Meanwhile, the volatility gauge India VIX ended at 25.52, up 2.03% from the previous close.
Domestic and global markets were closed on Friday on account of the Good Friday holiday.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty has moved above the 21 EMA on the hourly chart after a sharp rebound on Thursday, despite heightened volatility. The move suggests improving optimism.
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“The Nifty witnessed a highly volatile session after opening with a gap down. On the lower end, the index found support around 22,200, leading to a sharp recovery. On the hourly chart, a positive divergence is visible on the RSI, suggesting improving momentum in the near term. The index may move towards 23,300 in the near term. On the downside, support is placed at 22,500, below which it may slip into a consolidation phase,” De said.
US markets
US stocks ended slightly mixed on Thursday after paring deeper losses, as diplomatic signals from the Middle East helped calm markets rattled earlier by US President Donald Trump’s threats of tougher action against Iran ahead of a long holiday weekend.The three indexes had their biggest weekly rise in four months and the first week of gains in six.
Dow Jones Industrial Average fell 0.13% to 46,504.67 points, the S&P 500 gained 0.11% to 6,582.69 points and the Nasdaq Composite gained 0.18% to 21,879.18.
European markets
Europe’s main stock index trimmed losses on renewed hopes of a reopening of the crucial Strait of Hormuz, even as U.S. President Donald Trump’s promise to keep striking Iran kept sentiment in check.
The pan-European STOXX 600 index dipped 0.2% to 596.63 points on Thursday, after falling as much as 1.6% earlier in the session.
Volumes were also low as European markets headed into a long holiday weekend.
Tech view
Nilesh Jain, Vice President and Head of Technical and Derivative Research at Centrum Finverse, highlighted continued weakness in the market for the sixth straight week, with the Nifty below the 22,800 mark. Elevated volatility remains a concern and needs to ease for bulls to regain control, he said, adding that momentum indicators and oscillators are in oversold territory on both daily and weekly charts.
“On the weekly chart, the index formed a high-wave candle while continuing its pattern of lower highs and lower lows. However, a strong rebound was witnessed from the 22,180 level, which is likely to act as a key support going ahead. Although the broader structure remains weak, a sharp pullback towards the 23,200 zone cannot be ruled out. A decisive break above 23,500 would be required to negate the bearish setup and open the path towards 24,000 and higher levels,” Jain said.
Most active stocks (value)
Eternal (Rs 329 crore), Prestige Estates Projects (Rs 260 crore), Reliance Industries (Rs 138 crore), ICICI Bank (Rs 243 crore), Ganesha Ecosphere (Rs 221 crore), HDFC Bank (Rs 173 crore), and RPSG Ventures (Rs 163 crore) were among the most active stocks on the BSE in value terms.
Most active stocks (volume)
Vodafone Idea (4 crore shares), Ola Electric (2.27 crore shares), SpiceJet (1.5 crore shares), Eternal (1.44 crore shares), YES Bank (63.81 lakh shares), Suzlon (55.96 lakh shares), and Reliance Power (53.63 lakh shares) were among the most actively traded stocks in volume terms on the BSE.
Stocks showing buying interest
Latent View Analytics, Ola Electric, Tata Chemicals, HCL Technologies, Chembond Chemicals, VIP Clothing, and Intense Technologies witnessed strong buying interest.
52-week highs/lows
A total of 57 stocks hit their 52-week highs, while 157 stocks touched their 52-week lows. Stocks hitting fresh highs included Agribio Spirits, Aanchal Ispat, Apt Packaging, Indsoya, Kalind, Omnitech Engineering, and Onix Solar Energy
Stocks under selling pressure
Among large-cap names, Asian Paints, Eicher Motors, and Sun Pharmaceutical Industries saw selling pressure. Other laggards included Garden Reach Shipbuilders & Engineers (GRSE), Karnataka Bank, Acutaas Chemicals, AVG Logistics, Amir Chand Jagdish Kumar, United Breweries, and Karur Vysya Bank.
Sentiment meter favours bulls
Heavyweights such as HDFC Bank, HCL Technologies, and Infosys supported the market, while overall breadth remained positive. Of the 4,387 stocks traded on the BSE, 2,649 advanced, 1,589 declined, and 149 remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)