Ahead of Market: 10 things that will decide stock action on Monday
equity indices, Nifty50 and Sensex, closed at record highs on Friday, erasing election day-related losses, on political continuity and a projection of faster economic growth.
The NSE Nifty50 ended 2.05% higher at 23,290 points, while the S&P BSE Sensex closed up 2.16% at 76,693.
The Nifty added 3.4% this week, while the Sensex rose 3.7%, recouping all losses made on Tuesday after Prime Minister Narendra Modi's alliance won the general elections by a surprisingly slim majority.
Here's how analysts the market pulse:
«On daily charts, we can observe that Nifty has been inching higher after a sharp decline on Tuesday earlier during this week. It has recovered all the lost ground and is within touching distance of previous all-time high of 23338. The V-shaped recovery has put the structure in favor of bulls and dips towards the support zone of 22800 – 22700 should be used as a buying opportunity. On the upside, the psychological level of 23500 is likely to attract some profit booking at higher levels,» said Jatin Gedia of Sharekhan.
Rupak De of LKP Securities, said, «Going forward, the market remains a buy on dips as long as 23000 is not broken. On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
US market
Wall Street stocks were mostly flat on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but also
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