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

Domestic stock markets ended sharply lower on Thursday as oil prices rose and the rupee hit a new record low. They were dragged down by selling pressure in FMCG, bank and auto stocks. While the 50-share Nifty ended down 180.10 points or 0.74% at 23,997.55, the Sensex shed 0.75% points or 582.86 points to settle at 76,913.50.

Meanwhile, volatility gauge India VIX ended at 18.46, down 5.86% from last close.

Indian stock markets were closed on Friday due to the Maharashtra Day holiday.

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

The Nifty traded in a narrow, choppy range during the truncated week, ending with a marginal gain of around 0.42% below the 24,000 mark, said Rajesh Bhosle, technical analyst at Angel One. Price action reflected uncertainty, with small-body candles on daily charts and doji formations on weekly charts, as investors awaited triggers such as election results and geopolitical clarity, he said.

According to him, the broader trend remains positive despite near-term consolidation supported by bullish technical indicators such as the strong 7.5% rally in April and the weekly RSI crossover. “Key support is seen around 23,500-23,400, while resistance remains at 24,350; a breakout above it could pave the way towards 24,600. Overall, the bias remains constructive, with a dip likely to attract buying interest,” Bhosale said.

US markets

The S&P 500 and Nasdaq closed at record highs on Friday, lifted by strong earnings and soft crude prices, capping their biggest monthly gains in years.

Both indexes extended their winning streak to six consecutive weeks, the longest since October 2024, with tech stocks continuing to lead the rally.

European markets

London’s blue-chip FTSE 100 edged lower on Friday, led by declines in key energy stocks and AstraZeneca, as UK holidays dampened trading activity.

The FTSE 100 fell 0.1% to 10,363.93, while the midcap FTSE 250 gained 0.3%.

Meanwhile, France’s CAC, Germany’s Dax, Stoxx 600 and Spain’s IBEX 35 ended Thursday with strong gains, rising between 0.53% and 1.41%.

Tech View

Decoding the chart, Bajaj Broking said the index is witnessing consolidation in a broader range of 23,600-24,400 amid stock-specific action. Within the consolidation, the downside will open to the lower band of the range placed around the 23,600 level from close to the same lows of the last two weeks around 23,800, the brokerage said.

“A move just above 24,400 on the upside will lead to 24,600 and 24,800 levels in the coming week. Short-term support lies around the 23,600-23,500 range which is the confluence of the recent major lows and the 38.2% retracement in the last week,” Bajaj Broking added.

Most active stocks in terms of turnover

Reliance Industries (RIL, Rs 670 crore), HDFC Bank (Rs 296 crore), Syngene (Rs 200 crore), Bajaj Finance (Rs 188 crore), ICICI Bank (Rs 186 crore), Infosys (Rs 151 crore) and State Bank of India (SBI) were the most active among BSE stocks worth Rs 150 crore. 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

Vodafone Idea (Shares traded: 3.06 crore), SpiceJet (Shares traded: 1.97 crore), HFCL (Shares traded: 1.02 crore), Inox Wind (Shares traded: 1 crore), JP Power (Shares traded: 63.74 lakh), Reliance Power (Shares traded: 63.74 lakh) (Shares traded: 56.28 lakh) was one of the most actively traded stocks in terms of volume on BSE.

Stocks show interest in buying

Syngene, Newgen Software Technologies, Bajaj Auto, Cemindia Projects, Mtar Technologies, RPG Life Sciences and Meesho were among the stocks that saw strong buying interest from market participants.

52-week high

Today, 106 stocks touched their 52-week highs while 26 stocks slipped to their 52-week lows. Among those touching their 52-week high were Abens Enterprises, Acutas Chemicals, Adani Ports and Special Economic Zone (APSEZ), Chennai Petroleum Corporation, Clean Max Enviro Energy Solutions, Dev Labtech Ventures and HFCL.

Selling pressure is seen in stocks

Large cap names include Tata Motors Passenger Vehicles (TMPV), Eternal and Hindalco Industries. Other stocks that saw significant selling pressure included Vari Energy, Edelweiss Financial Services, Force Motors, HEG, Emmvee Photovoltaic Power, Indian Metals & Ferro Alloys and National Aluminum Company (NALCO).

The sentiment meter favors the bears

The Sensex steadied with strong gains, supported by ICICI Bank, HDFC Bank and Larsen & Toubro (L&T), though broader market breadth remained soft at 1,581. Of the 4,337 stocks traded on BSE on Thursday, April 30, 2,051 stocks advanced, 2,606 declined while 150 stocks remained unchanged.

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