Ahead of Market: 10 things that will decide D-Street action on Wednesday
The blue-chip NSE Nifty 50 shed 0.29% to 22,032 points. Both the benchmarks rose about 0.1% each to fresh record highs for the third session in a row, before reversing gains.
Here's how analysts read the market pulse:
«For a sustained upward movement towards the 22,300 level, the index needs to decisively break above the 22,150 mark. On the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further corrections towards the 21,800 mark,» said Kunal Shah, senior technical & derivative analyst at LKP Securities.
Jatin Gedia of Sharekhan, said, “Considering the current price and momentum setup we expect Nifty to consolidate within the range 21,900 — 22,200 from a short-term perspective. Stock- specific action and sector rotation are likely during this period of consolidation. Aggressive longs should be avoided and adherence to strict stop loss levels for the long positions is advised."
That said, here’s a look at what some key indicators are suggesting for Wednesday's action:
US market
Wall Street's main indexes fell on Tuesday, as banks came under pressure after mixed earnings from Goldman Sachs and Morgan Stanley kept investors cautious about the health of capital markets and dealmaking, while declines in Tesla and Apple also weighed.
Tesla shed 2.2%, steering a 1% drop in the S&P 500 consumer discretionary sector, after CEO Elon Musk said he would be uncomfortable growing the automaker to be a leader in artificial intelligence and robotics without having at least 25% voting control of the company.
At 9:48 a.m. ET, the Dow Jones Industrial Average was down 226.52 points, or 0.60%, at 37,366.46, the S&P 500 was down 26.82 points, or 0.56%, at 4,757.01, and the
