Ahead of Market: 10 things that will decide stock action on Friday
The NSE Nifty 50 dropped 1.16% to 24,199.35, while the BSE Sensex fell 1.04% to 79,541.79, returning to levels close to Tuesday’s closing figures.
Here's how analysts read the market pulse:
«The Nifty slipped sharply as the index failed to move beyond the 21 EMA, leading to significant profit booking in the market. On the daily chart, a bearish engulfing pattern has formed, indicating weak market sentiment. This sentiment may worsen if the Nifty decisively sustains below 24,200. On the higher end, the 24,500-24,550 range may act as resistance,» said Rupak De of LKP Securities.
Jatin Gedia of Sharekhan, said, «The daily momentum indicator has a positive crossover which is a buy signal and the Nifty is trading around the key hourly moving averages i.e. around support which makes it a buy setup. We shall hold on to our bullish outlook for the Nifty for targets of 25350 from a short term perspective. On the downside 24000 shall act as a crucial support level.»
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