Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 index closed 0.19% higher at 19,443, while the S&P BSE Sensex rose 0.05% to 64,975.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that the Nifty has been consolidating around the resistance zone of 19450 – 19500 where both bulls and bears are trying to defend their respective boundaries. On the way down, Nifty is trading above the key hourly moving averages 19340 – 19320 which shall act as an immediate support zone in case of a dip.
On the upside, a decisive close above 19450 – 19500 shall lead to an extension of the current rally till 19690. During this consolidation phase, broad market outperformance can continue,» said Jatin Gedia, Sharekhan by BNP Paribas.
Aditya Gaggar, Director of Progressive Shares, said, «Despite ending the day in green, the kind of candles formed in the past two days near its crucial resistance zone does not give confidence in bullish momentum.
A strong bullish candle above the hurdle of 19,500 will boost the conviction in the momentum. The immediate resistance stands at 19,500 while the downside is protected at 19,315.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street's main indexes inched higher on Wednesday as investors parsed earnings reports and comments from Federal Reserve officials for clues on how long the US central bank will keep interest rates high and eventually start cutting it.
Treasury yields have retreated sharply from their highs amid expectations that the Fed has reached the end of its rate-hike campaign, helping the S&P 500 and the Nasdaq notch their longest streak of gains in two years on Tuesday.
European shares
European shares edged lower on Wednesday,
