NEW DELHI: Tracking weak global cues, Indian equity markets remained under pressure on the first trading day of the new quarter. Nifty ended the session lower by more than 200 points, while Sensex ended with a cut of over 600 points at 56,788. Meanwhile, the broader markets declined, with the Nifty Midcap 100 losing more than 1%.

Here’s how analysts read the market beat:

Sameet Chavan, Principal Analyst-Technical and Derivatives, Angel One, said after Friday’s impressive session, market participants certainly did not expect this weakness; but all over the world, there is no end to these disasters. “As far as the levels are concerned, 16,800 – 16,750 is considered as immediate support, and if there is no unrest around the world, we may see our markets protecting this sacrosanct zone. On the flip side, 17,000 – 17,100 – 17,200 is seen as a cluster of obstacles”, he said.

Siddhartha Khemka, Head – Retail Research,

, said despite pressure from global peers, Indian markets managed to open on a balanced note. However, after struggling in the first half, heavy selling caused the markets to fall sharply in the latter half of the day.

That said, here’s a look at what some key indicators mean for Tuesday’s action:

Wall Street jumps over 1%

US stock indexes rose on Monday after sharp declines last week although losses in Tesla Inc capped gains on the Nasdaq after the world’s most valuable electric vehicle maker missed quarterly delivery targets.

At 10:04 a.m. ET, the Dow Jones Industrial Average was up 445.72 points, or 1.55%, at 29,171.23, the S&P 500 was up 54.78 points, or 1.53%, at 3,640.40, and the Nasdaq was up 1,273 points, or 1.5%. 10,702.95.

European stocks close higher
European shares gained on Monday, with a positive start to the final quarter of this year, as gloomy economic activity data helped ease some jitters about the pace of tightening monetary policy by central banks to end runaway inflation.

The region-wide STOXX 600 index reversed earlier session losses to close up 0.7%, as data showed that manufacturing activity across the eurozone fell further in September, hurt by a cost-of-living crisis growing and rising energy bills.

Technical View: Bearish Harami Candle
Nifty formed a bearish Harami candle on the daily charts as it closed below its 200-day moving average (DMA). For Nifty traders, analysts suggested, 17,050 would be a key resistance level.

Stocks that show a bullish bias
Moving Average Convergence Divergence (MACD) momentum indicator showed a bullish trade setup on Mother Samvardhana accounts,

Mazagon Dock and .

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 HCC counters,

Silly monks, and .

A bearish crossover of the MACD on these counters indicated that they had just begun their downward journey.

The most active stocks in terms of value

(Rs 2,455 crore), RIL (Rs 931 crore), RIL (Rs 1,303 crore), Adani Ports (Rs 1,040 crore), (Rs 1015 crore), and (Rs 968 crore) are among the most active stocks on NSE terms . 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: 20.7 crore), Vodafone Idea (Shares traded: 19.01 crore), ONGC (Shares traded: 5.09 crore), Yes Bank (Shares traded: 4.8 crore), PNB (Shares traded: 4.7 crore) and Zomato (Shares traded: 4.8 crore) : 4.45 crore) were among the most traded stocks of the session on NSE.

Stocks showing buying interest
Shares of

Triveni Turbine, Mazagon Dock, and Ritual saw strong buying interest from market participants as they scaled their fresh 52-week highs, signaling the bullish sentiment.

Stocks looking at selling pressure
Shares of

Oracle, Birlasoft, Sona BLW and were among those who saw strong selling pressure and hit their 52-week lows, indicating bearish sentiment on the counters.

The bear’s mood meter is best
Overall, market breadth favored the buyers as 2,194 stocks finished in the red, while 1,356 names advanced.

(Disclaimer: The suggestions, recommendations, views and opinions are those of the experts themselves. These do not represent the views of Economic Times)

Source link