Meanwhile, the volatility gauge India VIX ended at 17.44, down by 3.37% from the last closing. –
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the Nifty rallied above the 50EMA but failed to sustain above it on a closing basis. However, it held above the support level of 24,150 on the daily timeframe, he said.
“The RSI is on the verge of re-entering a bullish crossover on the daily chart. The overall sentiment remains unclear, with the possibility of the trend turning in either direction. Additionally, the BSE monthly expiry could keep the market volatile. Level-wise, 24,150 and 23,900 are likely to act as support, while 24,350 and 24,550 may act as resistance,” De added.
US markets
Wall Street’s main indexes fell on Wednesday as investors treaded carefully ahead of several Big Tech earnings reports and a Federal Reserve meeting expected to be the last for Jerome Powell as its Chair.
Amazon, Meta Platforms, Microsoft and Google-parent Alphabet are set to report after the closing bell, when investors will gauge how their AI bets are paying off.
The results could shape investor confidence in one of the most resilient pockets of the financial markets, after sentiment was slightly dampened following a Wall Street Journal report that said OpenAI had missed its internal targets for weekly users and revenue, reviving fears about the AI spending spree of tech heavyweights.
European Markets
Most major European indices traded with strong declines mixed around 2:31 p.m. BST (7:18 pm India time). UK’s FTSE 100, French CAC, Germany’s Dax, Stoxx 600 and Spain’s IBEX 35 fell between 0.22% and 0.92%, respectively.
Tech View
Decoding the technical charts, Rajesh Bhosale, Technical Analyst at Angel One said today’s price action remained confined within two key short-term moving averages, the 20 DEMA on the lower side and the 50 DEMA acting as resistance on the higher side. “While the overall undertone remains positive, the 24,300 – 24,350 zone continues to act as an immediate hurdle. A decisive move above this band could push prices towards last week’s high near 24600 and potentially higher,” Bhosale said.
“On the downside, the 20 DEMA along with the psychological level of 24,000 is seen as immediate support, followed by recent lows around 23,800, which remains a crucial pivot. As long as these levels hold, any dip is likely to be viewed as a buying opportunity,” he added.
The Angel One expert said traders are advised to closely monitor these levels and structure trades accordingly. Given the ongoing geopolitical tensions and the extended weekend ahead, he suggested it would be prudent to keep positions light overnight, as markets may witness heightened volatility following key state election results.
Most active stocks in terms of turnover
Garden Reach Shipbuilders & Engineers (GRSE, Rs 409 crore), HDFC Life Insurance (Rs 356 crore), Vedanta (Rs 322 crore), Reliance Industries (RIL, Rs 219 crore), Welspun Corp (Rs 205 crore), Eternal (Rs 177 crore) and Bandhan Bank (Rs 95 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: 4.34 crore), SpiceJet (Traded shares: 1.40 crore), JP Power (Traded shares: 1.36 crore), Suzlon Energy (Traded shares: 93.99 crore), Eternal (Traded shares: 68.34 lakh), Reliance Power (Traded shares: 63.16 lakh) and HDFC Life (Traded shares: 59.29 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
GRSE, Canara HSBC Life, Star Health and Allied Insurance Company, CEAT, Vedanta, Sapphire Foods India and Abans Enterprises were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 152 stocks hit their 52 week highs while 30 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarti Industries, Adani Energy Solutions, Adani Green Energy, Adani Power, Bandhan Bank, BHEL, Coal India and Cupid.
Stocks seeing selling pressure
Among the large cap names were InterGlobe Aviation, Dr Reddy’s Laboratories and NTPC. Other stocks which witnessed significant selling pressure were REC, India Cements, Cohance Lifesciences, Asian Granito India, InfoBeans Technologies, Krishana Phoschem and Piccadily Agro Industries.
Sentiment meter favours bears
Sensex settled with strong gains, aided by RIL, Bharti Airtel and ITC though the broader market breadth stayed mildly negative. Out of the 4,402 stocks that traded on the BSE on April 29, Wednesday, 2,051 stocks witnessed advances, 2,180 saw declines while 171 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)