Ahead of Market: 10 things that will decide D-Street action on Thursday
The Nifty 50 fell 0.47% and ended below the 19,450 level, while the S&P BSE Sensex declined 0.44% to 65,226. Eleven of the 13 major sectoral indices logged losses, with index heavyweight banks falling 0.98%.
Public-sector banks and realty lost 2.83% and 1.73%, respectively.
Here's how analysts read the market pulse:
«For day traders, 19,380 would be the key support level to watch out for, above which the index could see the pullback rally till 19500-19550. On the flip side, below 19380 the selling pressure is likely to accelerate and could slip till 19330-19300,» said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
Rupak De, Senior Technical analyst at LKP Securities, said, «The overall market trend remains bearish, with Nifty trading below critical moving averages.
Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19500, with initial support likely around 19330. A fall below the said level might take the Nifty towards 19250-19200.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
The S&P 500 and the Nasdaq rose on Wednesday after fresh data pointed to a cooling labor market, while a pullback in U.S.
Treasury yields from their multi-year highs also supported investor sentiment.
Before coming off their highs, the 30-year Treasury yield crossed above 5% for the first time since August 2007, while the 10-year and five-year yields hit their highest since 2007.
At 10:01 a.m. ET, the Dow Jones Industrial Average was down 23.83 points, or 0.07%, at 32,978.55, the S&P 500 was up 6.32 points, or 0.15%, at 4,235.77, and the Nasdaq Composite was up 58.38 points, or 0.45%, at 13,117.84.
Consumer discretionary
