Ahead of Market: 10 things that will decide stock action on Tuesday
equity indices closed flat on Monday, as gains in energy and metals stocks, on a cut in windfall tax on crude and a soft U.S. dollar, respectively, were offset by profit booking in financials.
The NSE Nifty 50 index rose 0.13% to 24,572, and the S&P BSE Sensex shed 0.02% to 80,424.
Here's how analysts the market pulse:
«On the daily charts we can observe that Nifty is consolidating around the 24620 – 24650 zone which coincides with the 61.82% Fibonacci retracement level and also the upper end of the gap area formed on the 5th Aug. We believe that Nifty is in the process of filling the gap area. On the upside, 24650 – 24700 is the immediate hurdle zone while 24390 – 24350 is the immediate support zone. Overall, we expect a range-bound movement in the Nifty within the range 24800 – 24200 from a short-term perspective,» Jatin Gedia of Sharekhan.
Tejas Shah of JM Financial & BlinkX said, «The technical structure of Nifty is relatively stronger than Bank Nifty. The Nifty index also closed above the crucial resistance zone of 24,350-400 for two consecutive days, which is a positive sign. Support for the Nifty is now seen at 24,500 and 24,350-24,400 levels. On the higher side, immediate resistance for Nifty is at 24,700 Mark and the next resistance is at 24,850 levels.»
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US market:
U.S. stocks held steady on Monday, with the S&P 500 up 0.2%, the Dow Jones up 0.3%, and the Nasdaq rising 0.1%. Ulta Beauty gained 2.5% following
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