This is how analysts read the market pulse:
Commenting on the day’s action, Rupak De, senior technical analyst at LKP Securities, said the Nifty held firm despite starting the day on a weak footing. In the absence of any selling pressure, the index rose to the day’s high after forming a hidden positive divergence on the hourly chart, resulting in a bullish engulfing candle on the daily time frame.
“If the Nifty remains above 25,600 till close, the uptrend may continue in the short term. On the higher side, it could move towards 25,800 and higher. However, a decline below 25,500 could reactivate bearishness in the market,” De said.
American markets
US markets were closed on Monday as February 16 is celebrated as President’s Day in the country.
European markets
The major European indices were trading broadly positive around 1:22 PM GMT (7:08 PM India), while Spain’s IBEX was up more than 1% at this time. Meanwhile, France’s CAC 40, Stoxx 600, Germany’s DAX and Britain’s FTSE 100 were up to 0.45%.
Technical view
Nilesh Jain, vice president – head of technical and derivatives research at Centrum Finverse, said the formation of a bullish engulfed candlestick pattern indicates a potential reversal. The index recovered sharply after testing the 25,400 zone and successfully stayed above the 21-DMA at 25,480 on a closing basis, but closed marginally below the 100-DMA at 25,690, which now acts as an immediate resistance, he said. “The broader structure remains positive and a further move towards 25,800 cannot be ruled out, while immediate support has shifted towards 25,500 level,” Jain said.
Most active stocks in terms of turnover
HDFC Bank (Rs 480 crore), Kotak Mahindra Bank (Rs 305 crore), SBI (Rs 247 crore), Eternal (Rs 217 crore), Natco Pharma (Rs 190 crore), HAL Technologies (Rs 150 crore) and Engineers India Limited (EIL, Rs 136 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
Vodafone Idea (shares traded: Rs 2.59 crore), SpiceJet (shares traded: Rs 1.57 crore), EaseMyTrip Bank (shares traded: Rs 1.38 crore), Ola Electric (shares traded: Rs 1.23 crore), Eternal (shares traded: Rs 75.66 lakh), Kotak Mahindra Bank (shares traded: Rs 72.69 lakh) and Ja Bank (shares traded: Rs 1.59 crore). 63.51 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Power Grid Corporation, EaseMyTrip, Engineers India, Bharat Seats, Rallis India, Asian Energy Services and Rallis India were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 106 stocks hit their 52-week highs, while 221 stocks fell to their 52-week lows. Astral, Aye Finance, Jamna Auto Industries, JB Chemicals & Pharmaceuticals, Larsen & Toubro (L&T), State Bank of India (SBI) and Shriram Finance were among those that hit 52-week highs.
Stocks see selling pressure
Among the large cap names were Tech Mahindra, Bajaj Finance and Maruti Suzuki. Other stocks that witnessed significant selling pressure were Ola Electric, Inox Wind, BSE, Billionbrains Garage Ventures (Groww), Brainbees Solutions (FirstCry), Shakti Pumps and TIL.
Sentiment meter favors bears
While the action in heavyweights like HDFC Bank, Reliance Industries (RIL) and Axis Bank helped the markets the most, the breadth remained negative in the broader markets. Of the 4,496 stocks traded on the BSE on February 16, 1,747 stocks advanced, 2,565 declined while 184 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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