Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the index continued to deviate further away from the 200DMA as the selling intensified. The RSI has entered the oversold zone and the broader trend remains weak, leading to further fall while keeping the RSI in a deep oversold zone. “In the short term, the trend might continue to remain weak, with any rise being sold into. On the lower end, the index might fall towards 23,000/22,800, while on the higher end resistance is placed at 23,400,” De said.
US markets
Frontline indices on Wall Street ended with cuts/gains on Friday. The Dow Jones slumped over XX points or XX% to end the day at XXX. The Nasdaq Composite fell XXX points or XX% to settle at XXXX. Meanwhile, the S&P 500 Index also ended in the red down, XX%.
European Markets
Major European indices ended in the green on Friday. UK’s FTSE 100, Spain’s IBEX 35, French CAC 40, Germany’s Dax and Stoxx 600 settled between XX% and XX%.
Tech View
Ajit Mishra, Senior Vice President, Research at Religare Broking said Nifty has failed to defend its recent support levels despite being in an oversold zone, largely due to intense pressure in rate-sensitive sectors. “Among the key sectors, the performance of the banking index will be crucial to monitor as it has tested its important support near the neckline of its previous consolidation zone around the 53,500 level. It will be important to see whether it manages to hold this level going forward,” he said.
Given the prevailing uncertainty and heightened volatility, the recovery towards the 23,500–23,800 zone is likely to face stiff resistance, he warned. He advised participants to maintain a cautious stance, keep position sizes light and focus on strict risk management while adopting a selective trading approach.
Most active stocks in terms of turnover
Larsen & Toubro (L&T, Rs 455), Zydus (Rs 255 crore), Adani Total Gas (ATGL, Rs 234 crore), Mahindra & Mahindra (M&M, Rs 221 crore), Reliance Industries (RIL, Rs 189 crore), Max Healthcare Institute (Rs 116 crore) and HDFC Bank (Rs 98 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
SpiceJet (Traded shares: 2.37 crore), NTPC Green (Traded shares: 96.62 lakh), YES Bank (Traded shares: 87.42 lakh), IFCI (Traded shares: 87.16 lakh), Altius Telecom Infrastructure (Traded shares: 84 lakh), Suzlon Energy (Traded shares: 75.30 lakh) and Steel Authority of India (SAIL, Traded shares: 61.07 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
IFCI, L&T Technology Services (LTTS), Acme Solar Holdings, ICDS, Sumit Woods, Centrum Capital and DCM Financial Services were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 55 stocks hit their 52 week highs while 563 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aayush Art And Bullion, ABB India, Ajanta Pharma, Coal India, Great Eastern Shipping Company, NTPC and Torrent Pharmaceuticals.
Stocks seeing selling pressure
Among the large cap names were Mahindra & Mahindra (M&M), Eicher Motors and Maruti Suzuki. Other stocks which witnessed significant selling pressure were National Aluminium, Hindustan Copper, Bharat Forge, ATGL, Hindustan Petroleum Corporation (HPCL), Precision Wires India and Super Spinning Mills.
Sentiment meter favours bears
Heavyweights like L&T, HDFC Bank and State Bank of India (SBI) dragged the markets with breadth staying negative in the overall markets. Out of the 4,421 stocks that traded on the BSE on March 13, Friday, 858 stocks witnessed advances, 3,439 saw declines while 124 stocks remained unchanged.
(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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