Ahead of Market: 10 things that will decide D-Street action on Friday
The NSE Nifty 50 index settled 0.32% higher at 21,911, while the S&P BSE Sensex gained 0.32% to 72,050. Both the benchmarks struggled for direction earlier in the day, before consolidating gains in the final two hours.
Here's how analysts read the market pulse:
«On the daily chart, we can observe that after the sharp runup in the previous trading session Nifty is holding on to gains and also minor dips are being bought into, suggesting buying interest. On the upside, the immediate hurdle is placed at the 22,100 – 22,130 zone while the support zone has shifted higher towards 21,770 – 21,750,» said Jatin Gedia – Technical Research Analyst at Sharekhan.
Rupak De, LKP Securities, said, «Nifty exhibited volatility throughout the day but eventually closed above the resistance level of 21,850. According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment. Additionally, the index has closed above the 20-DMA for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22,200. On the downside, support is situated at 21,750.»
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US market
The S&P 500 and the Dow gained on Thursday as investors cheered a higher-than-expected fall in retail sales data and looked ahead for clues on when the U.S. Federal Reserve would deliver its first interest-rate cut this year.
A Commerce Department report showed
