Ahead of Market: 10 things that will decide stock action on Thursday
equity indices ended lower on Wednesday as investors booked profits across sectors, ahead of key U.S. inflation data that could influence the size of a likely reduction in Federal Reserve interest rates next week.
The Nifty 50 index fell 0.49% to 24,918, while the S&P BSE Sensex lost 0.49% to 81,523.
Here's how analysts read the market pulse:
«On the daily chart, the Nifty is taking support from a rising trend line and has formed a bearish candle. The Nifty has strong support near the 24,800 level. If it breaks this level, it could potentially correct down to 24,600 and 24,400 in the short term. On the flip side, 25,200 acts as a resistance level, and the price may remain sideways within a wide range of 24,800 to 25,200,» said Mandar Bhojane of Choice Broking.
Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates, said, «Technically, on the daily scale, Nifty failed to sustain above the trend line resistance and formed a red candle, indicating weakness. As long as the index remains below the trend line resistance, which is around the 25,150 level, caution is advised on the upside. On the downside, 34-DEMA support is positioned around 24,750, which will serve as significant support for Nifty in the short term.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market:
Wall Street stocks fell sharply on Wednesday as U.S. benchmark Treasury yields hit their lowest in over a year. This drop came after a key inflation report indicated uneven price growth, likely leading
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