Ahead of Market: 10 things that will decide D-Street action on Friday
The blue-chip NSE Nifty 50 was up 0.36% to 22,515, while the S&P BSE Sensex added 0.47% to 74,227.
Here's how analysts read the market pulse:
«The Nifty is heading towards the upper end of the rising channel placed at 22,700. On the downside, the zone of 22,350–22,300 shall act as crucial support from a short-term perspective. Minor degree pullbacks towards support zones should be used as a buying opportunity,» said Jatin Gedia of Sharekhan.
Nagaraj Shetti, senior technical research analyst at HDFC Securities, said, «The near-term uptrend of Nifty remains intact and we observe smaller degree positive pattern like higher tops and bottoms as per daily timeframe chart. A decisive move above 22,550-22,600 levels could open the next upside towards 22,800 levels. Immediate support is at 22,300 levels.»
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US market
Wall Street's main stock indexes advanced on Thursday as recent economic reports boosted the prospect of monetary policy easing later this year, while investors awaited policymakers to offer clues on the timing of the cuts.
Initial claims for state unemployment benefits rose to 221,000 for the week ended March 30 versus an estimate of 214,000 forecast by economists polled by Reuters, indicating a slowing labor market, which supports the Federal Reserve's target of three rate cuts this year.
At 9:35 a.m. ET, the Dow Jones Industrial Average was up 278.08 points, or 0.71%, at 39,405.22, the S&P 500 was up 42.35 points,
