The volatility gauge, India VIX, ended at 11.73, down 1.53% from the previous close.
Analysts’ opinions
Nilesh Jain, vice president – head of technical and derivative research at Centrum Finverse, said the Nifty opened with a gap down and fell below the key 21, 50 and 100 day moving averages at 25,480, 25,770 and 25,690 respectively.
The index is looking to fill last week’s downside gap and the crucial support at the 200-DMA near 25,300 is likely to be tested in the near term, Jain added.
“India VIX had earlier risen sharply to around 13, and any further rise in volatility could be a cause for concern. Overall, the market structure appears sideways to weak, and pullback rallies are likely to face selling pressure as long as the Nifty remains below 25,800,” he said.
European markets
Most major European indices were trading broadly positive around 2:07 PM GMT (7:52 PM IST). Germany’s DAX was higher, while France’s CAC 40, Stoxx 600 and Britain’s FTSE 100 were also trading in the green. However, the Spanish IBEX was marginally lower.
Technical view
Rupak De, senior technical analyst at LKP Securities, said the India VIX has moved back above its 200-DMA, indicating increasing caution among market participants.From a technical perspective, the setup has become relatively cautious, with the index dipping below the 20-DMA for the first time in recent sessions. He added that the Nifty has broken the 38.2% Fibonacci retracement of the previous upward move from 24,571 to 26,341.
“With the index closing below the key support level at 25,500, the short-term bias appears weak, with potential for a decline towards 25,000 in the near term. On the upside, immediate resistance is seen around 25,800,” he said.
Most active stocks (value)
Bajaj Finance (Rs 591 crore), Infosys (Rs 377 crore), HDFC Bank (Rs 375 crore), Larsen & Toubro (Rs 222 crore), TCS (Rs 211 crore), HCL Technologies (Rs 194 crore) and Reliance Industries (Rs 144 crore) were among the most active stocks on the BSE in value terms.
Most active stocks (volume)
SpiceJet (4.86 crore shares), Vodafone Idea (3.59 crore shares), YES Bank (78.48 lakh shares), Suzlon Energy (66.30 lakh shares), Bajaj Finance (58.42 lakh shares), Eternal (44.23 lakh shares) and Ola Electric (43.51 lakh shares) were among the most actively traded stocks in terms of volume on the BSE
Stocks that show buying interest
Bajaj Finance, Lenskart Solutions, Engineers India (EIL), GE Power India, Universus Photo Imagings, Repro India, Laxmi Cotspin and Anmol India witnessed notable buying interest.
52 weeks high/low
In total, 83 stocks hit their 52-week highs, while 193 stocks fell to their 52-week lows. Stocks that hit new highs included Apex, Avanti Feeds, Bharat Forge, Eicher Motors, Jamna Auto Industries, Lenskart and Sharda Cropchem.
Stocks see selling pressure
Among the large-cap names, HDFC Bank, Reliance Industries and ICICI Bank experienced significant selling pressure. Other laggards included SpiceJet, Hindustan Unilever, Hindalco Industries, Eternal, Adani Enterprises, Crown Lifters, Muthoot Finance and ONGC.
Market breadth
Heavyweights like HDFC Bank, Reliance Industries, ICICI Bank and Hindustan Unilever weighed on the indices. Market breadth remained negative. Of the 4,364 stocks trading on the BSE, 1,253 advanced, 2,960 declined and 151 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 #Key #Factors #Drive #Markets #Monday