Ahead of Market: 10 things that will decide D-Street action on Saturday

Here's how analysts read the :

"Nifty continued to have its ongoing strength, closing the session at 22,466.10, up by 0.28%. Despite briefly surpassing the 22,500 mark, it couldn't sustain this level and retraced lower by the end of the session. Nifty formed a piercing line pattern on the weekly chart, suggesting a sustained ongoing trend. Immediate support is seen at 22,350, while resistance is positioned at 22,620," said Om Mehra of SAMCO Securities.

Osho Krishan of Angel One, said, "It was surprising how bulls launched a scathing attack on bears and turned around the overall sentiments amidst the elevated volatility index. On the level-specific front, 22350-22300 is likely to cushion any upcoming intra-week blips, followed by the sacrosanct support of 22200 in the short term. On the higher end, 22600-22650 remained a sturdy resistance before Nifty could claim its lifetime high of 22800."

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

US market

's main indexes were little changed on Friday as investors took a breather from the week's rally driven by growing expectations of U.S. interest-rate cuts this year.

The S&P 500 and Nasdaq were on course for a fourth straight week of gains, while the blue-chip Dow was on track for its fifth weekly advance, supported by strong quarterly results and slowing inflation data that has bolstered the case for rate cuts from the Federal Reserve.

All three main indexes touched record highs on Thursday and the Dow briefly crossed the 40,000 milestone, before reversing gains and closing in the red.

At 11:13 a.m. ET, the Dow Jones Industrial Average was up 32.14 points, or 0.08%, at 39,901.52, the S&P 500 was up 2.32 points, or 0.04%, at 5,299.42, and the Nasdaq Composite was up 7.16 points, or 0.04%, at 16,705.48.

European Shares

European shares dropped on Friday, dragged by declines in technology and industrials stocks, with investors looking forward to euro zone inflation data for some clarity on the path for interest rate cuts by the European Central Bank beyond June.

The pan-European STOXX 600 dipped 0.5% as of 0830 GMT, also pressured by higher euro zone bond yields.

However, the STOXX 600 was on track for its second straight weekly advance, rising for nine straight sessions till Wednesday, as a robust earnings season offered a fresh boost to the prevailing upbeat investor sentiment.

Tech View: High Wave type of candle

Nifty on Friday ended 62 points higher to form a High Wave type of candle on the daily charts. The index recouped losses of its previous week and is now eyeing reclaiming the lifetime high zone.

The short-term trend of Nifty is positive and the next upside levels to be watched are around 22,700-22,800 levels in the next few sessions. Immediate support is at 22,320, said Nagaraj Shetti, Senior Technical Research Analyst, .

The daily momentum indicator has a positive crossover, which is a buy signal.

Stocks showing bullish bias

Momentum indicator Moving Average Convergence Divergence () showed bullish trade on the counters of Bharat Rasayan, Lux Industries, Data Patterns, TeamLease Services, CAMS, and Brigade Enterprises, among others.

The MACD is known for signalling 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 on the counters of Biocon, Alpex Solar, Wendt, and Investment & Precision among others. A bearish crossover on the MACD on these counters indicates that they have just begun their downward journey.

Most active stocks in value terms

M&M (Rs 2,468 crore), Kotak Bank (Rs 1,627 crore), RIL (Rs 1,561 crore), HDFC Bank (Rs 1,528 crore), Tata Motors (Rs 1,250 crore), Axis Bank (Rs 1,127 crore), and Infosys (Rs 1,090 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 highest in the day.

Most active stocks in volume terms

Tata Steel (Shares traded: 3.9 crore), Tata Motors (Shares traded: 1.3 crore), SBI (Shares traded: 1.2 crore), ONGC (Shares traded: 1.1 crore), ITC (Shares traded: 1.1 crore), Coal India (Shares traded: 1 crore), and HDFC Bank (Shares traded: 1 crore) were among the most traded stocks in the session on NSE.

Stocks showing buying interest

Shares of M&M, Bharti Airtel, Hero MotoCorp, and JSW Steel among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.

Stocks seeing selling pressure

No major stocks hit their 52-week low on Friday.

Sentiment metre favours bulls

Overall, favoured bulls as 2,345 stocks ended in the green, while 1,479 names settled in the red.

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