Meanwhile, the volatility gauge India VIX ended at 18.79, up by 9.21% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the Nifty rose above the previous session’s high but faced resistance at higher levels and fell short of 24,500. So far, the index has managed to sustain above the 50% retracement level (placed at 24,270) of the previous fall from the all-time high to the recent low, he said. “However, failure to move above 24,500, the immediate resistance, would make the current rally doubtful. Support is placed at 24,270, while resistance is at 24,500/24,800,” De added.
US markets
The S&P 500 and the Nasdaq eased from record highs on Monday, after a stunning rally on Wall Street last week, as renewed U.S.-Iran tensions threatened a ceasefire collapse and dented investor sentiment.Iran opened the Strait of Hormuz on Friday, fueling a broad market surge, with the S&P 500 and the Nasdaq posting record highs for a third straight session and marking their biggest weekly gains since May.
Live Events
However, Tehran closed the waterway again after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade. Iran’s foreign ministry said on Monday there were no plans for a second round of negotiations with the U.S.
European Markets
Most major European indices traded in the red on Monday around 1:41 p.m. BST (6:27 pm India time). UK’s FTSE 100, Stoxx 600, Spain’s IBEX 35 and Germany’s Dax closed higher between 0.67% and 1.37%.
Tech View
Decoding the technical charts, Bajaj Broking Research said the index formed a high wave candlestick pattern with a higher high and a higher low signaling consolidation around the 50 days EMA. Going ahead index sustaining above last Wednesday’s gap-up area of 23850 will keep the bias positive and will gradually open upside towards 24,700-24,800 levels, which is the confluence of the 200 days EMA and the 61.8% retracement of the entire decline from 26,373 to 22,183, the brokerage said.
“Volatility is likely to remain high on account of the geopolitical tension and volatile crude oil prices. Short-term support is positioned around 23,600–23,500 range being the confluence of last week low and 20 days EMA. Forming higher high and higher low in weekly charts will keep the current pullback trend intact,” Bajaj Broking said.
Most active stocks in terms of turnover
Triveni Turbine (Rs 190 crore), State Bank of India (Rs 153 crore), HDFC Bank (Rs 153 crore), ICICI Bank (Rs 141 crore), Indrapratha Gas (IGL, Rs 106 crore), Axis Bank (Rs 99 crore) and Suzlon Energy (Rs 85 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: 2.35 crore), YES Bank (Traded shares: 1.94 crore), Suzlon Energy (Traded shares: 1.62 crore), SpiceJet (Traded shares: 1.57 crore), Ola Electric (Traded shares: 1.15 crore), Reliance Power (Traded shares: 65.16 lakh) and IGL (Traded shares: 62.77 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Bank of Maharashtra (BoM), Deccan Gold Mines, Trent, Adani Power, Kakatiya Cement Sugar & Industries, STL Networks and Khaitan (India) were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 199 stocks hit their 52 week highs while 31 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included ABB India, Adani Energy Solutions, Adani Power, Bajaj Consumer Care, Belrise Industries, Bharat Heavy Electricals (BHEL) and Cupid.
Stocks seeing selling pressure
Among the large cap names were Jio Financial Services, Hindalco Industries and Tata Motors Passenger Vehicles (TMPV). Other stocks which witnessed significant selling pressure were Graviss Hospitality, Grand Oak Canyons Distillery, IEX, Cineline India, Centum Electronics, GMDC and Pashupati Cotspin.
Sentiment meter favours bears
While Sensex ended with marginal gains, aided by State Bank of India (SBI), ICICI Bank and Trent, the market breadth stayed negative in the overall markets. Out of the 4,578 stocks that traded on the BSE on April 20, Monday, 1,810 stocks witnessed advances, 2,593 saw declines while 175 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)