Ahead of Market: 10 things that will decide D-Street action on Monday
Infosys tanked over 8 per cent after it slashed the FY24 growth outlook. The 30-share BSE Sensex tanked 887.64 points or 1.31 per cent — its biggest single-day slide in over four months — to settle at 66,684.26.
During the day, it plummeted 1,038.16 points or 1.53 per cent to 66,533.74.Here's how analysts read the market pulse: That said, here’s a look at what some key indicators are suggesting for Monday’s action:US marketUS stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.European SharesEuropean shares rose on Friday to end the week higher, while German stocks lagged as SAP's bleak revenue forecast weighed on the tech sector, which also recorded its biggest weekly drop this year. The pan-European STOXX 600 index edged 0.3% higher, rising for the fourth straight session.Tech View: Small negative candleA small negative candle was formed on the daily chart at the lows with an upper shadow.
Technically, this pattern indicates a short-term top reversal pattern. But, we need confirmation of follow-through weakness to call it a downward reversal pattern.
As long as Friday's downside gap remains unfilled at 19965 levels, the chances of further consolidation/weakness in the short term. Stocks showing bullish bias Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of IRFC, Reliance Power, Tanla Platforms, Parag Milk Foods and L&T among others.
Stocks signaling weakness ahead The MACD showed bearish signs on the counters of South Indian Bank, RIL, Coffee Day Enterprises, Kalyan Jewellers, and GMR Infra, among others. A bearish crossover on the MACD on these
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