Ahead of the market: 10 things that will determine stock market action on Monday

After a brief pause on Thursday, domestic markets closed on a stronger note, extending their weekly gains. Friday’s action was driven by strong buying in banking, auto and consumer stocks. The Nifty 50 rose 275.50 points, or 1.16%, to settle at 24,050.60, while the BSE Sensex gained 918.60 points, or 1.20%, to close at 77,550.25.

Meanwhile, volatility gauge India VIX ended at 18.85, down 7.72% from last close.

Here’s how analysts read the pulse of the market:

Rupak De, senior technical analyst at LKP Securities, said the Nifty’s positive trade on Friday was supported by restrained crude oil prices amid growing expectations of a solid ceasefire deal. The index has been steadily moving higher from the 200 SMA on the hourly chart, confirming an improving environment for a bullish trend.

“On the daily timeframe, the RSI is in a bullish crossover and continues to rise, indicating a strengthening momentum. In the short term, the trend may remain positive. On the other hand, if there is no concrete ceasefire deal by the end of the week, the market may react negatively. Immediate support is placed at 23,800, below which the index may fall to the lows, to the highs. 24,300–24,350 zone resistance. likely to work as an area,” said Dey.

US markets

Wall Street stocks rose sharply during the week and oil prices fell as a fragile ceasefire between the United States and Iran collapsed ahead of ceasefire talks in Pakistan.

For the week, all three major US indices advanced more than three percent. Oil prices retreated once again on Friday. For the week, they were down about 13 percent.

The US government reported a sharp rise in inflation in March, due to the biggest monthly jump in gas prices in six decades, but the increase was not as bad as economists had expected. Treasury yields have risen in the bond market.

The US and negotiations between Iran failed to reach an agreement on terms to end the war and open the Strait of Hormuz.

European markets

European equities edged higher on Friday on cautious optimism ahead of a fragile truce over the weekend US-Iran talks.

The pan-European index STOXX 600 rose 0.4% to close at 614.84 points. The index is up 3% for the week.

Most bourses were also higher, with France’s CAC 40 and Spain’s IBEX 35 adding 0.2% and 0.6% respectively.

Tech View

Nilesh Jain, head of technical and derivatives research analyst (equity research) at Centrum Broking said the bulls have regained control after a short hiatus in the previous session, while the Nifty closed above the psychological 24,000 mark. The broader market structure remains positive, and a further short covering rally will push the index towards the 24,300-24,500 zone in the near term, he said.

“The base continues to shift higher, with immediate support now placed around the 23,800 level. Momentum indicators and oscillators are also signaling strength, as the RSI has moved above the 50 mark. Meanwhile, the India VIX has fallen sharply by 25% during the week, which is likely to provide softness to an additional mark in 19. Rest the bulls,” added Jain.

Most active stocks in terms of turnover

Ola Electric (Rs 238 crore), India Tourism Development Corporation (ITDC, Rs 403 crore), InfoAge (Rs 219 crore), Max Healthcare Institute (Rs 183 crore), Kohans Lifesciences (Rs 129 crore), Tata Consultancy Services (TCS, Rs 125 crore) and Avanti (Rs 52 crore) were the most active stocks. were more active. BSE in terms of value. High activity in 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

Ola Electric (traded shares: 6.09 crore), Vodafone Idea (traded shares: 4 crore), SpiceJet (traded shares: 2.08 crore), JP Power (traded shares: 97.53 lakh), Suzlon Energy (traded shares: 73.07 crore), Amir Chandra 7 lakh and Amir Kumar Dhi 7 lakh shares. India Assurance Company (NIACL, Shares traded: 56.68 crore) was one of the most actively traded stocks on BSE in terms of volume.

Stocks show interest in buying

Tata Chemicals, Billionbrains Garage Ventures (Grove), ITDC, Ola Electric, Eicher Motors, Art Nirman and Glotis were among the stocks that saw strong buying interest from market participants.

52 week high

Today, 110 stocks touched their 52-week highs while 20 stocks slipped to their 52-week lows. Among those hitting their 52-week highs were Accord Transformer & Switchgear, ABB India, Bajaj Consumer Care, Bellaris Industries, D Development Engineers, GRE Renew Energy and ICICI Prudential Asset Management Company.

Selling pressure is seen in stocks

Large cap names include Coal India, Sun Pharmaceuticals and Infosys. Other stocks that saw significant selling pressure included Inventure Growth & Securities, Artech Solonics, Likhitha Infrastructure, Jindal Poly Films, Antelopes Selan Energy, Seshasai Technologies and Race Eco Chain.

The sentiment meter favors the bulls

Heavyweights like ICICI Bank, HDFC Bank and Reliance Industries (RIL) helped the markets the most, as the overall markets remained positive. Of the 4,449 stocks traded on BSE on Friday, April 10, 3,325 stocks advanced, 986 declined while 138 remained unchanged.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)