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market outlook: Ahead of Market: 12 things that will decide stock action on Wednesday


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New Delhi: The domestic equity market failed to extend its two-day gains and consolidated in a narrow range on Tuesday. Market witnessed profit taking in the banking space, though FMCG, consumer durables and IT stocks capped the fall.
Nifty kept paring any gains made throughout the day, eventually forming a Bearish Belt Hold candle on the daily chart, reflecting selling pressure. Analysts said, only a breach above the 15,300 level can open doors for any further move. As we near the derivatives expiry for May, will the market move upward or consolidate in a narrow range?
Here s how analysts read the market pulse:- ....

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Ahead of Market: 12 things that will decide stock action on Wednesday


Ahead of Market: 12 things that will decide stock action on Wednesday
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We might see some consolidation in the index and it would be healthy. We thus advise using intermediate corrective moves to accumulate quality stocks on dips and avoid contrarian trades, said Ajit Mishra, VP - Research, Religare Broking.
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Analysts said the 15,060-15,050 range is crucial and any breach of this zone may extend profit booking going ahead.
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NSE
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NEW DELHI: Nifty made a gap-up opening on Tuesday, but saw a volatile trade in the intraday session snapping its winning streak. The index closed slightly lower than its opening numbers and formed an indecisive candle similar to that of a Spinning top on the daily charts. ....

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