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Here’s how analysts read the market pulse:
Siddhartha Khemka, Head – Retail Research,
, said he would recommend traders to maintain a sell-on-rise strategy. “Going ahead, we expect the market to remain under pressure with increasing fears of economic slowdown. Given the hawkish commentaries from central banks and record-high inflation, the rate hike cycle is likely to continue over the next couple of months and would keep investors jittery,” he said.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said for day traders, 15,250 would be the sacrosanct support zone. “And if the index succeeds to trade above the same, then the pullback rally is likely to continue in the near future and could move up to 15,500-15,600 levels. On the flip side, below 15,250, the uptrend would be vulnerable and below the same, the index could slip till 15,180-15,100,” he said.
That said, here’s a look at what some key indicators are suggesting for Tuesday’s action:
Strong start to the week for European shares
European benchmarks were higher Monday after most Asian markets retreated, while the price of bitcoin hovered near $20,000. The pan-European STOXX 600 index has closed 0.88% up, with the FTSE 100 enjoying a 1.5% lift against a quiet backdrop with U.S. markets closed for the day.
But they are still 8.4% lower than two weeks ago. European travel stocks were the best performing on a sector basis today, 3.05% up followed by banks ending the day 3.3% higher.
Tech View: Indecisive candle
Nifty50 formed an indecisive candle on the daily chart. The advance-decline ratio for the broader market remained skewed in favour of the bears, but analysts said certain technical parameters on Nifty50 are hinting at recovery ahead.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed a bullish trade setup on the counters of
, , , and .
The MACD is known for signalling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Stocks signalling weakness ahead
The MACD showed bearish signs on the counters of Restaurant Brands Asia, Trent, MindTree,
, Thermax and . A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.
Most active stocks in value terms
(Rs 1,422 crore), HDFC (Rs 1,234 crore), Tata Steel (Rs 1,205 crore), HDFC Bank (Rs 1,046 crore), (Rs 803 crore), and (Rs 751 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
ONGC (Shares traded: 2.8 crore), Coal India (Shares traded: 2.3 crore), Hindalco (Shares traded: 2 crore), ITC (Shares traded: 1.7 crore),
(Shares traded: 1.7 crore) and NTPC (Shares traded: 1.6 crore) were among the most traded stocks in the session on NSE.
Stocks showing buying interest
Shares of
, and KPI Green Energy, among others, witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.
Stocks seeing selling pressure
Tata Steel, Hindalco,
, BPCL and Axis Bank witnessed strong selling pressure and hit their 52-week lows, signalling bearish sentiment on the counters.
Sentiment meter favours bears
Overall, market breadth favoured losers as 618 stocks ended in the green, while 2,812 names settled with cuts.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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