Meanwhile, volatility gauge India VIX ended 2.03% higher at 25.52 than the previous close.
Local and global markets remained closed on Friday due to the Good Friday holiday.
Here’s how analysts read the pulse of the market:
Rupak De, senior technical analyst at LKP Securities, said despite the intense volatility, the Nifty has moved above the 21 EMA on the hourly chart after a sharp rebound on Thursday. This move indicates an improvement in optimism.
Live events
“The Nifty witnessed a highly volatile session after opening with a gap down. At the lower end, the index found support around 22,200, leading to a sharp recovery. On the hourly chart, a positive divergence is seen on the RSI, indicating an improvement in momentum in the near term. In the near term, the index may move towards 22,200, close to 30. Placed at 22,500, below which It may slip into the consolidation phase,” Day said.
US markets
U.S. stocks ended slightly mixed on Thursday after paring deep losses, as diplomatic signals from the Middle East helped calm markets that were previously calm from U.S. President Donald Trump’s threats of tougher action against Iran ahead of a long holiday weekend.
The three indexes posted their biggest weekly gains in four months and their first weekly gains in six months.
The Dow Jones Industrial Average was down 0.13% at 46,504.67 points, the S&P 500 was up 0.11% at 6,582.69 points and the Nasdaq Composite was up 0.18% at 21,879.18.
European markets
Europe’s main stock index trimmed losses on renewed hopes of reopening the crucial Strait of Hormuz, with US President Donald Trump’s pledge to continue strikes on Iran dampening sentiment.
The pan-European STOXX 600 index fell 0.2% to 596.63 points on Thursday, after falling 1.6% earlier in the session.
Volumes were also lower as European markets headed into a long holiday weekend.
Tech View
Nilesh Jain, vice-president and head of technical and derivatives research at Centrum Finverse, highlighted the continued weakness in the market with the Nifty staying below 22,800 for the sixth consecutive week. Elevated volatility is a concern and bulls need ease to regain control, he said, adding that momentum indicators and oscillators are in oversold territory on both daily and weekly charts.
“On the weekly chart, the index formed a high-wave candle continuing its pattern of lower highs and lower lows. However, a strong rebound was seen from the 22,180 level, which is likely to act as a key support going forward. Although the broader structure remains weak, a sharp pullback towards the rule above the 23A 20D zone may not be possible. Reject the bearish setup and 24,000 and higher. 23,500 will be required to open the way to the levels,” Jain said.
Most Active Stocks (Value)
Eternal (Rs 329 crore), Prestige Estate Projects (Rs 260 crore), Reliance Industries (Rs 138 crore), ICICI Bank (Rs 243 crore), Ganesha Ecosphere (Rs 221 crore), HDFC Bank (Rs 173 crore), and RPSG Ventures (RSE3) were the most active among 6 crore stocks. conditions
Most Active Stocks (Volume)
Vodafone Idea (4 crore shares), Ola Electric (2.27 crore shares), SpiceJet (1.5 crore shares), Eternal (1.44 crore shares), Yes Bank (63.81 lakh shares), Suzlon (55.96 lakh shares), and Reliance Power (53.63 lakh shares) were among the most actively traded stocks in the BSE term.
Stocks show interest in buying
Strong buying interest was seen in Latent View Analytics, Ola Electric, Tata Chemicals, HCL Technologies, Chambond Chemicals, VIP Clothing and Intense Technologies.
52-week high/low
A total of 57 stocks touched their 52-week highs, while 157 stocks touched their 52-week lows. These include Agribio Spirits, Anchal Ispat, Apt Packaging, Indosoya, Kalind, Omnitech Engineering and Onyx Solar Energy.
Selling pressure in stocks
Large-cap names saw selling pressure in Asian Paints, Eicher Motors and Sun Pharmaceutical Industries. Other backers include Garden Reach Shipbuilders and Engineers (GRSE), Karnataka Bank, Acutas Chemicals, AVG Logistics, Amir Chand Jagdish Kumar, United Breweries and Karur Vysya Bank.
The sentiment meter favors the bulls
Heavyweights like HDFC Bank, HCL Technologies and Infosys supported the market, while the overall breadth remained positive. Out of 4,387 stocks traded on BSE, 2,649 advanced, 1,589 declined and 149 remained unchanged.
(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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