Meanwhile, the volatility gauge India VIX ended at 25.47, down by 0.20% from the last closing.
Here’s how analysts read the market pulse:
Nilesh Jain, Vice President, Head of Technical and Derivative Research at Centrum Finverse said the markets kicked off the week on a strong note, witnessing a sharp rebound as Nifty moved past the 22,900 mark and formed a bullish candle with a long lower shadow. The overall structure is gradually turning positive, suggesting a continuation of the upward move towards 23,200, followed by 23,400 levels, Jain said, placing support higher at 22,500 zone.
“The momentum indicator RSI has started forming a higher top and higher bottom pattern and has crossed the 40 mark, indicating improving sentiment. However, India VIX remains elevated around 25, and a cooling-off in volatility would be essential for sustained bullish momentum,” the analyst said.
US markets
Frontline indices on Wall Street traded in the green in the early trade on Monday, though the uptick remained capped amid confusion over the ceasefire between Iran and the US. AFP reported the White House confirming that there was a deal under consideration for a 45-day ceasefire with Iran, but that President Donald Trump had “not signed off” on the proposal and is continuing the war.
European Markets
Major European indices traded lower today around 4:35 p.m. BST (7:53 IST). UK’s FTSE 100 was the lone gainer at 0,7%. Meanwhile, Germany’s Dax, Stoxx 600, Spain’s IBEX 35 and French CAC 40 fell between 0.14% and 56%, around this time.
Tech View
Decoding the Nifty charts, Bajaj Broking said the index formed a bullish candlestick pattern with a higher high and a higher low signaling continuation of the pullback from the extreme oversold territory. In the process, the index moved above its previous week’s high of 22,941 for the first time in the last 8 weeks, it said.
Going ahead, volatility is expected to remain elevated in the near term, driven by geopolitical tensions and firm crude oil prices, which continue to weigh on overall market sentiment, this brokerage said.
“Going ahead, follow-through strength above Monday’s high of 23,000 will open further upside towards 23,450 levels in the coming sessions. Failure to move above last week’s high will signal some consolidation in the range of 22,200-23,000 levels. A breach below last week’s panic low of 22,182 will open further downside towards the key support area of 22,000-21,800,” Bajaj Broking said.
Key short-term support is placed at the 22,000–21,800 zone, which is the trendline support joining last 2-year lows and the 200-week EMA. For any meaningful pause in the ongoing downtrend, the index needs to form a sequence of higher highs and higher lows on the daily chart, along with a sustained close above 23,465.
Most active stocks in terms of turnover
Adani Green (Rs 657 crore), V-Mart Retail (Rs 278 crore), HDFC AMC (Rs 266 crore), Reliance Industries (RIL, Rs 239 crore), HDFC Bank (Indigo, Rs 170), Trent (Rs 120 crore) and 360 One WAM (Rs 114 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: 3.14 crore), Ola Electric (Traded shares: 2.40 crore), Reliance Power (Traded shares: 1.44 crore), SpiceJet (Traded shares: 1.19 crore), Adani Green (Traded shares: 75.63 lakh), YES Bank (Traded shares: 62.83 lakh) and Suzlon Energy (Traded shares: 59.83 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
V-Mart Retail, Senco Gold, Trent, HDFC Bank, Avenue Supermarts (DMart), Alpa Laboratories and Lux Industries were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 78 stocks hit their 52 week highs while 89 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, Apt Packaging, CCL Products (India), Dc Infotech and Communication, Focus Business Solution, Granules India and Magnus Steel and Infra.
Stocks seeing selling pressure
Among the large cap names were RIL, ONGC and Max Healthcare Institute. Other stocks which witnessed significant selling pressure were IRB Infrastructure, Latent View, Raj Television Network, Hariom Pipe Industries, Amir Chand Jagdish Kumar, Everest Industries and Chennai Petroleum Corporation.
Sentiment meter favours bulls
Heavyweights like HDFC Bank, Axis Bank and Larsen & Toubro (L&T) aided the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,544 stocks that traded on the BSE on April 6, Monday, 3,193 stocks witnessed advances, 1,173 saw declines while 178 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)