Here’s how analysts read the market beat:
Siddhartha Khemka, Head – Retail Research,
, said: “Positive global cues and FIIs turning net buyers in the last two days have given strength to Indian equities. Nifty opened the gap and remained positive throughout the session. However, there was slight pressure towards the last hour of the trade with Nifty breaking out of 17,400 zone”.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said: “The Nifty short-term uptrend remains intact, and there is a possibility of minor consolidation in the next 1-2 sessions around the crux of 17400-17500 levels before a decisive performance. upside down that resistance. Immediate support is placed at 17220” levels.
That said, here’s a look at what some key indicators suggest for Friday’s action:
Wall Street is falling
Wall Street’s main indexes fell on Thursday on concerns about continued inflation and an aggressive rate hike cycle by the Federal Reserve, while Tesla shares fell on concerns about financing Elon Musk’s proposed buyout on Twitter.
Before falling, markets took brief comfort from data showing a rise in weekly jobless claims as hopes rose that the Fed would succeed in its rapid rate hikes. At 10:24 a.m. ET, the Dow Jones Industrial Average was down 210.92 points, or 0.70%, at 30,062.95, the S&P 500 was down 27.30 points, or 0.72%, at 3,755.98, and the Nasdaq Composite was down .741 points, or 0.74%. . %, on 11,073.83.
European stocks close lower
European stocks closed lower on Thursday after a choppy trading session. The pan-European Stoxx 600 ended the session down 0.5%.
Tech View: Negative candle on the daily chart
“A small negative candle was formed on the daily chart with an upper shadow. Technically, this pattern indicates a breather formation post-a sharp upside bounce from recent lower supports of 16800 levels. Currently the market is facing resistance around 17450-17500 levels as per the concept of reversal of polarity,” said Shetti.
Stocks that show a bullish bias
Moving Average Convergence Divergence (MACD) momentum indicator showed bullish trading setup on Zomato accounts,
HCC, SAIL and Housing.
The MACD is known for signaling 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 signaling weakness ahead
The MACD showed bearish signals on the HUL counters,
A bearish crossover of the MACD on these counters indicated that they have just begun their downward journey.
The most active stocks in terms of value
Zee Entertainment (Rs 70.79 crore),
(Rs 63 crore), TCS (Rs 58 crore), (Rs 55 crore) and Infosys (Rs 53 crore) are among the most active stocks on NSE in terms of value. Higher activity on a counter in terms of value can help identify the counters with the highest trading turnovers of the day.
The most active stocks in terms of volume
(Shares traded: 3.9 crore), (Shares traded: 3.4 crore), (Shares traded: 1.86 crore) and (Shares traded: 1.67 crore) are among the most traded stocks in the session on NSE.
Stocks showing buying interest
Long Garden Reach Builders’ Shares,
, and IDFC First Bank among others saw strong buying interest from market participants as they scaled their fresh 52-week highs, signaling anticipation of bullish sentiment.
Stocks looking at selling pressure
No stock saw strong selling pressure and hit their 52-week low, indicating bearish sentiment on the counters.
Sentiment meter is in favor of bulls
Overall, the breadth of the market favored the winners as 2,299 stocks ended in the green, while 1,159 settled for cuts.
(Disclaimer: The suggestions, recommendations, views and opinions are those of the experts themselves. These do not represent the views of Economic Times)