Here’s how analysts pulse the market:
“Looking ahead, the benchmark index is likely to consolidate following the recent upward move, with support expected around the 23,700-23,900 range on any decline. Banking stocks are currently consolidating, while sectors like IT, energy and FMCG are bullish. Same in the next session Market dynamics are expected, so traders should strategize accordingly,” said Ajit Mishra, Research, Religare Broking.
Vinod Nair, head of research at Geojit Financial said, “The undercurrent is positive, with no major short-term risks to the domestic market. All eyes will be on the Union Budget proposals which will determine the market in the medium term.” services.
That said, here’s a look at what some key indicators suggest for Monday’s action:
US Market:
US stocks weakened on Friday due to an early rally after the US president’s debate as investors digested in-line inflation data and weighed political uncertainty. The Dow Jones Industrial Average fell 41.12 points, or 0.11%, to 39,122.94. The S&P 500 was down 22.57 points, or 0.41%, at 5,460.30 and the Nasdaq Composite was down 126.08 points, or 0.71%, at 17,732.60.
European share:
European stocks gave up early gains on Friday as the benchmark index posted weekly, monthly and quarterly declines on political uncertainties in France as shares of beauty giant L’Oréal fell.
The pan-European STOXX 600 closed 0.2% lower, extending losses for a fourth straight session.
Tech View:
Nifty is currently facing hurdles at the resistance level of 24,000-24,100 after a bullish move. Any decline from here is likely to be a buying opportunity. Nagaraj Shetty of HDFC Securities said the immediate support is at the 23,800 level.
Stocks Showing Bullish Bias:
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on counters of CDSL, IGL, GE Shipping, Lupine, Aegis Logistics and Tata Motors.
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 signaling further weakness:
MACD showed bearish signals on counters of EID Perry AU Small Finance Bank, Phoenix Mills, Safari Industries and Latent View Analytics and India Energy Exchange. A bearish crossover on MACD on these counters indicates that they have started their downward journey.
Most active stocks by value:
Polycab India (Rs 5,928 crore), CDSL (Rs 4,945 crore), RIL (Rs 4,518 crore), Bharti Airtel (Rs 4,283 crore), Vodafone Idea (Rs 3,658 crore), Indus Towers (Rs 2,386 crore) ), and Maja Doc (Rs 2,514 crore) were among 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: 201 crore), Yes Bank (shares traded: 12.7 crore), PNB (shares traded: 12.1 crore), HFCL (shares traded: 7.6 crore), Indus Towers (shares traded: 7.5 crore), SAIL ( The most traded stocks of the session on NSE included shares traded: 7.2 crore and India Cements (shares traded: 5.8 crore).
Stocks showing interest in buying:
Shares of CDSL, Chola Fin Holdings, Bombay Burmah, Praj Industries, Mahanagar Gas, Kalyan Jewelers and 360 One Wam saw strong buying interest from market participants as they scaled their fresh 52-week highs, indicating bullish sentiment. Giving.
Selling Pressure in Stocks:
No company’s shares hit a 52-week low on Friday.
The sentiment meter favors the bears:
Overall, market breadth favored the bulls as 2,133 stocks ended in the green, while 1,768 names settled in the red.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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