Ahead of Market: 10 things that will decide stock action on Monday
Here's how analysts read the market pulse:“Increased concerns over the US economy forced investors to flee in search of safe haven investments, leading to a surge in the dollar index. Nonetheless, the domestic market recovered from the impact of weak global cues, gaining support from positive domestic earnings led by IT and pharma stocks. India's manufacturing activity remained robust, although it marginally moderated for the second consecutive month in July.
On the other hand, the domestic service PMI exceeded market expectations, reaching a 13-year high, driven by a rise in new orders, particularly in international sales. Investors are awaiting the upcoming MPC meeting, where the RBI is expected to maintain its policy rates at 6.5%,” Vinod Nair, Head of Research at Geojit Financial Services, said. “The recent fall has pulled the index below the 21-day exponential moving average (EMA) for the first time since March 29.
On an immediate basis, 19,300 have acted as support. However, on the higher end, 19,566 is likely to act as a crucial resistance level. The sentiment is likely to remain weak as long as the Nifty remains below 19,566.
However, a decisive move above 19,566 could take the index towards 19,700-19,750. On the other hand, a failure to move above 19,566 could trigger selling pressure,” Rupak De, Senior Technical analyst at LKP Securities, said. That said, here’s a look at what some key indicators are suggesting for Monday’s action:US Markets end flat U.S.
stocks closed little changed on Thursday after a choppy trading session, as investors weighed another rise in Treasury yields with the latest batch of economic data and earnings. The benchmark U.S. 10-year Treasury yield rose as high as 4.198% during the
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