Ahead of Market: 10 things that will decide D-Street action on Friday
The NSE Nifty 50 index ended 0.89% higher at 22,821 points and the S&P BSE Sensex rose 0.93% to 75,074, adding to their gains of more than 3% on Wednesday.
Here's how analysts the market pulse:
«We need to wait and watch till the high (22,910) or low (22,642) of today’s daily candle is taken out for further direction on Nifty in today’s trading session. Support for Nifty is now seen at 22,650 and 22,400-500 levels. On the higher side, immediate resistance is at 22,850 levels and the next psychological resistance is at 23,000 mark. Overall, the upside looks limited as far as indices are concerned,» said Tejas Shah of JM Financial & BlinkX.
Shrikant Chouhan of Kotak Securities, said, «We are of the view that the index has completed one leg of pullback rally and we could see some profit booking at higher levels. For day traders now, 22,650/74,475 would act as a key support level. As long as the market is trading above the same, positive sentiment is likely to continue. On the higher side, the index could find the resistance at 22,900-23,000/75,290-75,500. On the other side, below 22,650/74,475 uptrend would be vulnerable. Below the same, traders may prefer to exit from long positions.»
That said, here’s a look at what some key indicators are suggesting for Friday's action
US market
Technology stocks retreated in choppy trading on Thursday, pressuring the benchmark S&P 500 and the Nasdaq indexes, while the Dow inched up after jobless claims data raised hopes for the U.S. Federal Reserve's rate cuts.
The Nasdaq
