Ahead of Market: 10 things that will decide stock action on Monday
BSE Sensex added about 0.8% each for the week.
Financial services, the highest weighted sub-index, gained 2.70% this week, its best in four months, led by a rise in top private lender HDFC Bank after it posted a sequential growth in deposits in the March quarter.
Here's how analysts read the market pulse:
«The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22650. On the lower end, support is evident at 22300; if breached, the index might decline towards the 22000-21900 range,» said Rupak De, Senior Technical Analyst, LKP Securities.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, «The near-term trend of Nifty remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side. Hence a range expansion could be watched around 22600 and 22300 levels on either side. Therefore, a decisive move above 22600 levels could bring quick upside towards 22800 levels and a slide below 22300 levels is likely to open fresh round weakness from the highs.»
Global cues, Q4 earnings, FII flows among six factors to set Dalal Street trajectory this week
That said, here’s a look at what
