Ahead of Market: 10 things that will decide D-Street action on Monday
The NSE Nifty 50 declined 2.7% for the week, while the BSE Sensex fell 2.2%, recording losses for the fourth consecutive week. All sectoral indices logged weekly losses, with small-caps and mid-caps falling 6.5% and 5.8%, respectively.
Here's how analysts gauge the market pulse:
«The Nifty slipped below recent consolidation as the lack of follow-up buying attracted selling pressure, falling decisively below 24,350. Sentiment appears extremely weak, with pullbacks likely to be sold into. Any rise toward 24,300-24,400 may be used to reduce long positions. Near-term support is at 24,000; a break below this could lead to a downtrend,» said Rupak De of LKP Securities.
Jatin Gedia of Sharekhan noted, «On the daily charts, the Nifty, after a one-day pause, has resumed its fall, reaching 24,000–24,050, which coincides with psychological support and the daily lower Bollinger band, likely restricting sharp declines. The trend remains negative, but there could be a pullback toward 24,350, which should be seen as a selling opportunity. From a short-term perspective, 24,000 is significant.»
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