Ahead of Market: 10 things that will decide D-Street action on Monday
Here's how analysts read the market pulse:
«Investor sentiments were mostly cloudy due to mixed market trends on the global and domestic fronts. Concerns about the progress of US policy measures weighed on both domestic and global markets after the Fed Chair expressed his commitment to managing inflation within target bounds.
As the week progressed, investors regained optimism regarding a policy rate hike pause following the arrival of subdued economic data. However, the impact of the same on the domestic market was limited as investors awaited domestic GDP data.
The domestic market witnessed a significant rally at the end of the week, driven by higher-than-expected domestic manufacturing PMI and positive GDP growth data, reflecting a robust economic outlook.
Favourable global cues also played a role in this upturn,” Vinod Nair, Head of Research at Geojit Financial Services, said.
“On the weekly charts, the Nifty closed in the green after falling for five consecutive weeks, indicating that the index has reached a zone from where buying interest emerged. Considering the above parameters, we change our short-term outlook on the index to positive.
On the upside, we expect the Nifty to target levels of 19650. In terms of levels, the crucial support zone is at 19330 – 19300, and the immediate hurdle is placed at 19520 – 19550,” Jatin Gedia, Sharekhan, said.
That said, here’s a look at what some key indicators are suggesting for Monday's action:
Wall Street Watch
US stock indexes settled for a mixed close and benchmark Treasury yields rebounded after a US jobs report showed an uptick in unemployment, cementing expectations that the Federal Reserve will let interest rates stand at its September meeting.
The three major indexes
