Ahead of Market: 10 things that will decide D-Street action on Monday
The NSE Nifty 50 advanced 0.77% to 24,502, while the S&P BSE Sensex added 0.78% to end at 80,519 on the day. They rose 0.7% this week, which was their sixth straight week of gains.
Here's how analysts the market pulse:
«Nifty retraced from the 1.618% Fibonacci retracement level at 24,610, a breakthrough which could propel further gains. Both RSI and MACD indicators are currently positive. Immediate support has shifted upwards to 24,300. The market remains bullish, implying a 'buy on dip' strategy in the coming trading sessions,» said Om Mehra, Technical Analyst, SAMCO Securities.
Tejas Shah of JM Financial & BlinkX, said «Bulls are in full control of the market at the current juncture and are using every intraday correction to create long positions. The price action has sustained well above the moving averages in the last few days, which is an indication of steadiness. Support for Nifty is now seen at 24,350 and 24,150-200 levels. On the higher side, the immediate resistance zone is at 24,500-550 levels and the next resistance zone is at 24,750-800 levels.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
US market:
Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
Some of the market's most valuable companies bounced back after dipping in the previous session. Apple and Nvidia
