Ahead of Market: 10 things that will decide stock action on Monday
The blue chips Nifty 50 and BSE Sensex gained 2.39% and 2.29%, respectively, led by a rise in energy stocks. Faster-than-expected quarterly economic growth and acceleration in factory growth in November supported the rise in domestic equities.
Here's how analysts read the market pulse:
«Nifty continues to ascend as the bulls maintain control.
A consolidation breakout on the weekly time frame seems probable, paving the way for a further rally in the index. The sentiment remains upbeat, marked by a bullish crossover in the weekly RSI.
At the lower end, support stands firm at 20,200; any declines could be seen as buying opportunities as long as it holds above this level. On the higher end, resistance is anticipated around 20,450-20,500,» said Rupak De, LKP Securities.
Shrey Jain, Founder and CEO of SAS Online, said, «Data signals a potential rally for Nifty, projecting an upward move to 20,600 in the coming sessions, with a robust support level at 20,150.
However, there might be a pause in case of unfavorable election results. The overall trend remains positive, painting an optimistic picture for the market.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
US Stocks Advance
US stocks advanced on Friday, starting December with a broad rally as remarks from Federal Reserve Chairman Jerome Powell bolstered the view that interest rates have peaked.
The Dow Jones Industrial Average rose 0.8%, while the tech-heavy Nasdaq Composite Index finished the day up 0.6%.
Meanwhile, the S&P 500 rose 0.6% to 4,594.63 — its highest level since March 2022.
European Shares Extend Gains
European shares extended their gains from November on Friday, propelled by sharp rises in miners and as
