Ahead of Market: 10 things that will decide stock action on Monday
The NSE Nifty 50 added 1.48% to 25,790 and the S&P BSE Sensex gained 1.63% to 84,544, logging record closing highs.
The Sensex also rose above 84,000 for the first time on Friday. For the week, the Nifty and Sensex gained 1.7% and 2%, respectively, posting a fifth week of gains in six.
Here's how analysts the market pulse:
«On the daily charts we can observe that the Nifty has been consolidating around the 24,200 – 24,150 range where the 40 day average is placed. The structure is still weak and with the momentum indicators also having a negative crossover is also supporting our bearish stance. Incase of a spike towards the key moving averages 24,250 – 24,300 then it should be used as a selling opportunity for targets of 23,890 — 23,600. On the upside, 24,300 is the immediate hurdle from a short term perspective,» said Jatin Gedia of Sharekhan.
Tejas Shah of JM Financial & BlinkX, said, «The Nifty index also closed above the crucial resistance zone of 25,500-550 this week and we expect an upwards trending activity to continue and the Nifty should move towards the next psychological resistance of 26,000 either continuously from the current levels or may be after a minor dip. Support for Nifty is now seen at 25,700 and 25,500-550. On the higher side, the next psychological resistance is at 26,000 Mark. Overall, Overall, more follow-up strength can be expected in today’s trading session.»
Stock Trading
Market 101: An Insight into Trendlines and Momentum
By — Rohit Srivastava, Founder
Stock Trading
Markets 102:
