Ahead of Market: 10 things that will decide D-Street action on Wednesday

economictimes.indiatimes.com:

Here's how analysts read the market pulse:

«On the daily charts, we can observe that Nifty has found buying interest from the zone of 21,540 – 21,520. The intraday bounce was restricted in the zone 21760 – 21730 where the key hourly moving averages are placed. Thus, it’s a narrow rangebound move though the intraday volatility has been high. The broader market witnessed buying interest from their respective support zone and closed in the green, which indicates that some stability is likely over the next few trading sessions,» said Jatin Gedia – Technical Research Analyst at Sharekhan.

Deepak Jasani, Head of Retail Research at HDFC Securities, said, «Nifty made a near high wave type candle which is bullish. However, it has continued the practice of one day up one day down close. A move above 21832 could accelerate the pace of the up-move while a breach of 21543 could take the Nifty to 21239 in the near term.

That said, here’s a look at what some key indicators are suggesting for Wednesday's action:

US market

Wall Street's main indexes slid on Tuesday, hitting one-week lows, after a hotter-than-expected consumer inflation reading drove U.S. Treasury yields higher, smashing market speculations for imminent interest rate cuts. A Labor Department report showed U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and healthcare. At 9:42 a.m. ET, the Dow Jones Industrial Average was down 427.32 points, or 1.10%, at 38,370.06, the S&P 500 was down 66.94 points, or 1.33%, at