Meanwhile, the volatility gauge India VIX ended at 19.70, down by 20.23% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remained strong following a gap-up start on the back of a temporary ceasefire in the Middle East conflict.“On the hourly chart, the index reclaimed the 200SMA on Wednesday after closing above the 50SMA in the previous session. The sentiment going forward may remain positive, with the Nifty potentially moving towards 24,265, which is a crucial resistance level where the index may once again face selling pressure,” De said.
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Any fallout from the US–Iran truce talks could trigger panic among investors, potentially pushing the Nifty towards lower levels, De warns, suggesting investors remain vigilant as risks may return if the situation takes an adverse turn.
US markets
Wall Street’s main indexes climbed to near one-month highs on Wednesday after the U.S. and Iran agreed to a two-week ceasefire, sending crude prices lower on expectations that energy supplies through the Strait of Hormuz could resume.
The announcement came hours before U.S. President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz, the waterway that carries about one-fifth of global oil trade.A senior Iranian official told Reuters that the passage could be opened on Thursday or Friday ahead of peace talks if the countries agreed upon a framework for the ceasefire.
European Markets
Major European indices also responded emphatically to the ceasefire, trading with strong gains today around 2:28 p.m. BST (7:13 IST). UK’s FTSE 100, Germany’s Dax, Stoxx 600, Spain’s IBEX 35 and French CAC 40 were trading with gains between 3.10% and 5%, around this time.
Tech View
Decoding Nifty charts, Bajaj Broking said the index formed a fourth consecutive bullish candle with a higher high, a higher low and a bullish gap below its base between 23,153-23,828, signaling a continuation of the pullback for the fourth session in a row. The index in the process closed above the 20-day EMA and also above its immediate previous high of 23,465 highlighting strength and pause in the recent downtrend.
“Going ahead sustaining above the 20 days EMA and the Wednesday bullish gap area will keep bias positive and extend the current up move towards 24,300 and 24,700 levels in the coming sessions. Short-term support is revised higher towards 22,700–22,500 zone being the current week low and 61.8% retracement of the last four sessions pullback,” the brokerage said.
Most active stocks in terms of turnover
ITC Hotels (Rs 502 crore), Gallantt Ispat (Rs 321 crore), HDFC Bank (Indigo, Rs 263), Reliance Industries (RIL, Rs 261 crore), Infosys (Rs 194 crore), 360 One Wam (Rs 181 crore) and Tata Motors Commercial Vehicles (Rs 166 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 the highest trading turnovers for the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 4.95 crore), ITC Hotels (Traded shares: 3.31 crore), JTL India (Traded shares: 2.08 crore), Easy Trip Planners (Traded shares: 1.63 crore), Ola Electric (Traded shares: 1.20 crore), JP Power (Traded shares: 1.17 crore) and YES Bank (Traded shares: 1.14 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Adani Green Energy, Tata Motors (Commercial Vehicles), HDFC Bank, InterGlobe Aviation, Ola Electric, Life Insurance Corporation (LIC) and Sharda Cropchem were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 99 stocks hit their 52 week highs while 28 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, ABB India, Adani Energy Solutions, Anand Rathi Wealth, Dc Infotech and Communication, Granules India, Onix Solar Energy and Powerica.
Stocks seeing selling pressure
Among the large cap names were Coal India, Tech Mahindra and Nestle India. Other stocks which witnessed significant selling pressure were Oil India, Amir Chand Jagdish Kumar (Exports), Raj Television Network, Confidence Petroleum India, Krebs Biochemicals and Industries, Hindustan Oil Exploration Company and Ganesha Ecosphere.
Sentiment meter favours bulls
Heavyweights like HDFC Bank, ICICI Bank and Larsen & Toubro (L&T) aided the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,497 stocks that traded on the BSE on April 8, Wednesday, 3,832 stocks witnessed advances, 575 saw declines while 90 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)