Ahead of Market: 10 things that will decide stock action on Wednesday
The NSE Nifty 50 index climbed 0.51% to 24,698, while the S&P BSE Sensex gained 0.47% to close at 80,802.
Investors are now focusing on the minutes of the latest Fed policy meeting and Fed Chair Powell's upcoming address later this week, seeking clues on the U.S. rate cut trajectory.
Here's how analysts read the market pulse:
«Nifty filled the first gap hurdle and formed a bullish candle on the daily scale, indicating strength. On the downside, the 21-Day Exponential Moving Average (DEMA), positioned near 24,410, will serve as strong support in the short term. As long as the index remains above 24,400, the bullish momentum is expected to persist. On the upside, the next gap hurdle is placed near 24,960, which will act as the first resistance for the index, followed by the previous all-time high around 25,080,» said Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates.
Tejas Shah of JM Financial & BlinkX said, «The technical structure of Nifty is relatively stronger than Bank Nifty. We believe that as long as Nifty is holding above 24,400, the rally is likely to continue and can test the next resistance of 24,850 on the higher side. Support for the index is now seen at 24,600 and 24,350-24,400 levels. On the higher side, immediate resistance for Nifty is at 24,850 level and the next resistance is at 25,000.»
That said, here’s a look at what some key indicators are suggesting for Wednesday's action:
US market:
US stocks opened slightly lower on Tuesday as traders took profits and awaited a key speech from
