Meanwhile, volatility gauge India VIX ended at 18.79, up 0.95% from the previous close.
Here’s how analysts read the pulse of the market:
Rupak De, senior technical analyst at LKP Securities, said the Nifty index slipped through the support-turn-resistance zone of 23,800. While facing strong resistance at the 20-EMA on the daily timeframe and the 50-EMA on the weekly timeframe, the index is forming a lower top on the daily chart, indicating a bearish setup.
“The India VIX has rallied nearly 9% from the day’s lows following a breakout in Brent crude prices. The RSI remains in a bearish crossover and continues to decline, indicating weak momentum. In the near term, the index may witness renewed selling pressure as the Nifty falls below 23,500. Below 23,500, on the downside, 2000 A break below 23,150 and possibly lower, 23,800 is expected to continue to act as a key short-term point of polarity.
US markets
Frontline indices ended with sharp cuts on Friday as elevated crude oil prices weighed on Wall Street.
The Dow Jones Industrial Average closed down 537.29 points, or 1.07%, at 49,526.17, while the S&P 500 lost 1.24% at 7,408.50. The tech-heavy Nasdaq Composite, however, rose 410.08 points, or 1.54%, to 26,225.14.
European markets
Most major European indices traded in the red on Friday. The UK’s FTSE 100, Germany’s DAX, Stoxx 600, France’s CAC 40, and Spain’s IBEX 35 fell between 1.05% and 2.07%.
Tech View
Decoding the Nifty chart, Ajit Mishra, Senior Vice President, Research, Religare Broking, said the index has made a decisive break from its consolidation range of 23,800-24,500, indicating a weak market structure in the near term. Although the index has attempted a recovery in recent sessions, the 23,800-24,000 zone, which earlier served as support, is now likely to serve as an immediate resistance zone, he said.
“A decisive move above this band could trigger short covering and pave the way towards 24,500. On the downside, 23,150 remains the crucial support level to watch, followed by the next key support near 22,900,” added Mishra.
Most Active Stocks (Turnover)
Nazara Technologies (Rs 563 crore), Reliance Industries (RIL, Rs 293 crore), Keynes Technologies (Rs 261 crore), Bharti Airtel (Rs 255 crore), Adani Enterprises (Rs 278 crore), and Larsen & Toubro (L&T) were among the most active stocks on the BSE at Rs 307 crore. High activity in the counter by value helps identify stocks with the highest trading turnover during the day.
Most Active Stocks (Volume)
Vodafone Idea (4.97 crore shares), JP Power (1.6 crore shares), Yes Bank (95.02 lakh shares), Axis Bank (80.98 lakh shares), Suzlon Energy (65.50 lakh shares), Indraprastha Gas (IGL, 59.17 lakh shares), and SpiceJet (75 lakh shares) were the most active with 67 lakh shares. BSE in terms of volume.
Stocks show interest in buying
Welspun Living, Tata Motors, Atlanta, Shadowfax Technologies, Nazara Technologies, Wakefit Innovations and Sakar Healthcare were among the stocks that saw strong buying interest from market participants.
52-week high/low
As many as 109 stocks touched their 52-week highs, while 47 stocks slipped to their 52-week lows. Adani Enterprises, Adani Green Energy, Biocon, Carborundum Universal, Clean Max Enviro Energy Solutions, Honasa Consumer, Laurus Labs and MCX were among the stocks that hit 52-week highs.
Selling pressure in stocks
Large-cap names saw significant selling pressure in Hindalco Industries, Eternal and Nestlé India. Other stocks under pressure include Data Patterns, Muthoot Finance, Hindustan Aeronautics Ltd (HAL), Housing and Urban Development Corporation (HUDCO), NAVA and Mold-Tech Technologies.
The sentiment meter favors the bears
The Sensex ended with a sharp cut, led by Reliance Industries (RIL), State Bank of India (SBI) and Mahindra & Mahindra, while the broader market breadth remained negative. Of the 4,345 stocks traded on BSE on Friday, 1,619 advanced, 2,566 declined and 160 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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