Ahead of the Market: 10 things that will decide D-Street action on Friday
Here's how the analysts read the market pulse:
«The domestic market initially opened with lackluster performance, influenced by weak global cues. However, as the day progressed, a decline in U.S.
bond yields and crude oil prices injected some positivity into the market. This optimism was most prominent in banking stocks.
Interestingly, mid and smallcap stocks managed to retain investor interest even though their valuations are relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market outlook,» said Vinod Nair, Head of Research at Geojit Financial Services.
«Nifty successfully cleared the short-term resistance of 19650 and post-breakout, it intensified the positive momentum.
Higher bottom formation on intraday charts and bullish candle on daily charts support further uptrend from the current levels. We are of the view that 19650 would be the key level to watch out for, and above the same, the index could move up till 19800-19825.
On the flip side, below 19650, the uptrend would be vulnerable,» commented Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US market
The S&P 500 and Nasdaq fell on Thursday with Apple leading declines in megacap growth stocks on concerns over China's iPhone curbs, while weaker-than-expected jobless claims data stoked worries about sticky inflation.
Apple dropped 3.6% on news that China has widened curbs on the use of iPhones by state employees, requiring staff at some central government agencies to stop using their mobile phones at work.
At 9:38 a.m. ET, the Dow Jones Industrial Average was up 14.26 points, or 0.04%, at 34,457.45,
