Ahead of Market: 10 things that will decide stock market action on Friday
stocks after a US court indicted Chairman Gautam Adani and several others in a $250 million bribery case. While the S&P BSE Sensex closed at 77,155.79, down by 422.59 points or 0.54%, the broader Nifty50 finished at 23,349.90, lower by 168.60 points or 0.72%.
Here's how analysts read the market pulse:
Commenting on the day's action, analyst Jatin Gedia, who is Technical Research Analyst at Sharekhan said that the daily charts suggest that the Nifty witnessed follow-through selling pressure from the previous trading session. «It has breached the low of 23350 and is now heading towards 23180. On the upside 23500 which is the 20-day moving average shall act as an immediate hurdle zone from a short term perspective,» Gedia said.
US markets
Wall Street's main indexes traded mixed on Thursday amid Alphabet's decline and Nvidia's strong results. Alphabet dropped 4% as the Justice Department urged a judge to mandate selling Chrome to end Google’s search monopoly, dragging the communication services sector down 2.2%.
Megacaps like Meta, Amazon, and Apple slipped 1.1%, 1.1%, and 0.6%, respectively. Meanwhile, Nvidia rose 1.3% to a record high, exceeding quarterly expectations and projecting fourth-quarter revenue above estimates, reinforcing its position as a key AI heavyweight
Tech View
Nifty broke its immediate support at 23,350 levels and made a low of 23263, indicating the continuing weakness, Praveen Dwarakanath of Hedged.in said, adding that the momentum indicators on the weekly chart continue to show weakness in
