Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 index closed 0.83% lower at 19,122, while the S&P BSE Sensex fell 0.81% to 64,049. The blue chips closed at their lowest since June 28.
Here's how analysts read the market pulse:
«It was a sea of red at Dalal Street which was primarily clouded by lingering concerns about corporate India’s earnings which as of date was uninspiring and, most importantly, they could come under heavy pressure from inflation, an economic downturn, and soaring interest rates.
The negative takeaway was that the bear remained in total control despite WTI Oil prices tumbling to $83 a barrel. Technically, Nifty has support at 18851 mark and strength only above the biggest hurdle at 19557 mark,» said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, «Nifty Bank bears maintained control, leading to a breach of the 43,000 support level.
The overall market sentiment remains bearish, and a „sell on rise“ strategy is advisable. Immediate resistance is seen at 43,500, and further selling pressure could potentially drive the index down to 42,000, a long-term support level.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
The Nasdaq and the S&P 500 slipped on Wednesday as tech giant Alphabet slumped after its cloud division missed revenue estimates, while post-earnings gains in Microsoft and Boeing helped lift the Dow.
Google-parent Alphabet slid 8.6% to a three-month low as its cloud business crawled to its slowest growth in at least 11 quarters.
Microsoft, on the other hand, rose 3.8% to a three-month high after topping expectations for first-quarter results in all segments, including its cloud
