Ahead of Market: 10 things that will decide D-Street action on Tuesday
The NSE Nifty 50 index rose 0.13% to 20,997, while the S&P BSE Sensex settled 0.15% higher at 69,928.
Here's how analysts read the market pulse:
«There's a strong resistance at 21,000, with call writers actively building positions. A decisive breakthrough above 21,000 is necessary to resume the uptrend.
Until then, it's anticipated that the market will consolidate within a broader range,» said Rupak De, senior technical analyst at LKP Securities.
Aditya Gaggar, Director of Progressive Shares, said, «For the past couple of days, the index has been oscillating in a narrow range but the positive side is that the support levels have shifted upwards. The immediate hurdle is at 21,090 while the downside is protected at 20,900.»
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US market
The S&P 500 was muted and Nasdaq inched lower on Monday in the run-up to an action-packed week that includes the Federal Reserve's policy meeting and inflation data, both of which will test investor optimism about monetary policy easing next year.
While money markets have almost fully priced in a rate-hike pause in the upcoming meeting, bets of a rate cut next year have been seeping in, with traders seeing a 39% chance of at least a 25-basis-point cut in March 2024 and a 71.4% chance in May, according to the CME Group's FedWatch tool.
At 10:19 a.m. ET, the Dow Jones Industrial Average was up 56.84 points, or 0.16%, at 36,304.71, the S&P 500 was up 1.88 points, or 0.04%, at 4,606.25, and the Nasdaq Composite was down 33.78 points, or 0.23%, at 14,370.19.
European shares
European shares were largely unchanged at the start of an event-heavy week as investors braced for US inflation data and interest
