The NSE Nifty 50 fell 0.28% to end at 23,501, while the S&P BSE Sensex lost 0.35% to finish at 77,210, but managed to eke out gains for the week.
Here’s how analysts the market pulse:
“Nifty has been hovering within the 23,300 to 23,600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23,600 might take the index towards 24,000 in the short term, whereas failure to hold above 23,300 might trigger panic in the market. Below 23,300, the Nifty might fall towards 22750 in the short term,” said Rupak De of LKP Securities.
Hrishikesh Yedve, Asit C. Mehta Investment Intermediates, said, “Technically, on a daily basis, the index has formed a bearish candle. Moreover, the index wiped out all the weekly gains and settled the week on a flat note, indicating distribution at higher levels. As long as the index holds 23,330 levels, bullish momentum will continue, on the higher side, 23,700 and 23,800 will act as short term hurdles.”
That said, here’s a look at what some key indicators are suggesting for Monday’s action:
US market
US stocks finished mixed on Friday, as Nvidia continued to slip as traders moved to consolidate gains from a recent rally in tech stocks.
The Dow Jones Industrial Average finished less than 0.1 percent higher at 39,170.36.
European shares
European shares closed lower on Friday, pressured by falls in technology and bank stocks, while Danish brewer Carlsberg Group was the day’s worst performer after British soft drinks maker Britvic rejected its revised takeover proposal.
The Europe-wide STOXX 600 ended 0.7% lower, with the technology sub-index losing around 1.3% and euro zone banks sliding 1.7%.
Tech View
Nifty’s struggle to hold above the day’s opening range indicates that the bullish sentiments have gone sore on the Summer Solstice Day, analyst Rahul Ghose, CEO of Hedgedin said. The increased CALL writing of the open interest (OI) at 23,600 and above levels, further indicates the resistance for the June monthly expiry around these levels, he said adding that the PCR opened at 1.16 and dropped to 0.88 levels. This indicates a range bound trade for the remaining June series, he added.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Kirloskar Oil Engines, KSB, Jindal Steel & Power, Lux Industries, GM Breweries, and Ircon International 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 Supreme Industries, Bajaj Auto, Mahindra & Mahindra, HG Infra Engineering, TVS Motor, CAMS, and Symphony among others. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.
Most active stocks in value terms
ICICI Bank (Rs 8,023 crore), Bharti Airtel (Rs 6,208 crore), RIL (Rs 4,533 crore), HDFC Bank (Rs 4,281 crore), Adani Ports (Rs 3,845 crore), Axis Bank (Rs 3,603 crore), and Kotak Mahindra Bank (Rs 3,373 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 highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Shares traded: 175 crore), Suzlon Energy (Shares traded: 14 crore), YES Bank (Shares traded: 11 crore), IRFC (Shares traded: 9.6 crore), RVNL (Shares traded: 7.5 crore), SAIL (Shares traded: 6.9 crore), and ICICI Bank (Shares traded: 6.9 crore) among others were among the most traded stocks in the session on NSE.
Stocks showing buying interest
Shares of Titagarh Wagons, Raymond, Kalyan Jewellers, CE Info Systems, Suzlon Energy, Bayer Cropscience, and Zensar Tech among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
Stocks seeing selling pressure
Shares of Allcargo Logistics hit their 52-week lows, signaling bearish sentiment on the counters.
Sentiment meter favours bears
Overall, market breadth favoured bears as 2,157 stocks ended in the red, while 1,729 names settled in the green.
(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