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

    Synopsis

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said as long as the Nifty sustains above the support of 17,300-17,200 levels, there is a possibility of an upside bounce from the lower levels. One may expect broader range movement for the Nifty around 17,700-17,800 on the upside and 17,300-17,200 levels on the downside for the near term, he said.

    Ahead of MarketAgencies
    In a volatile session on the monthly F&O expiry, the domestic equity market today snapped a two-day rise and ended the day 0.5 per cent lower. Among sectors, realty and consumer durables were the main gainers, while IT was the main loser.

    Here's how analysts read the market pulse:

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said as long as the Nifty sustains above the support of 17,300-17,200 levels, there is a possibility of an upside bounce from the lower levels. One may expect broader range movement for the Nifty around 17,700-17,800 on the upside and 17,300-17,200 levels on the downside for the near term, he said.

    Vinod Nair, Head of Research at Geojit Financial Services, said ahead of the Jackson Hole symposium, investors across the world are eagerly expecting the Fed chair's speech to evaluate the outlook for monetary policy and determine whether the central bank can achieve a soft landing for the economy.

    That said, here’s a look at what some key indicators are suggesting for Friday’s action:

    US stocks attempt to find their footing
    Wall Street's main indexes rose in early trading on Thursday, supported by banks and megacap growth stocks, while focus was squarely on Federal Reserve's annual Jackson Hole symposium for clues on the central bank's monetary policy outlook.

    At 9:55 a.m. ET, the Dow Jones Industrial Average was up 54.40 points, or 0.16%, at 33,023.63, the S&P 500 was up 22.31 points, or 0.54%, at 4,163.08, and the Nasdaq Composite was up 78.72 points, or 0.63%, at 12,510.24.

    European markets close slightly higher
    European markets closed slightly higher on Thursday as global investors awaited the start of the US Federal Reserve’s Jackson Hole economic symposium. The pan-European Stoxx 600 index ended the day up 0.3 per cent.

    Tech View: Bearish candle
    Nifty50 formed a bearish candle on the daily chart. Analysts said the index might find support in the 17,480-500 range, failing which it can test 17,390 -350 levels.

    Stocks showing bullish bias
    Momentum indicator Moving Average Convergence Divergence (MACD) showed a bullish trade setup on the counters of BHEL, L&T Finance Holding, City Union Bank, Crompton Greaves, IDFC and United Spirits.

    The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.

    Stocks signalling weakness ahead
    The MACD showed bearish signs on the counters of Tech Mahindra, IFB Industries, Finolex Cables, Siemens, ICICI Securities and GSPL.

    A bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.

    Most active stocks in value terms
    Bajaj Finance (Rs 967 crore), RIL (Rs 962 crore), HDFC Bank (Rs 874 crore), ICICI Bank (Rs 862 crore), SBI (Rs 811 crore), and Bharti Airtel (Rs 733 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.

    Most active stocks in volume terms
    Tata Steel (Shares traded: 4.2 crore), SBI (Shares traded: 1.5 crore), ONGC (Shares traded: 1.5 crore), Coal India (Shares traded: 1.3 crore), NTPC (Shares traded: 1.3 crore) and Tata Motors (Shares traded: 1.1 crore) were among the most traded stocks in the session on NSE.

    Stocks showing buying interest
    Shares of City Union Bank, Uflex, Thermax, Karur Vysya Bank, Phoenix Mills, ABB India and Grindwell Norton witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.

    Stocks seeing selling pressure
    Shares of Sanofi India were among those that witnessed strong selling pressure and hit their 52-week lows, signalling bearish sentiment on the counters.

    Sentiment meter favours bulls
    Overall, market breadth favoured winners as 1,861 stocks ended in the green, while 1,557 names settled with cuts.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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