Ahead of Market: 10 things that will decide D-Street action on Friday

economictimes.indiatimes.com:

Here's how analysts read the market pulse: “Foreign investors continue to provide unwavering support to the domestic market, helping to sustain the ongoing rally despite weak global cues. India’s underperformance during the year is expected to reverse moving ahead. The mid- and small-cap segments have outperformed the benchmark index, with realty, oil & gas, power and consumption stocks leading the sectorial rally as provisional & economic data suggest a good Q1FY24 results.

However, global markets are displaying a negative trend, influenced by hawkish FOMC minutes and US-China tension,” said Vinod Nair, Head of Research at Geojit Financial Services. “The Nifty reached another all-time high after two days of consolidation, indicating a breakout in the upward direction. The overall trend appears positive as the index comfortably sits above a key short-term moving average (50DMA).

The immediate resistance is visible at 19500; a decisive breakout above 19,500 may take the index towards 19,725. Support on the lower end is pegged at 19,350-19,300,” said Rupak De, Senior Technical analyst at LKP Securities. That said, here’s a look at what some key indicators are suggesting for Friday’s action:US marketWall Street tumbled on Thursday as data signaling a resilient labor market and hawkish minutes of the Federal Reserve's June meeting fanned fears the central bank could keep interest rates higher for longer.