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Market Analysis: Ahead of Market: 12 Things That Will Decide The Stock’s Action Monday




NEW DELHI: Nifty50 on Thursday formed a small bullish candle on the daily chart. The index also formed an indecisive Doji on the weekly scale, suggesting a pause in the ongoing trend. Analysts said the 17,450 level will act as immediate resistance for now.

Here’s how analysts read the pulse of the market:

Shrikant Chouhan of Kotak Securities said the index had formed a double top on intraday charts, indicating temporary weakness. “For the bulls, the 17,250 and 17,200 levels would be key support. Above the same level, the uptrend should continue to the 17,450-17,650 levels,” he said.

Mazhar Mohammad of said that Nifty50 could break above the 17,400 level if it stays above the 17,300 level. “If the index slips below the 17,250 level, weakness will resume with the original target of 17,000, “he said.

That said, here’s a look at what some of the key indicators suggest for Monday’s action:

US stocks end down

Wall Street finished sharply lower on Friday as investors weighed in for signs of higher inflation, while Apple Inc fell following an unfavorable court ruling over its app store. The Dow Jones Industrial Average lost 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% to 4,458.58. The Nasdaq Composite fell 0.87% to 15,115.49.

European equities end ECB week down

European stocks closed lower on Friday, down more than 1% this week, with investors assessing the risks of tightening monetary policies after the European Central Bank signaled a slowdown in bond purchases in the era of the pandemic. The pan-European STOXX 600 index fell 0.3% and fell for four of five sessions this week as concerns persist over a slowing global economic recovery.

Tech View: Nifty could revert to near-term averages

Nifty50 formed a small bullish candle on the daily scale and an indecisive doji on the weekly scale on Thursday, suggesting a pause in the current trend. Analysts said the possibility of the NSE barometer returning to its near-term moving averages is good. They see support for the index in the 17,250-200 range and expect the 17,450 level to pose immediate resistance. For now, the weekly charts look solid.

F&O: VIX drops below level 14

India VIX fell 3.24% from 14.41 to 13.94. India VIX needs to hold below level 13 to continue its bullish momentum. The options data suggested a wider trading range between 17,000 and 17,800 levels, while the immediate trading range was between 17,200 and 17,500 levels.

Stocks showing a bullish bias
The Moving Average Convergence Divergence (MACD) dynamic indicator showed a bullish trade pattern on the counters of Confidence Petroleum, Mahindra CIE Auto, Edelweiss Financial Services, Tata Steel BSL, Jagsonpal Pharma, GNA Axles, Jindal Stainless, Brooks Laboratories, Surya Roshni, Star Paper Mills, Dynamatic Techno, Ramco Industries, IIFL Wealth Management, IIFL Securities, Pitti Engineering, Solar Industries, Privi Specialty Chem, Cambridge Technology, Borosil, TTK Prestige, RSWM, Compuage Infocom, Vishnu Chemicals, Kakatiya Cement Suga, Seya Industries, Eimco Elecon and Time Guarantee.

The MACD is known to signal trend reversals in the securities or indices being traded. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may experience an upward movement and vice versa.

Stocks signal weakness ahead

The MACD showed bearish signs on the counters of SBI Life Insurance, Vedanta, HDFC Bank, Brightcom Group, Divi’s Lab, Nelco, Shalby, Banco Products, Vinyl Chemicals, Kothari Petrochem, Lasa Supergenerics, Deccan Cements, Sasken Technologies, AksharChem ( India), Rajdarshan Industries, Schaeffler India, Maharashtra Scooters and GRP. The bearish cross on the MACD on these counters indicated that they have just started their downward journey.

Most active stocks in terms of value

IRCTC (Rs 1866.25 crore), Bharti Airtel (Rs 1319.48 crore), SBI Life (Rs 1191.14 crore), Indian Energy Exchange (Rs 1126.95 crore), Tata Motors (Rs 1022.19 crore), RIL (Rs 1,002.80 crore), Tata Steel (Rs 765.64 crore), Kotak Bank (Rs 665.38 crore), HDFC Bank (Rs 646.80 crore) and Infosys (Rs 562.72 crore) were among the Dalal Street’s most active stocks in terms of value. Higher activity on a meter in terms of value can help identify meters with the highest turnover in the day.

Most active stocks in terms of volume

Vodafone Idea (Shares traded: 43.24 crore), Dish TV India (Shares traded: 9.89 crore), YES Bank (Shares traded: 8.93 crore), Trident (Shares traded: 8.46 crore), UCO Bank (Shares traded: 5.07 crore), Future Consumer (Shares traded: 4.95 crore), Ashok Leyland (Shares traded: 3.92 crore), Suzlon Energy (Shares traded: 3.72 crore), Tata Motors (Shares traded: 3.40 crore) and NALCO (Shares traded: 2.85 crore) were among the most traded stocks during the session.

Stocks showing buying interest

KPR Mill, Carborundum Universal, Saregama India, JSW Energy and Adani Power saw strong buying interest from market participants as they increased their new 52 week highs, signaling bullish sentiment.

Stocks see the pressure to sell

Glenmark Life Sciences and Nandani Creation saw strong selling pressure and hit their 52 week low, signaling bearish sentiment on these counters.

The sentiment counter favors bulls

Overall, the breadth of the market has remained in favor of bulls. No less than 273 shares of the BSE500 index settled the day in the green, while 222 settled the day in the red.

Podcast: Are we considering a buy in the dips market?

As the market is trading near new highs, how should investors trade now? Should investors try to buy every drop? Where is the Nifty going? What do the datasheets suggest?




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