Here’s how analysts read the market pulse:
Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse sees the immediate psychological support at 24,000, followed by the 21-DMA at 23,900. A decisive breakout above 24,200 is essential to extend the upward move towards 24,500 levels, he added.
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“On the volatility front, the index eased by nearly 1% over the week to close around 18, and any further cooling in volatility could lend support to bullish momentum. The broader structure remains positive as long as the Nifty holds above 23,800, though some near-term consolidation cannot be ruled out,” Jain said.
US markets
The benchmark S&P 500 and the blue-chip Dow edged down on Monday asinvestors weighed heightened anxiety over the Middle East conflict against the optimism from last week’s earnings.
Conflicting reports about a U.S. warship near the Strait of Hormuz dampened market sentiment in a turbulent start to the week.
Tehran said it had forced a U.S. warship to turn back after it attempted to enter the Strait of Hormuz. Iran’s semi-official Fars news agency said two missiles had hit the warship, but the United States denied the report.
The confusion was enough for investors to pause following a strong run of earnings last week, as they assessed the aggressive rhetoric between Washington and Tehran and the risk of renewed escalation.
European Markets
Major European indices ended in the sea of red today. Meanwhile, UK’s FTSE 100, French CAC, Germany’s Dax, Stoxx 600 and Spain’s IBEX 35 settled lower between 0.14% and 1.70%.
Tech View
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One said the Nifty 50 index remains range-bound on Monday, oscillating between its 20-day and 50-day EMA over the past week, with no clear signs of a decisive breakout. “The 50% Fibonacci retracement of the recent decline continues to cap upward momentum, while the 38.2% retracement level is offering a supportive cushion on the downside. Despite the index’s consolidation, broader market breadth appears constructive, indicating selective opportunities beyond the benchmark,” he said.
In terms of key levels, the 24,000-23,900 zone is expected to provide immediate support in case of minor pullbacks, whereas the 23,800-23,750 range is likely to act as a strong and sacrosanct support base in the near term, Krishan said, adding that the resistance is anticipated around 24,260-24,350, followed by a more formidable barrier near 24,600, which coincides with the recent swing high and the 100-day EMA.
In his view, a sustained move above this level would be crucial to confirm the next leg of upward momentum and going forward, market dips are expected to be constructive for buyers, offering opportunities to gradually build long positions.
Most active stocks in terms of turnover
Adani Ports and Special Economic Zone (APSEZ) (Rs 7,562 crore), Reliance Industries (RIL, Rs 414 crore), Kotak Mahindra Bank (Rs 225 crore), BHEL (Rs 198 crore), Vedanta (Rs 168 crore), Meesho (Rs 140 crore) and Eternal (SBI, Rs 132 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: 6.64 crore), APSEZ (Traded shares: 4.62 crore), JP Power (Traded shares: 1.27 crore), SpiceJet (Traded shares: 1.12 crore), Suzlon Energy (Traded shares: 95.11 lakh), HFCL (Traded shares: 83.40 crore) and Ujjivan Small Finance Bank (Traded shares: 70.36 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
APSEZ, Eicher Motors, Valor Estate, BHEL, Vedanta, Valor Estate and Stanley Lifestyles were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 106 stocks hit their 52 week highs while 26 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Abans Enterprises, Acutaas Chemicals, Adani Ports and Special Economic Zone (APSEZ), Chennai Petroleum Corporation, Clean Max Enviro Energy Solutions, Dev Labtech Venture and HFCL.
Stocks seeing selling pressure
Among the large cap names were Kotak Mahindra Bank, Bharti Airtel and Dr. Reddy’s Laboratories. Other stocks which witnessed significant selling pressure were Sun TV Network, Avenue Supermarts (DMart), Rhetan TMT, Zen Technologies, Metroglobal, Sapphire Foods India and Piramal Finance.
Sentiment meter favours bulls
Sensex settled with strong gains, aided by RIL, Larsen & Toubro (L&T) and HDFC Bank, leading to a broader market breadth. Out of the 4,558 stocks that traded on the BSE on May 4, Friday, 2,534 stocks witnessed advances, 1,818 saw declines while 206 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)