Ahead of Market: 10 things that will decide D-Street action on Thursday
However, a depreciating rupee and selling pressure in smallcap stocks restricted the gains, traders said.
In a highly volatile trade, the 30-share BSE Sensex rose 90 points or 0.12% to settle at 72,101.69. The NSE Nifty climbed 22 points or 0.10% to finish at 21,839.10.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that Nifty has taken support around the 78.6% Fibonacci retracement level of the previous rise from 21,530 to 22,526. The momentum set up on the hourly time frame suggests exhaustion of selling pressure as there are signs of a positive divergence and is currently having a positive crossover. In terms of price pattern, the daily candle has taken form of a Doji pattern, which suggests indecision among market participants regarding the direction as both bulls and bears are trying hard to defend their respective boundaries. This could lead to consolidation and the range could be 21,700 – 22,000,» said Jatin Gedia, Sharekhan.
Rupak De, LKP Securities, said, «The overall sentiment remains negative as the index closed below the previous consolidation low. Additionally, the index ended the session below the critical moving average. However, a further fall is anticipated below the recent swing low on the hourly chart, which is positioned around 21,700. On the higher end, resistance is placed at 21,900-22,000.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street's main stock indexes inched lower on Wednesday as
