This is how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty has erased the gains of the previous three sessions in just one session and the index has now fallen below the 50DMA and the 21EMA in one go.
“The 200DMA is now close and looks vulnerable. Continued selling on Friday or Monday could lead to a breakdown below the 200DMA, which could reactivate the bearish trend. On the downside, support is at 25,330/25,000, while on the upside, resistance is seen at 25,650,” he added.
American markets
Wall Street’s major indexes fell on Thursday, following a three-day winning streak for the S&P 500, as heavyweight technology stocks fell, while Walmart shares rose following the retail giant’s fourth-quarter results.
The retailer’s new CEO, John Furner, began his term with a conservative 2027 budget forecast and a $30 billion buyback plan. The company’s shares rose 2.4%.
Other mega-cap and growth stocks, including Apple, Nvidia and Meta Platforms, traded lower after rising in the previous session.
European markets
Major European indices were trading deep at around 12:54 GMT (6:39 PM India time), with Britain’s FTSE 100, Spain’s IBEX, Stoxx 600, France’s CAC 40 and Germany’s DAX down as much as 0.85%.
Technical view
Nilesh Jain, vice president – head of technical and derivatives research at Centrum Finverse, said a sharp decline in the indices was due to increased volatility. The Nifty fell below its key short-term moving averages and formed a bearish engulfing candlestick, indicating a potential bearish reversal, he added.
“The immediate resistance is at the 100-DMA near 25,700 levels. On the downside, the crucial support of the 200-DMA is positioned at 25,310, and a decisive break below could open a further downside towards 25,100 levels. Meanwhile, the India VIX rose sharply by 12% to around 13.60, and any further increase in volatility could be a cause for concern,” Jain said.
Most active stocks in terms of turnover
Newgen Software Technologies (Rs 438 crore), Godfrey Phillips (Rs 273 crore), ESAB India (Rs 227 crore), Netweb Technologies (Rs 199 crore), Oil India (Rs 191 crore), Larsen & Toubro (L&T, Rs 185 crore) and ICICI Prudential Life (Rs 174 crore) were among the most active stocks on BSE in terms of value. 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
Vodafone Idea (shares traded: Rs 2.90 crore), SpiceJet (shares traded: Rs 1.5 crore), EaseMyTrip (Easy Trip Planners, shares traded: Rs 1.07 crore), Newgen Software (shares traded: Rs 72.65 crore), Ola Electric (shares traded: Rs 65.53 crore), Suzlon Energy (shares traded: Rs 48.47 lakh) and YES Bank (shares traded: Rs 48.47 lakh) shares: 42.40 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Newgen Software Technologies, Netweb Technologies, Tata Investment Corporation, KN Agri Resources, VL E-Governance & IT Solutions and Shankara Buildpro were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 110 stocks hit their 52-week highs, while 144 stocks fell to their 52-week lows. Those that hit 52-week highs included Aditya Birla Sun Life AMC, Acceleratebs India, Aeroflex Industries, Amagi Media Labs, Bank of India, Bharat Forge and Indus Towers.
Stocks see selling pressure
Among the large cap names were Indigo (InterGlobe Aviation), Trent and UltraTech Cements. Other stocks that witnessed significant selling pressure were Persistent Systems, Delphi World Money, Akash Infra Projects, Hilton Metal Forging, Shoppers Stop and GE Power India.
Sentiment meter favors bears
The action of heavyweights like Reliance Industries (RIL), HDFC Bank and ICICI Bank helped the markets the most as breadth in broader markets remained positive. Of the 4,367 stocks traded on the BSE on Thursday, February 19, 1,209 stocks witnessed progress, 3,011 saw a decline while 147 stocks 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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