Ahead of Market: 10 things that will decide D-Street action on Friday
The NSE Nifty 50 index settled 0.56% higher at 19,546, while the S&P BSE Sensex climbed 0.62% to 65,631. The domestically focussed small-caps mirrored the blue-chips, adding 0.63%, while the mid-caps closed flat.
Here's how analysts read the market pulse:
«Technically, as long as Nifty is holding the 19,450 level the positive sentiment is likely to continue.
On the higher side, the 50-day SMA or 19,610 and 19675 would be immediate hurdles. On the flip side, below the 19450 level, the uptrend would be vulnerable,” Head of Research (Retail) at Kotak Securities, said.
Jatin Gedia, Sharekhan by BNP Paribas, said, „The recent correction has halted around the 20-week moving average (19320) and now we expect a relief rally over the next few trading sessions.
On the upside, we expect the pullback till 19780 – 19800, which coincides with the 50% Fibonacci retracement level and the 20-day moving average. In terms of levels, 19460 – 19480 is the crucial support zone while 19670 – 19700 shall act as an immediate hurdle zone.“
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US market
Wall Street's main indexes slipped on Thursday as recent data pointed to still-tight labor market conditions, while U.S.
Treasury yields were still at elevated levels.
Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities.
Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices.
At 9:45 a.m.
