This is how analysts read the market pulse:
Commenting on the market trends, Hitesh Tailor, research analyst at Choice Equity Broking, said the opening of the index, followed by a sideways move, was a sign of early hesitation and lack of strong directional conviction among participants. The RSI is still in an uptrend at 54.61, but still below the strong bullish zone, he noted. However, the index recovered in the second half of the session to close at almost 25,776 points, indicating buying interest at lower levels and underlying resilience. Tailor sees immediate resistance in the 25,900–25,950 zone, with support between 25,600–25,650.
American markets
The S&P 500 struggled to provide direction while the Dow edged higher Wednesday as strong results from Eli Lilly and Super Micro Computer provided some support to the market struggling with a sell-off in software and cloud.
The software and services index, home to several leading cloud and software companies, fell for the sixth consecutive year, down more than 13% over the period, its biggest loss since March 2020.
The losses reflect ongoing concerns about how rapid advances in artificial intelligence could upend long-standing software business models.
European markets
European markets were a sea of ​​red at around 2.30pm GMT (8.15pm India), with the UK’s FTSE 100 rising 1.58%, while the Stoxx 600, France’s CAC 40 and Spain’s IBEX rose as much as 1.44% around this time. Meanwhile, the German DAX fell 0.33%.
Technical view
Ajit Mishra, Senior Vice President, Research at Religare Broking said that after the recent sharp swings, some consolidation would be healthy as long as the Nifty continues to hold the 25,400-25,500 zone. On the upside, the index could try to make a move towards the 26,000 level followed by a gradual rise to record highs, he added. He suggests that participants should tailor their positions accordingly, with an emphasis on stock selection and disciplined trade management.
Most active stocks in terms of turnover
GMR Airports (Rs 554 crore), PB Fintech (Policybazaar, Rs 424 crore), Hindustan Copper (Rs 304 crore), TCS (Rs 291 crore), Infosys (TMCV, Rs 208 crore), HAL (Rs 195 crore) and Dixon Technologies (Rs 144 crore) were among the most active stocks on BSE in value terms. 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
GMR Airports (shares traded: Rs 5.73 crore), Vodafone Idea (shares traded: Rs 4.37 crore), GTL Infra (shares traded: Rs 4.31 lakh), RPower (shares traded: Rs 3.53 crore), Bharat Coking Coal (shares traded: Rs 92.73 lakh), Adani Power (shares traded: Rs 92.10 lakh), and Suzlon Energy (shares traded: 72.99 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Gokaldas Exports, Emami, Eternal, Valor Estate, Trent, ONGC, NTPC and Adani Ports were among the stocks that witnessed strong buying interest from market participants.
52 Week High
More than 89 stocks hit their 52-week highs today, while 90 stocks fell to their 52-week lows. Adani Ports, AIA Engineering, Accretion Nutraveda, Apex Frozen Foods, APL Apollo Tubes, Ashok Leyland, Jindal Steel and JK Tire & Industries were among those that hit 52-week highs.
Stocks see selling pressure
Among the large cap names were Infosys, TCS, HCL Technologies and Tech Mahindra Corporation. Other stocks that witnessed significant selling pressure were HAL, eClerx Services, Biofil Chemicals & Pharmaceuticals, JTL Industries, Cartrade Tech, Eureka Forbes and Sai Life Sciences. Sentiment meter favors bulls
Actions in heavyweights like ICICI Bank, RIL and Eternal helped the markets and helped them close in the green. Breadth remained positive in broader markets. Of the 4,366 shares traded on the BSE on February 4, 2,667 shares witnessed progress, 1,535 declined while 164 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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