Market: 10 things that will determine D-Street action on Tuesday
Here's how analysts read the market pulse:
“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fueled by concerns about rate hikes.
“Investors are keenly observing the commentary from the Fed Chair during its forthcoming summer conference for interest rate insights.
Meanwhile, Asian markets displayed a mixed performance, reacting to the smaller-than-anticipated rate cut initiated by the Chinese central bank,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Nifty exhibited a positive tone as it maintained levels above the crucial support point of 19,250. A breach below this level could potentially spark unease within the market, causing concerns among investors.
However, as long as the index holds above the 19,250 mark, there is a potential upward trajectory towards the 19,500 level. A confident breakthrough above 19,500 has the potential to catalyze a sustained and substantial market rally,” Rupak De, Senior Technical Analyst at LKP Securities, said.
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US stocks
The S&P 500 and Nasdaq climbed on Monday as Nvidia shares rose ahead of the chip designer's earnings this week, with investors also focused on a meeting of central bank policymakers for clues on the U.S.
interest rate path.
Nvidia, which sharply outperformed its megacap peers with gains of nearly 6% last week, climbed 4.4% as HSBC raised its price target on the stock to $780, the second highest on Wall Street.
At 9:55 a.m. ET, the Dow Jones
