Ahead of the market: 10 things that will determine D-Street action on Tuesday
The blue-chip NSE Nifty50 index was trading 0.12 per cent higher at 22,405.60 after adding as much as 0.28 per cent to a new record of 22,441. The BSE Sensex rose 0.09% to 73,872.
Both benchmarks hit record highs for the third time in a row after India’s economy was shown to have grown at its fastest pace in six quarters in October-December.
Here’s how analysts read the market pulse.
“Nifty was trading in a tight range of 80 points throughout the day. However, in the 30-minute period, Nifty was seen rejecting lower levels. The Put-Call Ratio (PCR) was 1.26, indicating a bullish bias. Index. Options According to the chain, 22,500 is expected to provide some resistance and once that level is breached, it could march towards 22,720. On the downside, support is expected in the 22,250-22,300 range,” said Sheersham Gupta of Rupeezy. .
Tejas Shah, technical researcher at JM Financial & BlinkX, said, “For the second day in a row, Nifty closed above the important resistance level of 22,250-300. This is a positive sign. Support for Nifty is currently at 22,250-300 and 22,125-150. levels. On the higher side, Nifty’s immediate resistance area is 22,450-500 levels and the next resistance area is 22,700 mark. Overall, any decline should be utilized as a buying opportunity.”
That said, let’s take a look at some key indicators that suggest action on Tuesday.
american market
Wall Street’s major indexes fell on Monday after the S&P 500 and Nasdaq hit record highs in the previous session. Investors paused at the start of a week filled with key jobs data and Federal Reserve Chairman Jerome Powell’s congressional testimony. Nasdaq launched in March. The artificial intelligence-powered technology rally continues to gain attention on Wall Street, hitting an intraday high on Friday and closing at a record high on the second day.
The S&P 500 is also continuing its record gains, and BofA Global Research raised its year-end target for the benchmark index to 5,400 from 5,000, 5% above current levels.
At 9:40 a.m. ET, the Dow Jones Industrial Average fell 151.11 points (0.39%) to 38,936.27, the S&P 500 fell 7.97 points (0.16%) to 5,129.11, and the Nasdaq Composite Index fell 25.21 points (0.15%). It has fallen. %, 16,249.73.
european stocks
European stocks started the week on a subdued note, with strength in technology stocks partially offsetting losses in other sectors, with investors remaining cautious ahead of the European Central Bank’s (ECB) monetary policy meeting later this week. I did.
The pan-European STOXX 600 index was up 0.1% by 9:22 GMT, hitting another record high and just a few points above the 500 level. Meanwhile, the German benchmark DAX rose 0.1% but has notched a record high for the seventh straight day.
The top-performing technology index tracked a global rally in AI stocks, up 1.1%, while the healthcare sector rose 0.7%, offsetting weakness in rate-sensitive stocks.
Tech View: Indecisive Doji Candle
Nifty closed 27 points above the 22,400 level, forming an indecisive Doji candle on the daily chart.
A decline from here could be a buying opportunity towards support at the 22,225-22200 level. Nagaraj Shetti, senior technical research analyst at HDFC Securities, said the near-term upside target should be seen around 22,600-22,800 levels.
Stocks with a bullish bias
Momentum indicator moving average convergence divergence (MACD) showed bullish trading on counters including BHEL, KEI Industries, PNC Infratech, KNR Constructions, NTPC and GAIL.
MACD is known to indicate a trend reversal in a traded security or index. When the MACD crosses above the signal line, it sends a bullish signal, indicating that the price of the security may rise and vice versa.
Stocks predict weakness ahead
MACD saw bearish signals on the counters Granules India, Poly Medicure, SBI Card, Saregama India, Aether Industries and Schaeffler India. A bearish crossover appears on the MACD of this counter, indicating that the downtrend has just begun.
Most Active Stocks by Value
HDFC Bank (Rs 2,548 crore), RIL (Rs 1,505 crore), NTPC (Rs 1,347 crore), ICICI Bank (Rs 1,245 crore), Tata Steel (Rs 1,034 crore), SBI (Rs 756 crore) and Infosys (Rs 730 crore) crore) has been one of the most active stocks on the NSE in terms of value. The higher activity of a counter in terms of value can help identify which counters have the highest turnover for the day.
Most active stocks by trading volume
Tata Steel (traded shares: KRW 6.7 billion), NTPC (traded shares: KRW 3.8 billion), Power Grid (traded shares: KRW 2.3 billion), ONGC (traded shares: KRW 2.2 billion), HDFC Bank (traded shares: KRW 1.7 billion), Coal India (Shares traded: 1.2 crore) and ICICI Bank (Shares traded: 1.1 crore) were among the most traded stocks in the NSE session.
Stocks showing interest in buying
Stocks of NTPC, Power Grid, RIL, ICICI Bank, Adani Ports, Tata Motors and Tata Consumer touched fresh 52-week highs, showing strong buying interest from market participants, indicating bullish sentiment.
Stocks under selling pressure
The stock prices of KRBL and Orient Refractories hit 52-week lows, signaling a decline.
Sentiment Meter Favors Bears
Overall, market breadth favored strength with 2,565 stocks ending in the red and 1,388 stocks ending in the green.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
