Ahead of Market: 10 things that will decide stock action on Tuesday
equity indices extended their losing streak to a sixth straight session on Monday, marking the longest decline since October 2023, as concerns over corporate earnings and escalating conflict in the Middle East weighed on investor sentiment.
The Nifty 50 fell 0.87% to close at 24,795, while the S&P BSE Sensex dropped 0.78%, ending at 81,050.
Since reaching record highs on September 27, the Nifty and Sensex have declined by 5.6% and 5.2%, respectively, amid rising volatility, driven by geopolitical tensions and foreign investors withdrawing funds, likely shifting investments to China.
Here's how analysts read the market pulse:
«The Nifty slipped further due to ongoing geopolitical concerns, with sentiment worsening as the index fell below the 55 EMA, indicating a bearish trend. A bearish crossover in the RSI is adding to the downward price momentum. In the short term, the trend may remain volatile, with a predominantly bearish outlook. Overall, the market appears to be „sell on rise“ as long as it stays below 25,000. On the downside, support levels are positioned at 25,700, 25,590, and 25,400,» said Rupak De, LKP Securities.
Jatin Gedia of Sharekhan, said, «On the daily charts, we can observe that the Nifty has been declining since the last six trading sessions and has corrected around 1500 points form the high of 26277. It has now reached the 61.82% fibonacci retracement level 24800 of the previous rally which is likely to act as a crucial level to watch out for over the next few trading sessions. Our short term
