This is how analysts read the market pulse:
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty has broken above the resistance at 25,700, paving the way for further gains. “Sentiment looks positive as the index has reclaimed its 50-DMA. The RSI is in a bullish crossover and continues to rise. In the near term, the index may move towards higher levels, with initial resistance between 26,000 and 26,200. On the downside, support is at 25,650,” said De.
American markets
Wall Street indexes were mixed in choppy trading on Monday, following a tough week marked by an AI-induced technological rout, as investors focused on crucial economic data that could shed light on the Federal Reserve’s interest rate path.
Consumer durables were the leaders, with a decline of 1.3%. Technology rose 0.7%.
The S&P 500 and the Nasdaq recovered on Friday after three consecutive sessions of losses due to a sell-off in technology stocks, while the Dow Jones closed above 50,000 for the first time.
The next big test for AI stocks will be earnings from chip giant Nvidia later this month, with investors increasingly demanding measurable gains from capital expenditures. Nvidia rose 3%. Focus will also be on the January nonfarm payrolls report due Wednesday, which was delayed by a partial government shutdown, and the closely watched January Consumer Price Index on Friday.According to CME Group’s FedWatch tool, markets are currently pricing in the first rate cut of the year in June. This could happen when Kevin Warsh, US President Donald Trump’s nominee for Fed chairman, takes over.
European markets
Most major European indices were trading positive around 2.11pm GMT (7.56pm India), with the Stoxx 600, France’s CAC 40, Germany’s DAX and Spain’s IBEX down as much as 0.50%.
Britain’s FTSE 100 fell on Monday as investors focused on Britain’s looming political crisis, while banking shares came under pressure, with NatWest leading the decline after it agreed to buy asset manager Evelyn Partners.
The blue-chip FTSE 100 fell 0.13%, easing from last week’s record highs. The FTSE 250 midcap index was little changed.
British Prime Minister Keir Starmer’s chief of staff, Morgan McSweeney, resigned on Sunday, saying he took responsibility for advising Starmer to appoint Peter Mandelson as ambassador to the US despite his known ties to sex offender Jeffrey Epstein.
Technical view
Commenting on the current trends, Nilesh Jain, Head – Technical and Derivatives Equity Research Analyst at Centrum Broking, said that despite the nifty opening with a gap-up and closing above 25,800, the Doji candle formation indicates indecision among market participants. The index also regained its 50-DMA at around 25,795, which is likely to act as immediate support, Jain said.
“Momentum indicators remain supportive, with the MACD already signaling a buy crossover and the RSI remaining above the 50 level. The overall structure appears positive, with upside potential towards 26,000. A decisive break above this level could lead to short covering and lead the index towards 26,200,” he added.
Most active stocks in terms of turnover
Lloyds Engineering (Rs 529 crore), State Bank of India (SBI, Rs 277 crore), Kalyan Jewelers (Rs 240 crore), Hindustan Copper (Rs 229 crore), IFCI (Rs 172 crore), Shriram Finance (Rs 137 crore) and Shipping Corporation of India (Rs 108 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
Lloyds Engineering (Shares traded: Rs 10.65 crore) Vodafone Idea (Shares traded: Rs 6.80 crore), IFCI (Shares traded: Rs 2.63 lakh), SpiceJet (Shares traded: Rs 1.16 crore), Suzlon Energy (Shares traded: Rs 84.99 lakh), YES Bank (Shares traded: Rs 72.12 lakh) and RPower (Shares traded: Rs 60.33 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Shipping Corporation, SBI, Kalyan Jewellers, PCBL, BEML, Transformers & Rectifiers (TARIL) and BEML were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 148 stocks hit their 52-week highs, while 100 stocks fell to their 52-week lows. Among those that hit 52-week highs were 3M India, Adani Ports and Special Economic Zone (APSEZ), APL Apollo, Ashok Leyland, Force Motors, JSW Steel and MRPL.
Stocks see selling pressure
Among the large cap names were Max Healthcare Institute, NTPC and ITC. Other stocks that witnessed significant selling pressure were IDBI Bank, REC, PFC, Concord Biotech, Caplin Point and Sarda Energy.
Sentiment meter favors bulls
Although action in heavyweights like Trent, Max Healthcare Institute and Tata Steel attracted the markets the most. Breadth remained positive in broader markets. Of the 4,527 shares traded on the BSE on February 9, 3,062 shares witnessed progress, 1,308 declined while 157 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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