Ahead of Market: 10 things that will decide D-Street action on Wednesday
The NSE Nifty 50 rose 0.39% to finish at 23,558, while the S&P BSE Sensex settled 0.40% higher at 77,301.
Here's how analysts the market pulse:
«Following a strong start, Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually it has moved up above 23,500. The trend looks positive from here, with support placed at 23,300. A fall below 23,300 might induce selling pressure. On the higher end, the index might move towards 23,800,» said Rupak De of LKP Securities.
Rajesh Bhosale of Angel One, said, «With a bullish undertone, traders should focus on trades outside the index, as the real action lies there. Regarding levels, immediate support is around the bullish gap near 23,500, with key support at 23,350. In the uncharted territory, 23,650 to 23,700 appears to be immediate resistance. Traders are advised to monitor these levels and set up their trades accordingly.»
That said, here’s a look at what some key indicators are suggesting for Wednesday's action:
US market
The S&P 500 and the Dow rose on Tuesday following softer-than-expected U.S. retail sales numbers, with focus on commentary from a slew of Federal Reserve officials later in the day.
Data showed U.S. retail sales rose 0.1% in May, versus the 0.3% increase expected by economists polled by Reuters, as lower gasoline prices weighed on receipts at service stations.
Markets slightly increased bets on two interest rate cuts
