Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 index settled 0.47% lower at 18,989, while the S&P BSE Sensex fell 0.44% to 63,591.
Here's how analysts read the market pulse:
«Prior to the FOMC meeting, the index faced selling pressure from higher levels but successfully held the 18,940 support level. Immediate resistance on the upside is identified at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range.
Conversely, if the lower-end support at 18,940 is breached on a closing basis, it could intensify selling pressure, potentially pushing the index to new lows,» said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Shrey Jain, Founder and CEO, SAS Online, said, “In anticipation of the Federal Open Market Committee (FOMC) meeting, the index encountered selling pressure from higher levels but managed to maintain support at 18,950. The markets expect the Federal Reserve to maintain its current policy, but the concern lies in the possibility of sustaining the high interest rates for an extended period.
The immediate upside resistance was noted at 19,100. If the index breaks above this level, it could trigger short-covering moves, potentially leading towards the 19,250-19,300 range."
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street's main stock indexes rose on Wednesday as investors looked forward to the Federal Reserve's monetary policy decision, while megacap stocks gained as bond yields eased after the U.S.
