Ahead of Market: 10 things that will decide stock action on Thursday
The Nifty 50 ended 0.32% lower at 25,198 points, while the S&P BSE Sensex fell 0.25% to 82,352.
Here's how analysts read the market pulse:
«Technically, the daily chart depicts a bullish belt hold candle at the breakout point of a rounded bottom pattern, indicating strength. On the downside, the 9-Day Exponential Moving Average (DEMA) is positioned near 25,090. As long as the index holds above the 25,000-25,100 levels, a „buy on dips“ strategy should be employed. On the upside, the index may test the 25,500-25,600 levels in the near future,» said Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates.
Tejas Shah, Technical Research at JM Financial & BlinkX, said, «The positive key takeaway is that Nifty is still holding above the psychological support level of 25,000 on a closing basis. The short term moving averages are also below the price action and should continue to support the indices on any decline. On the downside, 25,175-200/25,078/ 24,950-25,000 are three important supports and these levels can be used as a strict trailing stop for existing longs. On the higher side, immediate resistance for Nifty is at 25,300-325 levels and the next crucial resistance zone is at 25,450-500 levels. Overall, bulls should continue to have the upper hand going forward.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market:
Stocks are climbing on Wall Street on Wednesday, recovering from their worst performance in a month. The S&P 500 gained 0.4% in morning trading
