This is how analysts read the market pulse:Indian markets remained steady after a volatile session that saw both the Nifty and Sensex briefly touch record highs before posting gains, said Vinod Nair, head of research at Geojit Investments, adding that retailers emerged as the top investors throughout the year.
“However, overall market performance fell short of expectations, prompting a shift towards de-risking towards year-end. Market participants are now closely watching tomorrow’s GDP print along with key events such as the US-India deal and the RBI policy meeting. These factors will play a crucial role in determining the direction for equities in the near term,” Nair said.
Also read | 5 Wall Street Moguls Who Dismissed Bitcoin as a Fad – Guess What They’re Saying Now!
American markets
US markets were closed for Thanksgiving, a national holiday in the country.European markets
European markets traded modestly higher, with the STOXX 600 index up 0.1%, reflecting the firmer tone in Asian stock markets as gains in defense and technology companies offset losses in healthcare stocks.
With a Fed rate cut next month largely seen as a virtual certainty against the backdrop of a positive earnings season, the most likely direction for stocks will be upwards, analysts said.
Technical view
The Nifty remained sideways after a positive start and ended the day almost unchanged. On that day, the index registered a new all-time high after 14 months, but the breakout remained subdued and the index moved sideways thereafter, said Rupak De, Senior Technical Analyst at LKP Securities. He added that the short-term trend remains positive, however, with the index trading comfortably above all major moving averages.
“The RSI is in a bullish crossover and the upper high-higher low structure appears intact, confirming a bullish chart pattern. On the downside, support is at 26,000; until this level is breached, the index may move towards 26,440/26,580. A buy-on-dips approach would be a better strategy as some consolidation is expected in the near term after the recent sharp rise,” De said.
Also read | Warren Buffett’s Biggest Investment Isn’t Apple, BofA or Coca-Cola – It’s a Stock Hidden in Plain Sight
Most active stocks in terms of turnover
Gujarat Mineral Development (Rs 2,771 crore), HDFC Bank (Rs 2,582 crore), ICICI Bank (Rs 2,105 crore), RIL (Rs 1,532 crore), Ashok Leyland (Rs 1,420 crore), Bajaj Finance (Rs 1,251 crore) and Infosys (Rs 1,181 crore) were among the most active stocks by value 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
Vodafone Idea (shares traded: Rs. 61.99 crore), JP Power (shares traded: Rs. 9.12 crore), Ashok Leyland (shares traded: Rs. 9.02 crore), YES Bank (shares traded: Rs. 6.55 crore), Reliance Power (shares traded: Rs. 6.54 crore), Gujarat Mineral Development (shares traded: Rs. 4.93 crore) and Samvardhana Motherson International (shares traded: Rs. 4.2 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Ashok Leyland, Saregama India, Reliance Infrastructure, Gujarat Mineral Development, Tejas Networks, Escorts Kubota and Tata Teleservices were among the stocks that witnessed strong buying interest from market participants.
Also read | Tata Motors Commercial Vehicles shifts into top gear on debut after demerger. Here are 7 takeaways from the list
52 Week High
More than 122 stocks hit their 52-week highs today, while 144 stocks fell to their 52-week lows. Among those that hit 52-week highs were Ashok Leyland, Tata Motors CV and RIL.
Stocks see selling pressure
Stocks that witnessed significant selling pressure included Whirlpool India, Advent Hotels International, Natco Pharma, Bajaj Holdings, Radico Khaitan, Kaynes Technology and Motilal Oswal.
Sentiment meter neutral
Market sentiment was neutral. Of the 4,327 shares traded on the BSE on Thursday, 2,159 shares saw a decline, 1,989 rose, while 179 shares remained unchanged.
Also read | Ola Electric vs Ather Energy shares: Which EV bet looks best for your portfolio right now?
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
#Ahead #Market #Determine #Stock #Market #Action #Friday