Ahead of Market: 10 things that will decide D-Street action on Thursday
The benchmark NSE Nifty 50 fell 0.45% to 24,324 points, while the S&P BSE Sensex settled 0.53% lower at 79,924. Both the indices opened at record highs before reversing course.
Here's how analysts the market pulse:
«Heavy call writing coupled with decent put unwinding ahead of the weekly expiry suggests the possibility of a correction. Immediate support is placed at 24,270. Below 24,270, the Nifty might fall towards 24,100-24,000. On the higher end, resistance is placed at 24,350-24,400. Expect another round of short covering above 24,400,» said Rupak De of LKP Securities.
Shrikant Chouhan, Head Equity Research at Kotak Securities, said, «We are of the view that, Wednesday’s day low or 24,150/79,400 would act as a key support zone for the day traders. If the index succeeds to trade above the same, then it could retest the level of 24,450/80,500. Further upside may also continue which could lift the index till 24,500-24,550/80,700-80,900. On the flip side, below 24,150/79,400 selling pressure is likely to accelerate. Below which the market could slip till 24,050-24,000/79,100-78,800.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US market
The Nasdaq and the S&P 500 hit record highs on Wednesday as strength in Nvidia and other mega stocks supported Wall Street's winning streak, which will be tested by key inflation data and second-quarter earnings later this week.
Nvidia jumped 1.3% to hit a nearly three-week high while Micron Technology, Advanced Micro Devices and
