Ahead of the Market: 10 things that will decide D-Street action on Thursday
The Nifty advanced 36 points to end at 19,611.05. Meanwhile, Nifty Bank ended in the red, and broader markets underperformed their headline peers after several days of gains.
Here's how analysts are interpreting the market sentiment:
«A spike in crude oil prices sent shockwaves across the globe, rekindling concerns about inflation and sparking fears of a Fed rate hike.
This led to a surge in U.S. bond yields, prompting investors to seek safety in bonds and reversing the trend of foreign investors buying into the domestic market.
Nevertheless, the resilience of the domestic markets shone through as investors bet on an improved outlook, ultimately aiding the market's recovery from the initial shock,» said Vinod Nair, Head of Research at Geojit Financial Services.
«Technically, Nifty found support near 19,500 and rebounded strongly. A promising intraday reversal pattern suggests a strong likelihood of further upward momentum from current levels.
For trend-following traders, the critical level to watch is 19,550; if surpassed, the index could rally to 19,650-19,700. Conversely, fresh selling pressure may emerge if 19,550 is breached, potentially leading to a decline to 19,500-19,460,» remarked Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
With that said, let's take a look at what key indicators are indicating for Thursday's market action:
US Market
Wall Street's main indexes fell on Wednesday over concerns about sticky inflation as investors awaited the Federal Reserve's report on the U.S.
economy for clues on the bank's interest rate path. Apple was the biggest drag across the three major indexes, down 2.6% after a report said China had banned officials at central government agencies from using iPhones and
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