Ahead of Market: 10 things that will decide stock action on Monday
Indian equities ended Friday’s session in the red even as the broader markets outperformed. Sensex after falling below 66,000 levels in intraday trade, recouped some of the losses and ended with a cut of 107 points at 66,160, while Nifty ended marginally lower at 19,646.
On a weekly basis, Sensex and Nifty dropped 0.8% and 0.5%, respectively. From the Nifty pack, NTPC, Power Grid Corporation, Apollo Hospitals, Adani Enterprises and M&M emerged as the top gainers.Here's how analysts read the market pulse: “The recent correction of the domestic market can be attributed to several headwinds, including mixed Q1 results, a reversal in FII activity, a rising dollar index & US bond yields, and an increase in crude oil prices.
The FOMC's decision aligned with market expectations, implementing a 25bps hike and emphasising a data-centric approach for future rate actions. However, the better-than-expected US Q2 GDP data, while positive, impacted the domestic market mood as it suggested the likelihood of another rate hike.
In the coming days, domestic earnings will remain a crucial driver, while global cues will also play a vital role in shaping market trends,” Vinod Nair, Head of Research at Geojit Financial Services, said. “Nifty continues to be in a short term downward correction and this consolidation is likely to continue for next week.
Any upside bounce from here could encounter strong resistance around 19750-19800 levels. The next crucial lower supports to be watched are around 19500-19450 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.That said, here’s a look at what some key indicators are suggesting for Monday’s action:US Market End with Gains All three major US indices ended the week with
. Read more on economictimes.indiatimes.com
