Meanwhile, the volatility gauge India VIX ended at 24.64, down by 0.40% from the last closing.
The domestic stock markets were closed on Thursday due to Shri Ram Navami holiday.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty witnessed another day of meaningful recovery as the Middle East conflict eased. On the higher end, it found initial resistance at the previous congestion zone. The RSI on the daily chart is in a bullish crossover with a positive divergence, he said.
“In the short term, the trend may remain positive as long as it stays above 23,000, where immediate crucial support is placed. On the higher end, a decisive move above 23,500 may trigger the next leg of the rally, which could extend towards 24,000/24,500. However, failure to reclaim 23,500 might attract the bears again in the market,” De added.
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US markets
Wall Street’s main indexes dropped on Thursday following gains in the previous session, as investors remained cautious about developments in the Middle East while weighing the prospects for de-escalation in the conflict.
U.S. President Donald Trump said Iran was desperate to make a deal to end the fighting and urged Tehran to “get serious” about a deal. Iran’s Tasnim News Agency said Tehran had officially responded to the United States’ 15-point proposal, citing sources with knowledge. Iran had denied any negotiations with the U.S. in public.
Contradictory signals from both sides left markets on edge, as hopes for a breakthrough to restore shipping through the crucial Strait of Hormuz remained uncertain.
European Markets
Major European indices traded with significant declines around 1:51 p.m. GMT. UK’s FTSE 100, Germany’s Dax, Stoxx 600, Spain’s IBEX 35 and French CAC 40, were trading down between 0.54% and 1% around this time.
Tech View
Commenting on the current trends, Bajaj Broking said the index formed a bullish candle with a higher high and a higher low signaling extension of the pullback for the second session in a row after recent sharp decline. Volatility is expected to remain elevated in the near term due to uncertain global cues, firm crude oil prices, and ongoing geopolitical tensions, the brokerage said.
“The index is likely to consolidate in the range of 22,450–23,850 in the coming sessions. Going ahead, a move above Wednesday’s high of 23,465 could extend the pullback towards 23,800 levels. However, for a meaningful pause in the ongoing downtrend, the index needs to form a sustained higher high–higher low structure and close above last week’s high of 23,862,” he added.
Most active stocks in terms of turnover
Lodha Developers (Rs 599 crore), Gujarat Alkalies and Chemicals (Rs 342 crore), HDFC Bank (Rs 319 crore), Larsen & Toubro (L&T, Rs 253), Reliance Industries (RIL, Rs 251 crore), Bharti Airtel (Rs 244 crore) and ICICI Bank (Rs 235 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: 3.76 crore), Vodafone Idea (Traded shares: 3.43 crore), Reliance Power (Traded shares: 1.35 crore), YES Bank (Traded shares: 92.56 lakh), Lodha (Traded shares: 80.95 lakh), Ola Electric (Traded shares: 74.32 lakh) and JP Power (Traded shares: 71.37 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
RPSG Ventures, Sammaan Capital, L&T, Manappuram Finance, HDFC Bank, Fino Payments Bank and Astec LifeSciences were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 67 stocks hit their 52 week highs while 245 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Acutaas Chemicals, Aeroflex Industries, Apt Packaging, Aditya Infotech, Ecoboard Industries, Global Infratech & Finance and Prime Focus.
Stocks seeing selling pressure
Among the large cap names were Tech Mahindra, Power Grid Corporation and Tata Consultancy Services (TCS). Other stocks which witnessed significant selling pressure were Global Surfaces, AksharChem India, Dynemic Products, Art Nirman, Balkrishna Paper Mills, IG Petrochemicals and Jindal Poly Films.
Sentiment meter favours bulls
Heavyweights like HDFC Bank, Larsen & Toubro (L&T) and State Bank of India (SBI) pushed the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,472 stocks that traded on the BSE on March 25, Wednesday, 2,902 stocks witnessed advances, 1,415 saw declines while 155 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)