Ahead of Market: 10 things that will decide D-Street action on Wednesday
Here's how analysts read the market pulse:
«Nifty remained largely range-bound throughout the day as traders appeared uncertain. However, the short-term sentiment remains bearish as Nifty closed below the 21EMA.
Looking ahead, the trend is expected to stay bearish as long as Nifty remains below the 19750 level. A support level is established at 19600, below which the index may decline further towards 19250,» Rupak De, Senior Technical analyst at LKP Securities, said.
Shrikant Chouhan, Head of Research (Retail) at Kotak Securities, said, «For day traders, 19735 would be the immediate resistance level while 19620 could act as a key support zone.
Above 18735, the index could move up till 19780-19800. On the other hand, below 19620 the market could slip till 19550-19520.»
That said, here’s a look at what some key indicators are suggesting for Wednesday's action:
US market
Wall Street's main indexes dropped on Tuesday as investors continued to grapple with the prospects of a prolonged restrictive monetary policy by the Federal Reserve and its subsequent impact on the economy.
Megacap growth stocks including Apple, Microsoft, Meta Platforms, Amazon.com and Tesla lost between 0.8% and 1.2%.
All 11 S&P 500 sectors were trading lower, with real estate, utilities and information technology the worst hit, down between 0.8% and 1.3%.
At 9:35 a.m.
