Ahead of Market: 10 things that will decide stock action on Monday

economictimes.indiatimes.com:

The Nifty 50 index settled 1.01% higher at 19,047, while the S&P BSE Sensex rose 1.01% to close at 63,782.

Here's how analysts read the market pulse:

«On the weekly charts, we can observe that the Nifty has respected the support zone of 18800 – 18925 where multiple support parameters in the form of the 40 week average and a crucial Fibonacci retracement level was placed. Thus, going ahead the Nifty can consolidate within 18800 – 19200 before resuming the next leg of the fall.

In terms of levels, 19160 – 19220 shall act as a resistance while 18930 – 18900 shall act as an immediate support zone,» said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Rupak De, Senior Technical Analyst at LKP Securities, said, «After relentless selling in recent days, Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19250.

As long as it stays below 19250, the market may continue to be inclined towards selling on any upward movements. On the downside, a resumption of weakness is expected if the index falls below 18800.