Meanwhile, the volatility gauge India VIX ended at 24.70, down by 3.03% from the last closing.
Here’s how analysts read the market pulse:
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said the underlying trend of Nifty continues to be positive as the relief rally has strengthened further with Nifty registering decent gains over the past three sessions.
After opening on a weak note, the market slipped into further declines soon after the opening. Sharp recovery was seen from the lows and the upside momentum continued in the mid to later part of the session. A long bull candle was formed on the daily chart with lower shadow,” Shetty said.
Technically, this market action indicates an attempt of decisive breakout of a crucial hurdle around 23,000 levels, which he said is positive indication signalling formation of crucial bottom reversal pattern in Nifty at the recent low of 22,182.
US markets
Wall Street’s main indexes fell on Tuesday as investors parsed comments from the U.S. and Iran for any clues on what might come next in the Middle East conflict, before President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz.
A U.S. official told Reuters that the country had struck military targets on Iran’s Kharg Island, a hub of Iran’s oil exports, while Iran said it would no longer hold back from hitting infrastructure of its Gulf neighbors.
European Markets
Major European indices traded mixed today around 2:28 p.m. BST (7:13 IST). UK’s FTSE 100, Germany’s Dax and Stoxx 600 fell 0.34%, 0.28% and 0.28%, respectively while Spain’s IBEX 35 and French CAC 40 were trading with minor gains up to 0.10%, around this time.
Tech View
Rupak De, Senior Technical Analyst at LKP Securities said Nifty has given a consolidation breakout on the hourly chart following today’s rally. Additionally, it has moved above the critical moving average on the lower timeframe, confirming a positive near-term outlook, he said.”The Nifty recovered during the day after a gap-down opening. The near-term sentiment remains positive as the index has closed higher for three consecutive sessions. However, uncertainties arising from the Middle East conflict may continue to keep the Indian market volatile. On the higher end, resistance is placed at 23,200; a decisive move above this level may trigger the next bullish leg towards 23,500–23,800. On the downside, support is placed at 23,000,” De added.
Most active stocks in terms of turnover
V-Mart Retail (Rs 211 crore), HDFC Bank (Indigo, Rs 147), Titagarh Rail Systems (Rs 144 crore), RPSG Ventures (Rs 125 crore), Gallantt Ispat (Rs 122 crore), Max Healthcare Institute (Rs 117 crore) and Prestige Estates Projects (Rs 116 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
Vodafone Idea (Traded shares: 2.98 crore), SpiceJet (Traded shares: 89.61 lakh), Ola Electric (Traded shares: 82.47 lakh), Reliance Power (Traded shares: 1.44 crore), YES Bank (Traded shares: 57.80 lakh), Motherson Sumi Wiring India (Traded shares: 53.53 lakh) and JP Power (Traded shares: 46.77 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Likhitha Infrastructure, Alphageo (India), CreditAccess Grameen, Titagarh Rail, Gallantt Ispat, FirstCry, Wipro were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 70 stocks hit their 52 week highs while 45 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, Anand Rathi Wealth, Asian Hotels (West), Focus Business Solution, Gujarat Inject Kerala, Kartik Investments Trust and RPSG Ventures.
Stocks seeing selling pressure
Among the large cap names were Dr Reddy’s Laboratories, InterGlobe Aviation (Indigo) and Adani Enterprises. Other stocks which witnessed significant selling pressure were Jubilant Foodworks, Force Motors, Raj Television Network, Amir Chand Jagdish Kumar, Entero Healthcare Solutions, Pace Digitek and NK Industries.
Sentiment meter favours bulls
Heavyweights like Infosys, Bharti Airtel and ICICI Bank aided the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,381 stocks that traded on the BSE on April 7, Tuesday, 2,672 stocks witnessed advances, 1,571 saw declines while 138 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)