Here’s how analysts pulse the market:
“Nifty slipped lower in early trade, but bulls were able to defend around 55 EMA on hourly chart. Trend remains positive for short-term as long as it stays above 23,300, where buy-on-dips strategy may favor traders. A crucial move above 23,600 could lead call writers to liquidate their positions, said Rupak De, senior technical analyst at LKP Securities.
“Better tax collection and dividend from RBI will encourage government on rural spending and tax benefits. In mid and smallcap, despite lack of margin of safety in terms of valuations, investors are keen on growth story in capital goods, infra, auto, etc,” Vinod Nair said, Head of Research at Geojit Financial Services
That said, here’s a look at what some key indicators suggest for Monday’s action:
US market
The Nasdaq slipped on Monday on weakness in Nvidia and other chip stocks, as investors braced for a key inflation print this week that could shape more bets on the timing and quantum of rate cuts.
Nvidia fell 3%, taking its losses in three sessions to nearly 13%, with market participants citing profit-taking in the AI ​​favorite as the main reason for the decline.
The S&P 500 information technology sector fell more than 1% to a two-week low, although ten other S&P 500 sectors were in the green.
At 9:54 a.m., the Dow Jones Industrial Average was up 231.04 points, or 0.59%, at 39,381.37, the S&P 500 was up 7.42 points, or 0.14%, at 5,472.04 and the Nasdaq was down 0.14%. %, at 17,652.39.
European stocks
European stocks advanced on Monday, paring early losses as automobile and bank stocks rose, while the focus turned to the first round of French parliamentary elections later this week.
The pan-European STOXX 600 was up 0.4% by 0838 GMT. Autos gained 1.6% as the European Union and China agreed to negotiate the imposition of planned tariffs on Chinese-made electric vehicles (EVs).
Euro zone banks added 0.9%, with Italian lenders BPER, UniCredit and Monte dei Paschi di Siena rising between 2.4% and 3.7%.
Tech View
“A dip towards the lower boundary should be used as a buying opportunity with a trailing stop loss of 23,200. The hourly momentum indicator has triggered a positive crossover, which is a buy signal. Thus, we will continue the upward move till then. Weakness on the price front,” by BNP Paribas said Jatin Gedia, technical research analyst at Sherkhan.
Stocks showing a bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on counters of Ratnamani Metal, Suzlon Energy, Westlife Developers, Ircon International, KSB etc.
MACD is known for indicating the opposite trend in traded securities or indices. When 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 signal further weakness
MACD showed bearish signals on counters including CAMS, Emami, M&M, Jubilant Life, Supreme Industries, Tata Consumer. A bearish crossover on MACD on these counters indicates that they have started their downward journey.
Most active stocks by value
HDFC Bank (Rs 2,376 crore), HAL (Rs 1,946 crore), Rail Development Corporation (Rs 416 crore), Vodafone Idea (Rs 1622 crore), ICICI Bank (Rs 1,425 crore), Mazagon Dock Ship (Rs 1334 crore), and GRSE (Rs 1,753 crore) was one of the most active stocks on the NSE in terms of value. High activity on a counter in terms of value can help identify counters with the highest trading turnover in a day.
Most active stocks in terms of volume
Vodafone Idea (shares traded: 94 crore), Suzlon Energy (shares traded: 14.9 crore), Yes Bank (shares traded: 11 crore), Ujjivan SFB (shares traded: 8.3 crore), IRB Infra (shares traded: 6.5 crore), Indian Railway Finance (shares traded: 5 crore), and NHPC (shares traded: 4.9 crore) were among the most traded stocks of the session on NSE.
Stocks show interest in buying
Shares of Bombay Bumrah, Route Mobile, Astral Ploy Tech, JK Paper, Asahi Ind, JSW Infrastructure and Brigade Enterprises witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, indicating bullish sentiment. is
Selling pressure is seen in stocks
Shares of AllCargo Logistics hit their 52-week lows, signaling bearish sentiment across the counters.
The sentiment meter favors the bulls
Overall, market breadth favored the bulls as 2,107 stocks ended in the green, while 1,890 names settled in the red.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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