The NSE Nifty 50 rose 0.22% to settle at 23,567, while the S&P BSE Sensex rose 0.18% to 77,479.
Here’s how analysts pulse the market:
“The market consolidated in a range with the index stuck between 23,400 and 23,650. The undertone remains bullish until the index sustains above the 23,400 support, where aggressive put writing is seen. Crossing the 23,650 mark will open up more space towards 0203. /24,000 level,” said Kunal Shah, senior technical and derivatives analyst at LKP Securities.
“Support for Nifty is now seen at 23,500 and 23,300-350 levels. On the upside, the immediate resistance zone is at 23,600-625 level and the next resistance zone is at 23,700-750.800 level,” said Tejas Shah of JM Financial & BlinkX. “
That said, here’s a look at what some key indicators suggest for Friday’s action:
US market
The benchmark S&P 500 hit a record high on Thursday, boosted by strong gains in Nvidia, as investors assessed the latest economic data and comments from Federal Reserve officials to gauge the timing of interest rate cuts this year.
At 9:51 am ET, the Dow Jones Industrial Average was up 109.08 points, or 0.28%, at 38,943.94, the S&P 500 was up 29.81 points, or 0.54%, at 5,503.04, and the Composite was up 29.81 points, or 0.54%, at 5,503.04. %, at 17,914.44.
European stocks
European shares rose on Thursday, boosted by advances in technology and real estate stocks, while Swiss equities rose after the central bank continued to ease monetary policy.
The pan-European STOXX 600 was up 0.4% as of 0820 GMT. Technology stocks gained 1.2%, while real estate gained about 1%.
Boosting the tech index was ASMI, which rose 5.1% after Morgan Stanley upgraded the semiconductor equipment maker to “overweight” from “equal-weight.”
The UK’s FTSE 100 was last up 0.2%.
Tech View: High wave type of candlestick
Nifty rose 51 points in Thursday’s weekly expiration session to form a high wave type candlestick on the daily chart.
The short-term trend of Nifty has been positive amid high volatility. After recently moving above the hurdle of 22,250 level (middle part of Tuesday’s long bear candle), Nifty may move towards the next upper hurdle of 23,200 (upper part of long bear candle) in near term. Nagaraj Shetty of HDFC Securities said the immediate support is at the 22,640 level.
Open interest (OI) data showed that the highest OI on the call side was seen at 24,000 and 24,200 strike prices. On the put side, the highest OI was at the 23,000 strike price.
Stocks showing a bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on counters of Redtap, Kirloskar Electric Company, Gokaldas Exports and TIL.
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 Hitachi Energy India, ABB India, Abbott India, Hero MotoCorp, Finolex Cables and Gillette India. A bearish crossover on MACD on these counters indicates that they have started their downward journey.
Most active stocks by value
HDFC Bank (Rs 3,453 crore), Chambal Fertilizers (Rs 3,182 crore), Rashtriya Chemicals and Fertilizers (Rs 3,035 crore), HAL (Rs 2,568 crore), RIL (Rs 2,373 crore), GSFC (Rs 2,010 crore) crore), and GNFC (Rs. 2,010 crore) to Rs. 1,930 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: 74 crore), Yes Bank (Shares traded: 17 crore), Rashtriya Chemicals and Fertilizers (Shares traded: 14 crore), Suzlon Energy (Shares traded: 9.9 crore), GSFC (Shares traded: 7.6 crore) , IDFC First Bank (shares traded: 7.3 crore), and Shree Renuka Sugar (shares traded: 6.6 crore) were among the most traded stocks of the session on NSE.
Stocks show interest in buying
Shares including Rashtriya Chemicals & Fertilizers, FACT, CE Info Systems, Chambal Fertilizers, Deepak Fertilizers, Mahindra Holiday and Prestige Estates saw strong buying interest from market participants as they scaled their fresh 52-week highs, reflecting bullish sentiment. indicates.
Selling pressure is seen in stocks
No major stocks hit their 52-week lows on Thursday.
The sentiment meter favors the bulls
Overall, market breadth favored the bulls as 2,254 stocks ended in the green, while 1,612 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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