Ahead of Market: 10 things that will decide D-Street action on Tuesday
The NSE Nifty50 index was down 0.76% at 21,616, while the S&P BSE Sensex settled 0.73% lower at 71,072.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that Nifty has closed below the 20-day moving average (21,684), which is a sign of weakness. The daily momentum indicator has triggered a negative crossover, which is a sell signal. Thus, both price and momentum indicators suggest weakness. The broader market witnessed a deep cut even on Monday. The Midcap index was down 2.57% and the Smallcap index cracked 4% on Monday. The crucial support zone for Midcap index is placed at 46960 – 46550 and that for the Small cap Index is placed at 15440 – 15400,» Jatin Gedia – Technical Research Analyst at Sharekhan, said.
Shrey Jain, Founder and CEO of SAS Online, said, «From a technical standpoint, the Nifty is encountering selling pressure, a trend anticipated to persist in the coming sessions. Monitoring the support zone between 21,500-21,450 is crucial to sustaining positive momentum. Additionally, the Nifty faces resistance at 21,850, potentially signalling a breakout point.»
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US market
Wall Street's main indexes were muted on Monday, with investors gearing up for two crucial inflation reports during the week for clues on the interest-rate cut outlook, while Nvidia surpassed Amazon in market value for the first time in two decades.
Nvidia crossed above Amazon.com in market capitalization, as the
