Ahead of Market: 10 things that will decide D-Street action on Tuesday
The blue-chip NSE Nifty50 index added as much as 0.28% to a new record high of 22,441, before settling 0.12% higher at 22,405.60. The BSE Sensex rose 0.09% to 73,872.
Both the benchmarks have recorded fresh closing highs for three consecutive sessions after data showed the Indian economy grew at its fastest pace in six quarters in October-December.
Here's how analysts read the market pulse:
«Nifty traded in a narrow range of 80 points the entire day. However, on a 30-minute timeframe, Nifty can be seen rejecting prices at lower levels. The put-call ratio (PCR) stands at 1.26, indicating a bullish bias for the index. As per the option chain, 22,500 is expected to offer some resistance and once that level is breached, it can march towards 22,720. On the downside, support is anticipated in the range of 22,250-22,300,» said Sheersham Gupta, Rupeezy.
Tejas Shah, Technical Research at JM Financial & BlinkX, said, «Nifty closed above the crucial resistance zone of 22,250-300 levels for two consecutive days, which is a positive sign. Support for Nifty is now seen at 22,250-300 and 22,125-150 levels. On the higher side, the immediate resistance zone for Nifty is at 22,450-500 levels and the next resistance is at 22,700 Mark. Overall, all dips should be used as an opportunity to buy.»
That said, here’s a look at what some key indicators are suggesting for Tuesday's action:
US market
Wall Street's main indexes dipped on Monday after the S&P 500 and the Nasdaq's record-closing highs in the prior session, as investors
