Meanwhile, the volatility gauge India VIX ended at 18.67, down by 8.93% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty found support at the 20-EMA on the daily chart, closing above the 50-EMA for the first time since February 23, indicating improving market sentiment, supported by softening crude oil prices.
“The RSI is in a bullish crossover and continues to rise, signaling strengthening momentum. However, the index has encountered resistance near the 50% retracement level of the previous decline from 26,341 to 22,182. Going forward, the 24,250–24,300 zone is likely to act as a crucial resistance band. A decisive move above this range could trigger a rally towards 24,750–24,800. On the other hand, failure to break above 24,300 convincingly may lead to renewed selling pressure in the market,” De said.
US markets
The benchmark S&P 500 and the tech-heavy Nasdaq edged higher on Wednesday, as attention turned to a fresh batch of corporate earnings, while investors took stock of the latest developments in the Middle East.
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Equities have found support this week on hopes that Washington and Tehran could return to the negotiating table to end the war, which has caused widespread disruption in global oil markets, reignited inflation concerns and muddied the interest-rate outlook.
The resilience suggests that war-weary investors are ready to rotate into risk assets at the slightest indication of a de-escalation in the conflict.European MarketsMost major European indices traded in the red today at 3:07 p.m. BST (7.52 pm India time). UK’s FTSE 100, Stoxx 600, Spain’s IBEX 35 and French CAC 40 ended lower between 0.13% and 62%. Germany’s Dax was the only outlier, gaining 0.18% around this time.
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Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said after the formation of a series of lower tops and bottoms on the daily chart in last month, Nifty seems to have formed a new higher bottom on Monday at 23,555 levels. This market action indicates significant reversal of trend on the upside, he opined, adding the huge opening upside gap of April 8 remains partially filled after five sessions of its formation.
“This is a positive indication. The underlying short-term trend of Nifty continues to be positive. On the way up further, Nifty could find overhead hurdles around 24,500 and 24,800 levels in the near term. However, immediate support is placed at 24,000-23,900 levels,” Shetti said.
Most active stocks in terms of turnover
Adani Ports (Rs 210 crore), Gallantt Ispat (Rs 161 crore), ICICI Bank (Rs 139 crore), Tata Consultancy Services (Rs 116 crore), HDFC Bank (Rs 116 crore), Billionbrains Garage Ventures (Groww, Rs 231 crore) and Larsen & Toubro (L&T, Rs 111 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: 3.13 crore), JP Power (Traded shares: 2.24 crore), Ola Electric (Traded shares: 1.21 crore), Suzlon Energy (Traded shares: 1.04 crore), SpiceJet (Traded shares: 85.53 lakh), , GMR Airports (Traded shares: 70.66 lakh), and YES Bank (Traded shares: 61.81 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
InterGlobe Aviation, ETternal, RailTel Corporation, MTAR Technologies, Multi Commodity Exchange (MCX), Life Insurance Corporation of India (LIC) and Oracle Financial Services Software (OFSS) were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 162 stocks hit their 52 week highs while 35 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included ABB India, Adani Energy Solutions, Anand Rathi Wealth, Bajaj Consumer Care, Belrise Industries, Groww and Granules India.
Stocks seeing selling pressure
Among the large cap names were Dr Reddy’s Laboratories and Bharti Airtel and ICICI Bank. Other stocks which witnessed significant selling pressure were ICICI Prudential Life, Indus Towers, Twamev Construction and Infrastructure, Shree Rama Multi-Tech, Atlas Cycles (Haryana), JHS Svendgaard Retail Ventures and Ather Energy.
Sentiment meter favours bulls
Heavyweights like HDFC Bank, Reliance Industries (RIL) and Larsen & Toubro (L&T) aided the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,513 stocks that traded on the BSE on April 15, Wednesday, 3,547 stocks witnessed advances, 836 saw declines while 130 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)