Ahead of Market: 10 things that will decide D-Street action on Thursday
The broader Nifty of NSE rebounded by 119 points or 0.54% to close at 22,123.65. As many as 22 Nifty shares gained while 27 declined and one closed unchanged.
Here's how analysts read the market pulse:
«Nifty is facing stiff resistance around 22,200 to 22,250 levels on an immediate basis and we believe that Nifty would further outperform only if it is able to decisively close above this resistance zone or else consolidation is likely to continue in the range of 21,800 to 22,200 levels. Support for the index is now seen at 22,000 and 21,800-850 levels. On the higher side, the immediate resistance zone for Nifty is at 22,200-250 levels and the next crucial resistance is at 22,500-550 levels. Overall, buying weakness and selling strength continue to work in the current set-up,» said Tejas Shah, Technical Research, JM Financial & BlinkX
Rupak De of LKP Securities, said, «The short-term momentum appears positive, supported by a crossover in the RSI (14) indicator. The trend is likely to remain positive as long as it stays above 22,000. On the higher end, it could potentially move towards 22,300 and beyond in the short term.»
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 ticked higher on Wednesday, with the blue-chip Dow leading gains in thin trading ahead of crucial economic data, commentary from the Federal Reserve's policymakers and a long holiday weekend.
The Dow and the S&P 500 recorded their third consecutive declines
