Here’s how analysts the market pulse:
“Looking ahead, there’s a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategize accordingly,” said Ajit Mishra – SVP, Research, Religare Broking.
“The undercurrent is positive, with no major risk visible for the domestic market in the short term. All eyes will be on the union budget proposals which will dictate the market in the medium term,” said Vinod Nair, Head of Research, Geojit Financial Services.
That said, here’s a look at what some key indicators are suggesting for Monday’s action:
US market:
U.S. stocks ended weaker on Friday after an early rally fizzled as investors digested in-line inflation data and weighed political uncertainty after the U.S. presidential debate. The Dow Jones Industrial Average fell 41.12 points, or 0.11%, to 39,122.94. The S&P 500 lost 22.57 points, or 0.41%, at 5,460.30 and the Nasdaq Composite dropped 126.08 points, or 0.71%, to 17,732.60.
European shares:
European shares gave up early gains to close lower on Friday as a drop in shares of beauty giant L’Oreal weighed, while the benchmark index clocked weekly, monthly and quarterly declines on French political uncertainties.
The pan-European STOXX 600 closed 0.2% lower, extending losses to the fourth straight session.
Tech View:
Having moved up sharply Nifty is currently facing hurdles at the resistance of 24,000-24,100 levels. Any dip from here is likely to be a buying opportunity. Immediate support is at 23,800 levels, said Nagaraj Shetti of HDFC Securities.
Stocks showing bullish bias:
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of CDSL, IGL, GE Shipping, Lupin, Aegis Logistics, and Tata Motors among others.
The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Stocks signaling weakness ahead:
The MACD showed bearish signs on the counters of EID Parry AU Small Finance Bank, Phoenix Mills, Safari Industries and Latent View Analytics, and India Energy Exchange, among others. A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.
Most active stocks in value terms:
Polycab India (Rs 5,928 crore), CDSL (Rs 4,945 crore), RIL (Rs 4,518 crore), Bharti Airtel (Rs 4,283 crore), Vodafone Idea (Rs 3,658 crore), Indus Towers (Rs 2,386 crore), and Mazagon Dock Ship (Rs 2,514 crore) among others were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms:
Vodafone Idea (Shares traded: 201 crore), YES Bank (Shares traded: 12.7 crore), PNB (Shares traded: 12.1 crore), HFCL (Shares traded: 7.6 crore), Indus Towers (Shares traded: 7.5 crore), SAIL (Shares traded: 7.2 crore), and India Cements (Shares traded: 5.8 crore) were among the most traded stocks in the session on NSE.
Stocks showing buying interest:
Shares of CDSL, Chola Fin Holdings, Bombay Burmah, Praj Industries, Mahanagar Gas, Kalyan Jewellers, and 360 One Wam witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
Stocks seeing selling pressure:
Shares of no companies hit their 52-week lows on Friday.
Sentiment meter favours bears:
Overall, market breadth favoured bulls as 2,133 stocks ended in the green, while 1,768 names settled in the red.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Content Source: economictimes.indiatimes.com