Analysts advise investors to avoid panic sell-off and adopt a disciplined, long-term perspective and exercise patience over the next several weeks, as current price levels may offer a strategic entry point for the medium to long term.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty continues to decline as rising crude oil prices have sent shockwaves among Indian investors. The index has remained below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI continues to remain in a bearish crossover, confirming weak momentum.
“The immediate crucial support is placed at 24,200–24,000. On the higher side, resistance is seen at 24,700. In the short term, the trend suggests a sell-on-rise strategy,” he said
US Markets
Wall Street stocks mostly rose early Wednesday, shaking off the prior session’s losses as worries about oil prices moderated and a US employment report beat expectations and on a report that Iranian operatives sought talks with the U.S. to end the conflict.
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European Markets
European shares ticked up on Wednesday as investors took a breather after a global equities rout that pushed the benchmark index to more than one-month lows, amid concerns about a widened and prolonged conflict in the Middle East.
The pan-European STOXX 600 was up 0.6% at 607.62 points by 0810 GMT. The index has shed nearly 5% since hitting a record high on Friday.
Tech View
Immediate support is placed around 24,300–24,200, and a decisive breakdown below this region could accelerate the decline toward the 24,000 psychological level. On the upside, 24,600 acts as the immediate resistance, followed by a stronger supply zone near 24,900–25,000, which must be reclaimed on a closing basis to restore positive sentiment.
Most active stocks in terms of turnover
Tejas Networks (Rs 602 crore), RIL (Rs 433), Bharti Airtel (Rs 386 crore), HDFC Bank (Rs 345 crore), L&T (Rs 292 crore), ICICI Bank (Rs 271 crore) and Infosys (Rs 197 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: 47,97,91,170), Sagility (Traded shares: 19,54,11,000), Ola Electric (Traded shares: 17,12,94,984), Filatex Fashions (Traded shares: 16,08,60,847), Tejas Networks (Traded shares: 11,96,44,546), YES Bank (Traded shares: 10,89,73,379) and Remedium Lifecare (Traded shares: 9,40,49,595) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Balrampur Chini, Chennai Petroleum, Poly Medicure, Sagility India, Gujarat Gas, Zen Tech and eClerx Services were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Among the ones which hit their 52 week highs included Seshachal Tech, Cybele Ind, IB Infotech, Sanmitra Comm, Lipi Systems, Citurgia Biochem and Indsoya.
Stocks seeing selling pressure
Among the names which witnessed significant selling pressure were Petronet LNG, Mahanagar Gas, Force Motors, Aegis Vopak, JK Tyre, Tata Steel and Netweb Technologies
Sentiment meter favours bears
Out of the 4,433 stocks that traded on the BSE on March 4, Wednesday, 1025 stocks witnessed advances, 3,295 saw declines while 113 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)