Ahead of Market: 10 things that will decide D-Street action on Thursday
The BSE Sensex declined by 667 points, or 0.89%, to settle at 74,503, while the NSE Nifty dropped by 183 points, or 0.80%, to end at 22,704.
Here's how analysts the market pulse:
«Nifty is in the process of retracing the rise it has witnessed from 22,054 to 23111. The 38.2% Fibonacci retracement level is placed at 22707. We expect the Nifty to recover over the next few trading sessions. We believe that this is a minor degree correction and not a trend reversal,» said Jatin Gedia of Sharekhan.
Osho Krishan of Angel One, said, «Nifty has breached the neckline of the recent breakout and is now heading towards the mean of the 'Rising channel' at 22600, followed by the 20-day EMA at 22500, which is to be considered as the crucial support level. On the higher end, the bearish gap of 22825-22860 is to be seen as an intermediate hurdle, while the sturdy wall stays at the 23000 mark.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street indexes retreated on Wednesday, as concerns around the timing and scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher and pressured stocks.
Megacaps Microsoft, Alphabet and Meta dipped between 0.3% and 0.6% as U.S. bond yields across the board rose to near four-week highs after Tuesday's unexpectedly strong consumer confidence data.
The Dow led declines, falling to its lowest in nearly one month, and all major S&P 500 subsectors were in the red in early trading.
At 9:49 a.m. ET, the Dow Jones
