Ahead of Market: 10 things that will decide D-Street action on Friday
Here's what analysts predict for the market:
“The US market displayed a positive trend as a declining US PMI reignited hopes for a prolonged rate pause, calming US bond yields. While optimism in the domestic market was apparent in the IT sector, sentiments in other major sectors likely waned due to global uncertainties.
However, mid- and small-cap stocks showed resilience, and declining bond yields prompted a revival in foreign investor buying," said Vinod Nair, Head of Research at Geojit Financial Services.
«The Nifty remained under the bear's influence as selling pressure mounted around the day's high, leading to a drop below 19,500. Resistance is anticipated between 19,450 and 19,500.
A decisive breakout or closing above 19,500 might trigger a rally. Conversely, immediate support is at 19,300; dipping below this could incite market panic,” stated Rupak De, Senior Technical Analyst at LKP Securities.
Given these analyses, let's delve into some key indicators for Friday's action:
US market:
Wall Street's main indexes rose on Thursday, following a stellar forecast from chip designer Nvidia though caution ahead of Federal Reserve Chair Jerome Powell's speech later this week kept gains in check.
The chip designer late on Wednesday forecast quarterly revenue that far exceeded expectations, boosting investor confidence in an artificial intelligence (AI) boom, and said it would buy back $25 billion in stock.
Shares of Nvidia were last up only 3%, slipping from a fresh record high of $502.66 earlier in the session, with some analysts pointing to profit-taking after a strong run of gains heading into the second-quarter results.
European shares
European shares hit one-week highs on Thursday, with chipmakers lifting the technology
