Ahead of Market: 10 things that will decide D-Street action on Wednesday
Nifty50 closed at a fresh two-month high boosted by a rise in Adani Group stocks, while energy companies jumped on stable crude prices.
The NSE Nifty50 index settled 0.48% higher at 19,889, the highest since September 20. The S&P BSE Sensex rose 0.31% to 66,174.
Here's how analysts read the market pulse:
«The broad range of 19,650–19,850 has been decisively broken on the upside, which puts the bulls in a position of strength.
We expect the positive momentum to continue over the next few trading sessions and the next psychological level stands at 20,000 with a potential to stretch higher till 20,200. On the downside, 19,770 – 19,750 shall act as crucial support and should not be breached on the downside for the positive momentum to continue,» said Jatin Gedia, Sharekhan.
Rupak De, LKP Securities said, «Nifty has risen above the recent consolidation high, indicating increased optimism among market participants.
Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term.
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