In a volatile trading session, the broader Nifty closed down 317.90 points, or 1.25%, at 25,178.65. The 30-share Sensex fell 961.42 points, or 1.17%, to settle at 81,287.19.
Meanwhile, volatility gauge India VIX ended 4.89% higher at 13.70 from last close.
Here’s how analysts read the pulse of the market:
Rupak De, senior technical analyst at LKP Securities, said the index fell sharply after staying below its key short-term moving averages for three consecutive sessions. It has also slipped below the 200-day moving average (DMA), indicating that the prevailing weakness may persist for some time.
“The RSI indicator has turned sharply bearish. In the short term, the index may continue to face selling pressure, with selling rallies likely. Immediate support is placed at 25,000 and 24,750, while resistance is seen at 25,370,” Day said.
US markets
Frontline indexes on Wall Street ended lower on Friday. The Dow Jones Industrial Average closed down 521.28 points, or 1%, at 48,977.90. The Nasdaq Composite settled down 210 points, or 1%, at 22,668.20. Meanwhile, the S&P 500 also ended in the red, albeit with a relatively mild loss of 0.43
European markets
European markets also showed caution. Spain’s IBEX 35 and France’s CAC 40 fell by 0.73%. Germany’s DAX was largely flat, while the pan-European Stoxx 600 rose 0.6% and the UK’s FTSE 100 added 0.1%.
Tech View
Nifty has slipped below its crucial 200-day moving average (DMA) of 25,350, which is now expected to act as an immediate resistance zone, said Nilesh Jain, vice-president and head of technical and derivatives research at Centrum Finverse. The index continues to make lower highs and lower lows on the daily chart, indicating a bearish trend, he noted.
Momentum indicators remain cautious, with the MACD signaling a sell crossover and the RSI gradually trending lower. Meanwhile, the India VIX rose 5% to around 13.50, and any further increase in volatility could intensify downside risks. Key psychological support is now seen at weak levels, with the 25,000 technical pullback structure likely to continue. Faced with selling pressure,” added Jain.
Most active stocks in terms of turnover
Tejas Networks (Rs 551 crore), Redington (Rs 275), Cholamandalam Financial Holdings (Rs 262 crore), NetWeb Technologies (Rs 240 crore), HDFC Bank (Rs 214 crore), State Bank of India (Rs 213 crore) and Bharti Airtel (Rs 213 crore) were among the most active stocks worth B2 crore. Among them, B2 crore stocks were the most active. High activity in 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
SpiceJet (traded shares: 7.17 crore), Vishal Mega Mart (traded shares: 1.34 crore), Tejas Networks (traded shares: 1.32 crore), Reddington (traded shares: 99.63 lakh), Ola Electric (traded shares: 63.35 lakh), Suzralon and 7 lakh shares and 7.6 lakh Steel Authority of India (sell, Shares traded: 53.35 lakh) was one of the most actively traded stocks in terms of volume on BSE.
Stocks show interest in buying
Xtglobal Infotech, Tejas Networks, Sharda Energy & Minerals, VL E-Governance & IT Solutions, Oudh Sugar & Energy, Foseco India and Foseco India were among the stocks that saw strong buying interest from market participants.
52 week high
On the market breadth front, 100 stocks touched their 52-week high, while 340 stocks touched their 52-week low.
Aeroflex Industries, Bank of India, Bharat Forge, Cummins India, Data Patterns (India), Eicher Motors and Federal Bank were among those scaling new 52-week highs.
Selling pressure is seen in stocks
Largecap names include Adani Enterprises, Maruti Suzuki and Bharti Airtel. Other stocks that saw significant selling pressure included Fusion Finance, Vishal Mega Mart, Home First Finance, Angel One, RM Drip & Sprinklers Systems, Mahalakshmi Fabric Mills and Apex Frozen Foods.
The sentiment meter favors the bears
Heavyweights like ICICI Bank, HDFC Bank and Bharti Airtel dragged the markets along the breadth, remaining negative on the overall markets. Of the 4,369 stocks traded on BSE on Friday, February 27, 1,574 stocks advanced, 2,633 declined while 162 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
As a trusted and reliable news source
Add now!
(You can now subscribe to our ETMarkets WhatsApp channel)