Ahead of Market: 10 things that will decide stock action on Friday
Here's how analysts read the market pulse:
«A slew of weak economic indicators from the US, including a softened GDP figure, have heightened the likelihood of a pause in the Fed’s rate tightening, resulting in a downward trajectory of bond yields. However, this development had a limited impact on domestic sentiment on the day of expiry, with the market experiencing declines ahead of the release of India's GDP data, scheduled for today,” Vinod Nair, Head of Research at Geojit Financial Services, said.
“Snapping a five-month winning streak, Nifty has entered into a corrective phase and has lost ~2.3% this month; recoveries during the month remained short-lived as levels of 19,500 consistently acted as a hurdle zone.
On the flip side, however, Nifty managed to defend its 3-month average (i.e. 13 weeks) and these average levels have been intact since mid-Apr '23,” Amit Trivedi, CMT, Technical Analyst — Institutional Equities, YES Securities, said.
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US stocks rise
Wall Street's main indexes rose on Thursday as a keenly awaited report showed inflation was ebbing, fueling hopes the Federal Reserve could pause its monetary tightening, while Salesforce shares climbed on the company's upbeat revenue forecasts.
At 9:41 a.m.
ET, the Dow Jones Industrial Average was up 137.35 points, or 0.39%, at 35,027.59, the S&P 500 was up 8.73 points, or 0.19%, at 4,523.60, and the Nasdaq Composite was up 38.44 points, or 0.27%, at 14,057.75.
Tech View: Long bear candle
A long bear candle was formed on the daily chart with a minor lower shadow. Technically, the pattern indicates that the market is now placed at the edge of a downside breakout of the support around
