This is how analysts read the market pulse:
The market has maintained its positive momentum and is hovering around the key psychological level of 26,000 as investors anticipate a strong catalyst for further upside, said Vinod Nair, head of research at Geojit Investments, adding that a potential trade deal remains a crucial trigger that participants are closely watching. “Currently, the risk-reward ratio is broadly favorable, supported by stronger-than-expected second-quarter earnings from midcaps, which have boosted confidence in the growth revival and point to possible future earnings improvements,” Nair said.
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American markets
Wall Street’s major indexes struggled for direction on Monday, ahead of a busy week that included AI giant Nvidia’s earnings and the resumption of government data releases, while Alphabet rose after Berkshire Hathaway announced a stake in the company. Google parent Alphabet gained 5.6% after Berkshire Hathaway unveiled a new $4.3 billion stake in the company and further reduced its stake in Apple. Apple shares fell 0.9%.Nvidia’s results, due Wednesday after markets close, will test the sustainability of a stunning rally this year in AI-related stocks, with some investors worried about rising valuations and signs of a bubble. The chipmaker’s shares fell 1%.
Jefferies Tech Sector Specialist Jeff Favuzza notes that the options market implies a 6% move in either direction for Nvidia after the earnings report.
European markets
European shares fell slightly on Monday as investors avoided big bets ahead of a highly anticipated US jobs report that could provide clarity on the health of the world’s largest economy.
The pan-European STOXX 600 has fluctuated between marginal gains and losses and was last down 0.17% at 573.95 points.
Technical view
The Nifty has risen on the daily time frame after a few days of consolidation, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the index has held above the 21EMA, which is a crucial short-term moving average.
“The RSI is in a bullish crossover on the daily chart. Furthermore, the formation of a higher bottom signals a bullish market. The trend is likely to remain strong in the short term, with the potential to move towards 26,200/26,350. On the downside, support is at 25,800,” said De.
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Most active stocks in terms of turnover
Narayana Hruday (Rs 2,578 crore), HDFC Bank (Rs 1,828 crore), Bharti Airtel (Rs 1,268 crore), Tata Motors PV (Rs 1,208 crore), Infosys (Rs 1,188 crore), Glenmark Pharma (Rs 1,155 crore) and BSE (Rs 1,074 crore) were among the most active stocks by value from 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 91.18 crore), YES Bank (shares traded: Rs 15.68 crore), Sagility India (shares traded: Rs 9.85 crore), IRB Infrastructure Developers (shares traded: Rs 9.79 crore), Canara Bank (shares traded: Rs 4.46 crore), Suzlon Energy (shares traded: Rs 3.60 crore) and Reliance Power (shares traded: Rs 3.60 crore) 3.56 crore) were among the most actively traded stocks on NSE by volume.
Stocks that show buying interest
Shares of Narayana Hruday, MRPL, Jubilant Ingrevia, HUDCO, Just Dial, Alembic Pharma and India Cements were among the stocks that witnessed strong buying interest from market participants.
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52 Week High
More than 177 stocks hit their 52-week highs today, while 191 stocks fell to their 52-week lows. Asian Paints and SBI were among those that hit 52-week highs.
Stocks see selling pressure
Stocks that experienced significant selling pressure included Tata Motors PV,
UltraTech Cement, Asian Paints, Tata Steel, Adani Ports SEZ, ITC and TCS.
Sentiment gauge bearish
Market sentiment was bearish. Of the 4,497 shares traded on the BSE on Monday, 2,211 shares saw a decline, 2,082 rose, while 204 shares remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
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