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

Indian stocks ended in the green on Friday, lifted by buying in heavyweights Bharti Airtel, Reliance Industries and pharma stocks, with the Nifty index closing nearly 1% higher for the week.

The benchmark S&P BSE Sensex rose 759.05 points, or 0.96%, to settle at 79,802.79, while the broader Nifty 50 index gained 216.95 points, or 0.91%, to close at 24,131.10.

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

Commenting on the day’s action, Mira Asset Sharekhan analyst Jatin Gedia said the Nifty opened on a flat note and saw a recovery after a steep decline in the previous trading session to close with a gain of ~217 points.

“On the daily chart we can observe that the Nifty did not follow the selling pressure from the previous trading session and in fact regained most of the lost ground. Both daily and hourly momentum indicators are now synchronized. Thus, both the price and momentum indicators point to a continuation of the upward movement towards 24,400. 23800 is a crucial support zone on the downside,” Gedia said.

US markets

Stocks on Wall Street hit record closing highs in the short-lived Black Friday session, buoyed by technology stocks such as Nvidia, while retail focused on the start of the holiday shopping season.

The S&P 500 rose 0.56% to 6,032.44 points on Friday, while the Dow Jones Industrial Average rose 0.42% to 44,910.65 points. The Nasdaq rose 0.83% to 19,218.17 points.

European markets

Europe’s STOXX 600 ended the week on a higher note, boosted by gains in tech stocks, while investors analyzed a euro zone inflation report to gauge the likelihood of a big interest rate cut in December.

The main pan-European stock index reversed earlier losses and was up 0.6% at 510.25 points on Friday, logging its first monthly gain since August. It rose 1% in November. On a weekly basis, it registered a modest 0.2% decline.

Tech View

Asit C. The Nifty started flat, saw significant buying demand, and ended the day on a high note around the 24,131 level, said Hrishikesh Yedve, analyst at Mehta Investment Intermediates, adding that volatility index India Vicks cooled by 5.12% to 14.43%. Shows a reduction in market volatility.

“Technically, on the daily chart, the Nifty has regained the support of the 21-day exponential moving average (DEMA) and formed a green candle, indicating strength. On the upside, the index will find immediate barriers near the 24,350-24,360 level. The 21-DEMA is placed near 24,080, which will act as immediate support for the index after 23,570, where the 200-day exponential moving average (DEMA) support is placed. As long as the index remains below 24,360, traders should focus on booking profits on the bounce and wait for a fresh breakout,” Yedve said.

Most active stocks in terms of turnover

Adani Green Energy (Rs 279.72 crore), Adani Enterprises (Rs 206.70 crore), Adani Energy Solutions (Rs 198.75 crore), Adani Power (Rs 151.91), Welspun Corp (Rs 124.10 crore), Reliance Industries Limited ( 6 crore and 6 crore) HDFC Bank (Rs. 84.92 crores)

It was one of the most active stocks on the 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

Vodafone Idea (traded share: 50.70 crore), Easy Trip Planners (traded share: 17.01 crore), Yes Bank (traded share: 12.34 crore), Zomato (traded share: 7.34 crore), JP Power (traded share: 7.02 crore), Suzlon Energy (traded share: 5.48 crore), and Zee Entertainment Enterprises (shares traded: 4.67 crore) were among the most actively traded stocks on the NSE in terms of volume.

Stocks show interest in buying

Shares of Adani Green Energy, Adani Energy Solutions, The Fertilizers & Chemicals Travancore, Easy Trip Planners, Piramal Pharma, Lloyds Metals & Energy and Sun Pharma Advanced Research witnessed strong buying interest from market participants.

52-week high

Over 190 stocks touched their 52-week highs today while 24 stocks slipped to their 52-week lows. Among those touching their 52-week high were Lloyds Metals & Energy, Caplin Point Laboratories, Praj Industries, Laurus Labs, Dixon Technologies (India), Eclerx Services and KFIN Technologies.

Selling pressure is seen in stocks

Large cap names include Colgate-Palmolive. Other stocks that saw significant selling pressure included CreditAccess Rural, Poonawalla Fincorp, Triveni Turbine, Home First Finance, Godfrey Phillips, Bombay Burma Trading.

The sentiment meter favors the bulls

Market sentiment was bullish. Out of 4,050 stocks traded on BSE on Friday, 1,642 stocks declined, 2,317 stocks gained while 91 stocks remained unchanged.

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