The NSE Nifty 50 ended down 0.28% at 23,501, while the S&P BSE Sensex fell 0.35% at 77,210, but managed to gain for the week.
Here’s how analysts pulse the market:
“The Nifty is hovering in the range of 23,300 to 23,600, indicating indecisiveness, setting the stage for a very volatile monthly finish. A decisive move above 23,600 could take the index to 24,000 in the short term, while a failure, over 03,000 to 33,000. Panic in the market below 23,300, Nifty may tumble towards 22750 in short term,” said Rupak De of LKP Securities.
Hrishikesh Yedve, Asit C. Mehta Investment Intermediates said, “Technically, on a daily basis, the index has become a bearish candle. Further, the index has wiped out all weekly gains and settled the week on a flat note, indicating a distribution. As long as the index holds the 23,330 level Bullish momentum will continue until, on the higher side, 23,700 and 23,800 will act as short-term barriers.”
That said, here’s a look at what some key indicators suggest for Monday’s action:
US market
US stocks ended mixed on Friday, as Nvidia continued to slip as traders moved to consolidate gains from a recent rally in tech stocks.
The Dow Jones Industrial Average was up less than 0.1 percent at 39,170.36.
European stocks
European shares closed lower on Friday, led by declines in technology and bank stocks, while Danish brewer Carlsberg Group was the day’s worst performer after British soft drinks maker Britvic rejected its revised takeover proposal.
The Europe-wide STOXX 600 ended 0.7% lower, with the technology sub-index down about 1.3% and euro zone banks down 1.7%.
Tech View
The Nifty’s struggle to hold above the day’s opening range suggests that bullish sentiments have soured on the day of the summer solstice, said analyst Rahul Ghose, CEO, Hedgedin. Increased call writing of open interest (OI) at 23,600 and above indicates resistance for June close around these levels, he said, adding that PCR opened at 1.16 and fell to 0.88 levels. This suggests a range bound trade for the rest of the June series, he added.
Stocks showing a bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on counters of Kirloskar Oil Engines, KSB, Jindal Steel & Power, Lux Industries, GM Breweries and Ircon International.
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 Supreme Industries, Bajaj Auto, Mahindra & Mahindra, HG Infra Engineering, TVS Motor, CAMS and Symphony. A bearish crossover on MACD on these counters indicates that they have started their downward journey.
Most active stocks by value
ICICI Bank (Rs 8,023 crore), Bharti Airtel (Rs 6,208 crore), RIL (Rs 4,533 crore), HDFC Bank (Rs 4,281 crore), Adani Ports (Rs 3,845 crore), Axis Bank (Rs 3,603 crore), and Kotak Mahindra. Banks (Rs 3,373 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: 175 crore), Suzlon Energy (Shares traded: 14 crore), Yes Bank (Shares traded: 11 crore), IRFC (Shares traded: 9.6 crore), RVNL (Shares traded: 7.5 crore), SAIL ( The stocks were among the most traded stocks in the session on NSE.
Stocks show interest in buying
Shares of Titagarh Vegans, Raymond, Kalyan Jewellers, CE Info Systems, Suzlon Energy, Bayer CropScience and Zensor Tech saw 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 their 52-week lows, signaling bearish sentiment across the counters.
The sentiment meter favors the bears
Overall, market breadth favored the bears as 2,157 stocks ended in the red, while 1,729 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)
(You can now subscribe to our ETMarkets WhatsApp channel)
