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By Sabari Saran
NEW DELHI: Asian markets extended losses on Thursday, perpetuating the weak sentiment from the US tech rout. But mild gains in US stock at the opening tick later in the day held out promise for Friday’s session on Dalal Street, which was shut on Thursday for a public holiday.
Nifty slipped 1 per cent on Wednesday, and in the process, formed a Bearish Belt Hold pattern on the daily chart. Analysts said the 50-pack is facing a stiff hurdle on the higher side, especially in the 14,900-15,000 zone.
“Only a close above the 15,000 mark can activate the overall bullish stream. Otherwise, we may again see selling pressure at higher levels. Support can be seen near the 14,775-14,700 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
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NEW DELHI: Nifty saw a choppy trade in intraday session on Wednesday as the headline index closed lower for the fifth consecutive session. The 50-pack index formed a long bearish candle on the daily chart.
Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking said, Nifty has ended around 14,700, which is a crucial point now and a breach of this could then lead to a continuation of price-wise correction towards 14,500. On the flipside, 14,850-14,900 becomes the immediate hurdle now.
“The Indian market remained in negative territory as investors traded cautiously ahead of the US Fed meeting coupled with a resurgence in Covid cases. Adding to that, the rise in international crude prices is also dragging the Indian market. On a consensus basis, an accommodative policy is expected by the Fed, which will help the global market to stabilize, said Vinod Nair, Head of Research at Geojit Financial Services.
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Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking said, One should prefer to trade with the trend now until any negative signs are seen and look for opportunities that could continue to outperform. The near-term trading range could be wide given the recent volatility, wherein the supports are now placed around 14,140 and 14,000, whereas resistance could be seen around 14,500.”
Higher government spending in infrastructure and increased FDI limit in insurance improved the overall outlook of these sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.
NEW DELHI: Nifty made a strong rebound on Monday in line with strong global cues and a no-harm budget. The 50-pack index formed a long bullish candle and recovered half the losses it sustained in the past six sessions.
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NEW DELHI: Nifty breached its 14,000 levels and touched its all-time high in the intraday session on Thursday and formed an indecisive candle on the daily chart. The 50-pack formed consecutive indecisive candles in the recent sessions, which signals towards caution that is being employed by the market participants with consistent profit booking and buying on dips approach.
Ajit Mishra, VP - Research at Religare Broking opined, investors would await the auto sales numbers and PMI data as it would help in gauging the economic recovery. Further, global cues are likely to dictate the trend for the markets in the near term. We reiterate our cautious stance on the markets.