Ahead of Market: 10 things that will decide D-Street action on Friday
Pertinently, while the market mood remains largely bullish, persistent selling by the FIIs and expensive valuation may put a check on further upside.
Here's how analysts read the market pulse:
«The market traded range-bound after touching a new high as higher-than-expected US inflation and anticipation of hawkish ECB policy meetings later today impacted investor sentiment. Concern over valuation and inflation trajectory due to increasing oil prices may navigate the market into a consolidation phase in the near-term,” Vinod Nair, Head of Research at Geojit Financial Services, said.
“After rallying ~5% off the recent low, Nifty took a pause; it erased early gains, however managed to defend levels of 20k.
For the coming weekly expiry, Nifty’s 20200 strike call and 2000 strike put holds maximum option interest base. Shifting base higher, Nifty is likely to consolidate above 20000; while minor profit-taking near 20200 is expected.
Stocks specific rally within Sugar and telecom space is possible. FIIs’ remain net buyers on index futures, however they’re neutral on stocks futures,” 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 market
Wall Street's main indexes rose on Thursday as hotter-than-expected economic data did not dent hopes of a pause in rate hikes in September, while investors awaited Arm Holdings' stock market debut.
Shares of Arm Holdings will make their widely anticipated debut on the Nasdaq after the chip designer on Wednesday notched a $54.5 billion valuation in its IPO, priced at $51 per American Depositary Share.
At 9:38 a.m.
