Ahead of Market: 10 things that will decide D-Street action on Monday
The NSE Nifty 50 fell 0.11% to 23,532, closing below its 200-day moving average for the first time since April 2023. The BSE Sensex shed 0.14%, ending at 77,580.31.
Here's how analysts the market pulse:
«On Thursday, Nifty closed near its 200-day EMA, forming a gravestone doji-like pattern on the daily chart, signaling bearish sentiment. This suggests a 'sell on rise' approach as the index hovers in an oversold zone near a key EMA level. A bounce is likely, but it should be seen as an opportunity to sell. If Nifty breaks below the 200-day EMA, selling pressure could intensify. The index has support at 23,450, with resistance expected at 23,650, framing the short-term trading range,» said Rupak De of LKP Securities.
Jatin Gedia of Sharekhan said, «On the daily charts, we can observe that the index is trading around the 200-day moving average (23,556), which is a crucial support level. There could be a pullback, as the hourly momentum indicator has triggered a positive crossover. However, the trend remains weak, and any pullback towards 23,700–23,750 should be used as a selling opportunity, as the overall trend remains negative. On the downside, we are expecting 23,180, which coincides with the 61.82% Fibonacci retracement level.»
That said, here’s a look at what some key indicators are suggesting for Monday's action:
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