Ahead of Market: 10 things that will decide D-Street action on Thursday
The NSE Nifty 50 fell 0.27% to 24,413, while the S&P BSE Sensex settled 0.35% lower at 80,148.
Here's how analysts the market pulse:
«On the daily chart, a small-bodied red candle has formed. However, the short-term trend remains positive as it closed above the 21-day exponential moving average. The Relative Strength Index (RSI) is showing a bearish crossover and is declining. Weakness might increase in the market in the short term if the Nifty falls below 24,350. On the higher end, resistance is seen at 24,600. A decisive move above 24,600 could trigger a meaningful rally in the market,» said Rupak De of LKP Securities.
Rajesh Bhosale, Equity Technical Analyst, Angel One, said, “For the monthly expiry session, we expect Nifty to continue trading within a range. As highlighted, the 24,300 — 24,250 zone is likely to act as support, below which the panic low of 24,050 from the budget day could be retested. On the flip side, the high of the last two sessions around 24,600 seems a stiff hurdle, whereas the bearish engulfing high of 24,850 remains a daunting task to cross. Traders are advised to monitor these levels and set their trades accordingly."
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
US Market
Wall Street fell on Wednesday, with the tech-heavy Nasdaq leading declines after lackluster quarterly results from Tesla and Alphabet raised questions about the sustainability of the Big Tech and AI-led 2024 equity rally.
Traders largely expect the Fed to cut rates by
