Ahead of Market: 10 things that will decide D-Street action on Friday
The NSE Nifty 50 index ended 0.02% higher at 24,143 points, while the S&P BSE Sensex added 0.19% to close at 79,105.
The latest US consumer price data, released earlier on Wednesday, offered little deviation from expectations of a September start to interest rate cuts.
US consumer prices rose moderately in July, with the annual inflation rate slowing to below 3% for the first time since early 2021.
This came a day after softer-than-expected producer price data suggested that inflation is moderating, though it has yet to reach the US central bank's 2% target. This development supports the view that inflation is gradually being tamed.
Here's how analysts the market pulse:
«On the daily charts, we can observe that Nifty has been consolidating around the 24,200 – 24,150 range where the 40-day average is placed. The structure is still weak and the momentum indicators also have a negative crossover supporting our bearish stance. In case of a spike towards the key moving averages 24,250 – 24,300 then it should be used as a selling opportunity for targets of 23,890 — 23,600. On the upside, 24,300 is the immediate hurdle from a short-term perspective,» Jatin Gedia of Sharekhan.
Rupak De, Senior Technical Analyst of LKP Securities, said, «The overall trend is likely to remain weak, as the index continues to trade below the initial resistance level of 24,250. Additionally, the index has been sustaining below the middle Bollinger Band, confirming a weak near-term trend. This weakness might push the index towards
