Here’s how analysts pulse the market:
“The option chain suggests that 24,000 call writers are very active for the monthly expiration of the July series, with the weekly expiration focusing on 24,000/25,000 strikes. For the monthly expiration, writers show support at the 23,000 strike, while the weekly expiration suggests immediate support. 23,500 Hence, the market outlook suggests bearish buying to 23,600 levels, with a target to extend to 24,300,” said Shilpa Raut, AVP – Derivatives Research, Prabhudas Leeladhar.
“On the daily chart we can observe that the Nifty has seen a steep rise in the last four trading sessions. It is in a rally of 700 points. IT index was one of the major contributors on Thursday which helped the Nifty to close above 24000. The immediate barrier is on the upside. 24150 – 24200,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
That said, here’s a look at what some key indicators suggest for Friday’s action:
US market
The Nasdaq rose on Thursday while other indexes were flat to slightly higher, as megacap stocks rose after a string of economic data.
Data showed that new orders for US-made capital goods unexpectedly fell in May, while orders for core durable goods fell 0.1% against forecasts for a 0.2% rise, fueling hopes that a weak economy will prompt the Federal Reserve to cut interest rates in September. can encourage.
At 9:59 a.m., the Dow Jones Industrial Average was up 12.72 points, or 0.03%, at 39,140.52, the S&P 500 was up 3.58 points, or 0.07%, at 5,481.48 and the Nasdaq was up 0.07%, at 5,481.48. %, at 17,844.21.
European stocks
European shares were flat on Thursday as investors avoided big bets ahead of crucial global economic data and the first round of French elections, while H&M sank after missing quarterly profit forecasts.
The pan-European STOXX 600 was steady at 515.11 points as of 0815 GMT, after ending lower in the past two sessions.
Retail shares fell 1.8% after H&M, the world’s second-largest fashion retailer, missed quarterly earnings forecasts and forecast a decline in June sales.
Tech View
The underlying trend of Nifty has been positive. A sustained move above 24000-24100 levels could pull the Nifty towards another Fibonacci extension resistance around 24380-24400 in the near term. Nagaraj Shetty of HDFC Securities said immediate support is placed at 23800 level.
Stocks showing a bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on counters of Caplin Point, Ultratech Cement, NTPC, Muthoot Finance, Policybajar, ACC 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 of Minda Ind, Cyient, Voltas, IndusInd Bank, Endurance Tech, Tata Chemicals etc. A bearish crossover on MACD on these counters indicates that they have started their downward journey.
Most active stocks by value
Mazagon Dock Ship (Rs. 5,510 crore), HDFC Bank (Rs. 4,675 crore), RIL (Rs. 4,338 crore), India Cements (Rs. 4,181 crore), Bharti Airtel (Rs. 2,887 crore), Axis Bank (Rs. 2,855 crore), and Vodafone Idea (Rs 2,781 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: 15.2 crore), India Cements (Shares traded: 14.5 crore), PNB (Shares traded: 13.6 crore), Yes Bank (Shares traded: 10.3 crore), ZEE (Shares traded: 7.1 crore), Indus Towers (Shares Traded: 7 Crore), and GMR Infra (Shares Traded: 6 Crore) were among the most traded stocks of the session on the NSE.
Stocks show interest in buying
Shares of Route Mobile, India Cements, Mazagon Dock, Whirlpool India, Suven Pharma, Manappuram Finance, Ultratech Cement witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, indicating bullish sentiment. .
Selling pressure is seen in stocks
Shares of AllCargo Logistics hit a 52-week low on Wednesday.
The sentiment meter favors the bears
Overall, market breadth favored the bears as 2,463 stocks ended in the red, while 1,434 names settled in the green.
(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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