Domestic markets were shut on Thursday on account of Ram Navami.
Here’s how analysts read the market pulse:
“The home market is being impelled to stay non-sticky in both directions by the continuous instability in the international market. The domestic market’s favourable ending was supported by a significant upswing in both the US and European markets. This volatility is expected to continue until the global banking system fully recovers from the turmoil, along with a confirmation of the Fed’s decision to pause rate hikes,” Vinod Nair, Head of Research at Geojit Financial Services, said.
That said, here’s a look at what some key indicators are suggesting for Friday’s action
US market:
U.S. stock index futures rose on Thursday as easing fears of a banking crisis shifted the focus back to key consumer spending data due later in the week that could shape expectations for the Federal Reserve’s future policy path. At 5:03 a.m. ET, Dow e-minis were up 145 points, or 0.44%, S&P 500 e-minis were up 15.75 points, or 0.39%, and Nasdaq 100 e-minis were up 32.5 points, or 0.25%.
European shares:
European stocks hit a two-week high on Thursday, as a surprise profit by Swedish retail giant H&M and fading concerns about stress in the banking sector sparked a rally on Wall Street overnight. The pan-European STOXX 600 index rose 0.6% by 0708 GMT, hitting it strongest level since March 13, after major U.S. stock indexes rallied on Wednesday. Tech View: Long bull candle
A long bull candle was formed on the daily chart which indicates an emergence of buying interest from the lows. This pattern indicates a possibility of Nifty revisiting the key overhead resistance of around 17200-17250 levels in the short term.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Bank of Baroda, Bank of India, Quess Corp, SJVN and IndusInd Bank among others.
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 signs on the counters of Aegis Logistics, TD Power, Colgate Palmolive and RM Drip and Sprinkle.
Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.
Most active stocks in value terms
HDFC Bank (Rs 3164 crore), ICICI Bank (Rs 2981 crore), RIL (Rs 1934 crore), Adani Enterprises (Rs 1580 crore), and Axis Bank (Rs 1431 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 highest trading turnovers in the day.
Most active stocks in volume terms
Suzlon Energy (Shares traded: 13.17 crore), Yes Bank (Shares traded: 11.19crore), Vodafone Idea (Shares traded: 9.51 crore), PNB (Shares traded: 4.92 crore) and Zomato (Shares traded: 4.15 crore) were among the most traded stocks in the session on NSE.
Stocks showing buying interest
Shares of NCC, Gujarat Pipavav, Bosch, Ultratech Cement, Cadila Healthcare and Godrej Consumer among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
Stocks seeing selling pressure
Shares of SIS, Sheela Foam, Hatsun Agro, Alembic Pharma and Laxmi Organic Industries among others hit their 52-week lows, signaling bearish sentiment on the counters.
Sentiment meter favours bulls
Overall, market breadth favoured bears as 2109 stocks ended in the green, while 1414 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)
