Meanwhile, volatility gauge India VIX ended at 16.84, down 1.32% from last close.
Here’s how analysts read the pulse of the market
Rupak De, senior technical analyst at LKP Securities, said the mood worsened as the index also dipped below the 50 EMA on the intraday timeframe. Additionally, the RSI has re-entered a bearish crossover on the daily chart, reflecting weakening momentum, he said.
“Overall, sentiment looks weak, with heavy call writing seen around the 24,200 strike. If the Nifty sustains below 24,200 on Monday, the index may witness further correction towards the 24,050-24,000 zone. On the other hand, a return to the trigger close to 24,200 is possible. 24,350–24,400,” said Dey.
US markets
Frontline indices on Wall Street ended in the green on Friday. While the Dow 30 rose 12.19 points, or 0.02%, to close at 49,609.16, the S&P 500 gained 0.84% (61.82 points) to close at 7,398.93. The tech-heavy Nasdaq Composite rose 440.88 points, or 1.71%, to end at 26,247.08.
European markets
Most major European indices ended lower on Friday. The UK’s FTSE 100, the French CAC, Germany’s DAX, Spain’s IBEX 35 and the Stoxx 600 fell between 0.3% and 1.3%.
Tech View
Decoding the chart, Nilesh Jain, Vice President – Head of Technical and Derivatives Research at Centrum Finverse said the market remained under pressure for the second consecutive session as the Nifty formed a small-body bearish candle on the daily chart. However, the index has managed to hold its 21-DMA support near the 24,140 level on a closing basis, he said, adding that momentum indicators and oscillators are showing signs of improvement, with the RSI hovering around the 46 level.
“The broad structure continues to remain sideways to the positive, and a gradual recovery towards 24,300-24,500 levels is likely in the near term, while the critical support of the 50-DMA is placed around 24,000 levels,” Jain said.
Most active stocks in terms of turnover
360 One WAM (Rs 427 crore), Ujjivan State Bank of India (SBI, Rs 269 crore), Craftsman Automation (Rs 211 crore), Lenskart Solutions (Rs 168 crore), Action Construction Equipment (ACE, Rs 151 crore), Titan Company (HDFC and 109 crore) are the most active banks (109). crores) and 109 crores of stock on BSE.higher activity in value terms can help identify the counters with the highest trading turnover during the day.
Most active stocks in terms of volume
Vodafone Idea (traded shares: 4.02 crore), Yes Bank (traded shares: 2.03 crore), SpiceJet (traded shares: 1.33 crore), Ola Electric (traded shares: 71.29 lakh), Ujjivan SFB (traded shares: 48.38 lakh), Suggy 38 lakh shares and GAIL (traded shares: 42.51 lakh). It was one of the most actively traded stocks in terms of volume on BSE.
Stocks show interest in buying
Sonata Software, Titan Company, Kalyan Jewelers India, Thermax, Quick Heal Technologies, Paramount Communications and Suryoday Small Finance Bank were among the stocks that saw strong buying interest from market participants.
52-week high
On Friday, 219 stocks touched their 52-week highs while 23 stocks slipped to their 52-week lows. Akutas Chemicals, Adani Ports, Angel One, Bajaj Auto, Bharat Forge, CG Power and Finolex Cables touched their 52-week highs.
Selling pressure is seen in stocks
Largecaps include SBI, Britannia Industries and Coal India. Other stocks like Urban Company, Rosell Taxis, Dalmia Bharat, CCL Products, Globus Spirits, Indoco Remedies and Shakti Pumps saw significant selling pressure.
The sentiment meter favors the bears
Sensex settled lower led by SBI, HDFC Bank and ICICI Bank as market breadth was negative. Of the 4,406 stocks traded on BSE on Friday, May 8, 2,020 stocks advanced, 2,217 declined, while 169 stocks 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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