Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 shed 0.18% to 23,516, while the S&P BSE Sensex added 0.05% to 77,337. Both the indexes rose about 0.3% each to hit all-time highs at the open before surrendering gains.
Here's how analysts the market pulse:
«Nifty remained range-bound, staying broadly within 23,450 and 23,650. Sentiment continues to favour short-term bullish trades as the index sustained above the 55 exponential moving average (EMA) on the hourly chart. The short-term trend remains strong, and any dips towards the 55-hour EMA, which is currently pegged at 23,340, might get bought into. On the higher end, in the short term, the index might move towards 23,800 and beyond,» said Rupak De of LKP Securities.
Aditya Gaggar, Director of Progressive Shares, said, «On the daily timeframe, the index has formed a Bearish Engulfing candle with a probable bearish divergence in RSI, which indicates a temporary pause in its uptrend with the lower side being protected at 23,340 while Wednesday's high i.e. 23,660 will be considered as resistance.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
Wall Street was closed on Wednesday on account of Juneteenth.
Juneteenth, celebrated as America's Second Independence Day, has been a federally recognised holiday since 2021. It offers millions of Americans a paid day off and the chance to honour the end of slavery.
European shares
European shares were flat in lacklustre trade on Wednesday as losses in heavyweight healthcare and technology
