Ahead of Market: 10 things that will decide stock action on Monday
economictimes.indiatimes.comNifty 50 index hitting record highs in all five sessions, buoyed by a rise in heavyweight financials.
The Nifty 50 and BSE Sensex gained 0.78% and 1%, respectively, for the week, despite falling 0.02% each on Friday.
Here's how analysts read the market pulse
«Nifty continued its ascent, maintaining higher highs and higher lows in the daily timeframe, above the 20 and 50 Simple Moving Averages (SMA). The Relative Strength Index (RSI) stood strong at 62. Support levels are at 22,000 and 21,900, with resistance at 22,500,» said Om Mehra, SAMCO Securities
Rupak De, LKP Securities, said, «Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
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US market:
The S&P 500 and Dow Jones Industrial Average eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along.
For the week, the S&P 500 climbed 1.7%, the Dow rose 1.3%
