Ahead of Market: 10 things that will decide D-Street action on Monday
The NSE Nifty 50 fell 1.17% to 24,717 points, while the S&P BSE Sensex shed 1.08% to 80,981, logging losses for the first time in six sessions. They also ended an eight-week winning run, their longest in 14 years.
Here's how analysts the market pulse:
«Nifty has slipped sharply amid a global sell-off. Technically, it has drifted down after forming a spinning top on the daily timeframe. The RSI indicator has turned downward, indicating a bearish crossover. The market appears to be favoring „sell on rise“ traders as long as it remains below 24,800. On the downside, Nifty might drift towards 24,530 or 24,400,» said Rupak De, Senior Technical Analyst, LKP Securities.
Tejas Shah, Technical Research, JM Financial & BlinkX, said, «Nifty is facing stiff resistance around the psychological level of 25,000 on an immediate basis and we believe that the index would further outperform only if it can decisively close above this resistance level or else the consolidation is likely to continue in the range of 24,500 to 25,000 levels. Support for the index is now seen at 24,700 and 24,450-500 levels. On the higher side, immediate psychological resistance for Nifty is at 25,000 and the next crucial resistance is at 25,250-300 levels. Overall, it would be interesting to see whether the follow-up selling occurs this week or not.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
US market:
US stocks sold off for a second straight session on Friday, and the Nasdaq Composite confirmed it was
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