Ahead of Market: 10 things that will decide stock market action on Tuesday
Meanwhile, the volatility gauge India VIX ended at 26.73, mildly up by 17.17% from the last closing.
Here’s how analysts read the market pulse:
Commenting on the day’s trade, Vinay Rajani, Senior Technical Research Analyst at HDFC Securities, said the Nifty remains firmly in the bears’ grip, with every intraday recovery savagely sold off—particularly after breaching key support at 22,930. “The near-term floor now eyes 22,400, beyond which a breakdown could drag the index toward its 52-week low of 21,743; upside resistance has shifted lower to the 22,850-22,900 band,” he said.
US markets
Wall Street’s main indexes rose in broad gains on Monday after U.S. President Donald Trump said he had ordered the military to postpone strikes against Iranian power plants and energy infrastructure following “productive conversations” with Tehran.Iran’s Fars News Agency, however, disputed Trump’s statement, citing a source who said there had been no direct communication with the United States, nor via intermediaries. Israel’s military said it was conducting strikes on Iran.
European Markets
Unlike the Asian indices that ended Monday in deep red, major European indices traded with strong gains around 1:13 p.m. GMT. UK’s FTSE 100, Germany’s Dax, Stoxx 600, Spain’s IBEX 35 and French CAC 40 were trading with gains between 0.60% and 2.2% around this time.
Tech View
Decoding the Nifty chart, Bajaj Broking said the index has formed a sizable bearish candle with a lower high & lower low and a bearish gap above its head (23,067-22,851), signaling continuation of the downward bias for the fifth consecutive week. Index breached the support area of 22,700 and dragged lower and follow-through weakness will open further downside towards 22,200 and 21,800 levels in the coming sessions, this brokerage said, adding that the daily and weekly oscillators have approached oversold territory.
“Technically, the index continues to show a bearish bias in both the short and medium term, as it is forming a pattern of lower highs and lower lows. Market volatility is expected to remain elevated in the near term amid uncertain global cues, rising crude oil prices, and escalating geopolitical tensions,” the brokerage said. Index has immediate resistance at Monday’s gap down area of 23,067-22,851.
Most active stocks in terms of turnover
Adani Energy Solutions (Rs 584), Gujarat Alkalies and Chemicals (Rs 439 crore), HDFC Bank (Rs 301 crore), Reliance Industries (RIL, Rs 146 crore), Urban Company (Rs 132 crore), Larsen & Toubro (L&T, Rs 118 crore) and Anthem Biosciences (Rs 108 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 4.66 crore), SpiceJet (Traded shares: 4.46 crore), Urban Company (Traded shares: 65.37 lakh), YES Bank (Traded shares: 1.09 crore), JP Power (Traded shares: 1.08 crore), Suzlon Energy (Traded shares: 85.26 lakh) and Reliance Power (Traded shares: 77.83 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
HCL Technologies, Gujarat Alkalies and Chemicals, HandsOn Global Management, NOCIL, Mask Investments, Tiger Logistics and Dynemic Products were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 67 stocks hit their 52 week highs while 1,129 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, AMS Polymers, Avax Apparels and Ornaments, Fundviser Capital, Gautam Exim, Onix Solar Energy and VR Woodart.
Stocks seeing selling pressure
Among the large cap names were HDFC Bank, Titan and Shriram Finance. Other stocks which witnessed significant selling pressure were Hindustan Zinc, Vedanta, FirstCry, Innovision, Kriti Industries, Kanpur Plastipack and Brooks Laboratories.
Sentiment meter favours bulls
Heavyweights like HDFC Bank, ICICI Bank and Bharti Airtel dragged the markets the most, as the breadth stayed negative in the overall markets. Out of the 4,556 stocks that traded on the BSE on March 23, Monday, 581 stocks witnessed advances, 3,858 saw declines while 117 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
