Ahead of Market: 10 things that will decide stock action on Sunday
stocks as oil prices fell, even as hawkish US Federal Reserve remarks reignited rate worries and dragged Asian peers.
The NSE Nifty 50 index added 1.01% for the week, while the S&P BSE Sensex gained 0.84%.
Here's how analysts read the market pulse:
«Nifty exhibited volatility throughout the day, rebounding above the 21-day exponential moving average (EMA). However, the substantial Open Interest (OI) buildup at 19500, particularly from Call writers, suggests a protective barrier that may impede further upward movement for Nifty.
On the downside, Put writers are likely to safeguard the 19400 level. Consequently, we anticipate a market confined within a range on the Muhurat trading day,» said Rupak De, LKP Securities.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, «Nifty as per weekly chart formed a small positive candle, that placed at the hurdle of 19450-19500 levels as per the concept of change in polarity.
A decisive upside breakout above 19500 levels could open renewed buying enthusiasm towards 19800 and higher in the near term. Any weakness from here could find support around 19250-19300 levels.»
That said, here’s a look at what some key indicators are suggesting for Sunday's (Diwali Muhurat day) action:
US market shrugs off Fed fears
The dollar eased and global equities rebounded on Friday as Wall Street rallied on doubts that interest rates will go higher even after Federal Reserve Chair Jerome Powell cautioned that tighter monetary policy might be needed to tame inflation.
MSCI's gauge of global equity performance closed up 0.76%, while Wall Street's main indices surged 1% or more. The Dow Jones Industrial Average rose 1.15%, the S&P 500 gained 1.56% and the Nasdaq Composite added 2.05%,
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