This is how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said Nifty retreated and fell back below the 50DMA due to lack of buying interest at higher levels after a gap-up start. The index is roughly within the band of the 21EMA (25641) and the 50DMA (25737), he said.
“India VIX remained high while the index remained above 200DMA. The daily RSI remained indecisive despite a positive crossover. In the near term, the index may remain sideways unless it moves above 25,750 or falls below 25,600,” he added.
American markets
European markets
Also read: AI fears for SIP investors: Will a prolonged slump in IT stocks impact mutual fund returns?
Technical view
Nilesh Jain, vice president – head of technical and derivative research at Centrum Finverse, said Nifty faced strong resistance near the 50-DMA at 25,740 today, resulting in the formation of a small bullish candle with long upper and lower shadows, indicating indecision at higher levels.
“A decisive move above 25,800 is crucial to establish short covering, which could push the index towards 26,000. On the other hand, immediate support is given to the 21-DMA near 25,570. As the monthly F&O expiry in February approaches, we expect increased volatility in the index. Meanwhile, the India VIX volatility gauge has fallen to 14.10; however, a sustained move below 13 is necessary for bulls to rise. regain firm control,” Jain said.
Most active stocks in terms of turnover
HDFC Bank (Rs 258 crore), IDFC First Bank (Rs 238 crore), Kotak Mahindra Bank (Rs 147 crore), Hindustan Aeronautics (HAL, Rs 137), Netweb Technologies (Rs 125 crore), State Bank of India (SBI, Rs 112 crore) and Aurobindo Pharma (Rs 111 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
IDFC First Bank (shares traded: Rs 3.44 crore), Vodafone Idea (shares traded: Rs 2.93 crore), Ola Electric (shares traded: Rs 1.24 crore), SpiceJet (shares traded: Rs 1.01 crore), YES Bank (shares traded: Rs 51.95 lakh), EaseMyTrip (Easy Trip Planners, shares traded: Rs 45.86 crore) and Suzlon Energy (shares traded: 41.62 crore) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
Adani Ports, HDFC Bank, Morepen Laboratories, Blue Jet Healthcare, Aegis Vopak Terminals, Tourism Finance Corporation of India (TFCI) and Jindal Poly Films were among the stocks that witnessed strong buying interest from market participants.
Also read: Internet stocks fall to 28% by 2026, but Paytm, Groww and another five earn broker support in Q3
52 Week High
A total of 124 stocks hit their 52-week highs on Monday, while 238 stocks fell to their 52-week lows on Monday. Among those that hit their 52-week highs were AB Infrabuild, Acceleratebs India, Astral, Bank of Baroda (BoB), Bharat Forge, Cummins India
Stocks see selling pressure
The large-cap names included Hindalco Industries, Wipro and Infosys. Other stocks that witnessed significant selling pressure were IDFC First Bank, UPL, AU Small Finance Bank, Hindustan Aeronautics Limited (HAL), Godfrey Phillips India, 63 moons technologies, E2E Networks and M&B Engineering.
Also read: Sebi Chairman Tuhin Kanta Pandey proposes revision of PMS regulations
Sentiment meter favors bears
While the action in heavyweights like HDFC Bank, Kotak Mahindra Bank and Bharti Airtel helped the markets the most, the breadth remained negative in broader markets. Of the 4,497 stocks traded on the BSE on February 23, 1,932 stocks showed gains, 2,381 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)
#Ahead #Market #Determine #Stock #Market #Action #Tuesday