Meanwhile, the volatility gauge India VIX ended at 13.70, up 4.89% from the last close.
This is how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the index has fallen sharply after remaining below the key short-term moving average for three consecutive sessions. The index has also fallen below the 200-day moving average (DMA), indicating that the prevailing weakness could continue for some time. “The RSI indicator has turned sharply bearish. In the short term, the index may still face selling pressure, with rallies likely to be sold off. Immediate support is placed at 25,000 and 24,750, while resistance is seen at 25,370,” De said.
American markets
Wall Street’s frontline indexes ended lower on Friday. The Dow Jones Industrial Average fell 521.28 points, or 1%, to close at 48,977.90. The Nasdaq Composite fell 210 points, or 1%, to 22,668.20. Meanwhile, the S&P 500 also finished in the red, albeit with a relatively milder loss of 0.43
European markets
European markets also reflected a cautious tone. The Spanish IBEX 35 and the French CAC 40 fell by as much as 0.73%. Germany’s DAX finished largely flat, while the pan-European Stoxx 600 rose 0.6% and Britain’s FTSE 100 rose 0.1%.
Technical view
Nilesh Jain, vice-president and head of technical and derivatives research at Centrum Finverse, said the Nifty has fallen below its crucial 200-day moving average (DMA) of 25,350, which is now expected to act as an immediate resistance zone. The index continues to form lower highs and lower lows on the daily chart, indicating a weakening trend, he noted.
“Momentum indicators remain cautious, with the MACD signaling a selling crossover and the RSI gradually trending lower. Meanwhile, the India VIX is up 5% at around 13.50, and any further spike in volatility could increase downside risks. Key psychological support is now seen at the 25,000 level. The broader technical structure signals continued weakness, with pullbacks likely to meet selling pressure,” Jain added.
Most active stocks in terms of turnover
Tejas Networks (Rs 551 crore), Redington (Rs 275), Cholamandalam Financial Holdings (Rs 262 crore), Netweb Technologies (Rs 240 crore), HDFC Bank (Rs 214 crore), State Bank of India (Rs 213 crore) and Bharti Airtel (Rs 182 crore) were among the most active stocks by value on BSE. Higher activity in a counter in terms of value can help identify the counters with the highest trading turnover per day.
Most active stocks by volume
SpiceJet (Shares traded: Rs 7.17 crore), Vishal Mega Mart (Shares traded: Rs 1.34 crore), Tejas Networks (Shares traded: Rs 1.32 crore), Redington (Shares traded: Rs 99.63 lakh), Ola Electric (Shares traded: Rs 63.35 lakh), Suzlon Energy (Shares traded: Rs 62.71 lakh) and Steel Authority of India (SAIL, Shares traded: 53.35 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Xtglobal Infotech, Tejas Networks, shares of Sarda Energy & Minerals, VL E-Governance & IT Solutions, Avadh Sugar & Energy, Foseco India and Foseco India were among the stocks that witnessed strong buying interest from market participants.
52 Week High
On the market breadth front, 100 stocks hit their 52-week high, while 340 stocks hit their 52-week low.
Among those that hit new highs in the past 52 weeks were Aeroflex Industries, Bank of India, Bharat Forge, Cummins India, Data Patterns (India), Eicher Motors and Federal Bank.
Stocks are experiencing selling pressure
The largecap names included Adani Enterprises, Maruti Suzuki and Bharti Airtel. Other stocks that witnessed significant selling pressure were Fusion Finance, Vishal Mega Mart, Home First Finance, Angel One, RM Drip and Sprinklers Systems, Mahalaxmi Fabric Mills and Apex Frozen Foods.
Sentiment meter favors bears
Heavyweights like ICICI Bank, HDFC Bank and Bharti Airtel dragged the markets and remained negative in the markets as a whole. Of the 4,369 shares trading on the BSE on Friday, February 27, 1,574 shares witnessed progress, 2,633 declined while 162 shares remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)
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