Ahead of Market: 10 things that will decide D-Street action on Tuesday
Reliance Industries, Indian equity indices advanced in a volatile trade on a Monday. Nifty managed to defend the support of 19,300 and ended at 19,356.
Meanwhile, broader markets underperformed the headline indices and ended lower.Here's how analysts read the market pulse: “Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings.
Additionally, cues from the US markets are unfavorable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data,”said Vinod Nair, Head of Research at Geojit Financial services. “The Nifty witnessed a range-bound trading session and consolidated within the range of the previous trading session.
It faced resistance in the zone 19430 – 19450 where the 20-hour moving average is placed. On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed in the previous weeks.
“The crucial Fibonacci retracement level and gap area coincide around 19200 – 19180 which could act as a support zone from a short-term perspective and on the upside 19520 – 19550 shall act as an immediate hurdle zone from a short-term perspective. The daily momentum indicator has a positive crossover and thus this dip should be bought into,” Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas, said.That said, here’s a look at what some key indicators are suggesting for Tuesday’s action:US market The S&P 500 and the Dow rose on Monday, recovering losses from last week, as investors looked ahead to a
. Read more on economictimes.indiatimes.com
