Ahead of Market: 10 things that will decide D-Street action on Thursday
Bajaj Finance led a slide in financials after disappointing results and due to nagging concerns over elevated oil prices and US interest rates as well as the Middle East conflict.
The NSE Nifty 50 index closed 0.71% lower at 19,671, while the S&P BSE Sensex fell 0.83% to 65,877.
Here's how analysts read the market pulse:
«As long as the index is trading below 19800, the weak sentiment is likely to continue and could slip till 19600-19575. On the flip side, a minor pullback rally is possible if the index surpasses the intraday resistance of 19720, and above the same, we could see one quick intraday rally till 19780,» said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
Rupak De, Senior Technical analyst at LKP Securities, said, «Nifty found resistance at 19,850, which led to a fall towards 19,650.
Going forward, the index may witness a range-bound move until it breaks out in either direction. A fall below 19,650 might give bears more strength and the Nifty might fall down towards 19,250.
On the higher end, a decisive move above 19,850 might open the way towards 20,200.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street's main indexes fell on Wednesday as growing tensions in the Middle East dented risk sentiment, with investors also focused on earnings to gauge the impact of inflation and high interest rates on businesses.
At 9:42 a.m. ET, the Dow Jones Industrial Average was down 87.17 points, or 0.26%, at 33,910.48, the S&P 500 was down 22.08 points, or 0.50%, at 4,351.12, and the Nasdaq Composite was down 95.49 points, or 0.71%, at 13,438.25.
Materials and industrials led declines amongst the major S&P 500 sectors, while higher crude
