Ahead of Market: 10 things that will decide stock action on Tuesday
equity indices snapped from their losing streak in the past week to close higher on Monday, led by gains in banking and consumer stocks, despite lingering concerns over the U.S. economy following last week's jobs data, which indicated a continued slowdown in the labor market.
The Nifty 50 index settled 0.34% higher at 24,936 points. The S&P BSE Sensex gained 0.46% at 81,559 points.
Here's how analysts read the market pulse:
«Technically, Nifty remains a sell on rise as long as it remains below 25,100. On the higher end, the 25,000-25,100 range may act as crucial near-term resistance, where sellers could re-enter. On the lower end, support is placed at 24,800-24,785, below which selling might increase,» said Rupak De of LKP Securities.
Jatin Gedia of Sharekhan, said, «On the daily charts we can observe that the Nifty has tested and held on to the support zone 24850 – 24800 which coincided with the 20 day moving average and the 38.2% Fibonacci retracement level. Today’s low of 24750 shall be the stoploss for the long positions and a breach below it shall lead to a trend reversal from a short term perspective. The immediate hurdle on the upside is placed at 25000 — 25100.»
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