Meanwhile, the volatility gauge India VIX ended at 27.89, up by 4.04% from the last closing.
The markets were closed on Tuesday for Shri Mahavir Jayanti.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty has slipped toward its previous swing low on the daily chart, retracing almost 90% of the previous rise from the April 2025 low to the February 2026 high.
Though it seems to be finding support just above the rising trendline on the daily chart, another interesting formation — a hidden positive divergence on the daily RSI – is creating a silver lining.
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“Therefore, I won’t be surprised if the Nifty stages a decent recovery from Wednesday. On the lower end, 22,200 is likely to act as a crucial support level, from where a significant rally might emerge. The view of a bullish reversal will be negated if the index slips below 22,200.” De said.
US markets
Wall Street’s main indexes rose on Tuesday, as markets cheered a report signaling potential de-escalation in the Middle East conflict that has set the S&P 500 and the Dow on track for their biggest monthly decline in years.The Wall Street Journal reported on Monday that U.S. President Donald Trump told aides he was willing to end the military campaign against Iran even if the Strait of Hormuz remained largely closed, soothing some investor nerves.
Trump later in a Truth Social post expressed his frustration at US’ allies, especially UK, for not backing the US in the Iran war and asked them to ‘show courage’ and go get their own oil from the Strait of Hormuz.
European Markets
The pan-European STOXX 600 index rose 0.91%, and Europe’s broad FTSEurofirst 300 index gained 0.85%.
But the STOXX 600 remained on track for its steepest monthly loss since June 2022, a break from its previous eight months of gains.
Tech View
Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse said Nifty continues to form a lower top–lower bottom formation and is slipping below the 22,500 mark.
“The overall structure remains weak, with immediate support placed at 22,000, followed by 21,700, while resistance is seen around the 22,700 level. Meanwhile, India VIX surged by nearly 4%, approaching the 28 level and hitting a ten-month high. This spike in volatility remains a key concern and needs to cool off for bullish momentum to return. Momentum indicators and oscillators on both the daily and weekly charts continue to signal a sell, indicating a prevailing bearish undertone. However, given the recent sharp correction, the possibility of a strong pullback cannot be ruled out,” Jain said.
Most active stocks in terms of turnover
HDFC Bank (Rs 577 crore), GMR Airports (Rs 524 crore), HDFC Bank (Rs 222 crore), InterGlobe Aviation (Indigo, Rs 194), Reliance Industries (RIL, Rs 141 crore), Gujarat Alkalies and Chemicals (Rs 134 crore) and Tata Consultancy Services (TCS, Rs 122 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 the highest trading turnovers for the day.
Most active stocks in volume terms
GMR Airports (Traded shares: 6.11 crore), Vodafone Idea (Traded shares: 5 crore), YES Bank (Traded shares: 1.74 crore), Reliance Power (Traded shares: 1.45 crore), SpiceJet (Traded shares: 1.28 crore), Physicswallah (Traded shares: 94.88 lakh), HDFC Bank (Traded shares: 77.87 lakh) and Ola Electric (Traded shares: 77.48 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
National Aluminium Company (NALCO), Urban Company, Hindalco Industries, Hilton Metal Forging, SecMark Consultancy, Dalmia Bharat Sugar and Industries and Dhampur Bio Organics were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 64 stocks hit their 52 week highs while 1,546 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs, included Aanchal Ispat, Accretion Nutraveda, Apt Packaging, Gujarat Inject Kerala, Onix Solar Energy, Speciality Medicines and Titan Biotech.
Stocks seeing selling pressure
Among the large cap names were Bajaj Finance, Shriram Finance and State Bank of India (SBI). Other stocks which witnessed significant selling pressure were Wonder Electricals, Jubilant Foodworks, Jio Financial Services, Union Bank of India, Hindustan Copper, Kriti Industries and Supreme Holdings & Hospitality.
Sentiment meter favours bears
Heavyweights like HDFC Bank, ICICI Bank and SBI dragged the markets the most, as the breadth stayed negative in the overall markets. Out of the 4,593 stocks that traded on the BSE on March 30, Monday, 835 stocks witnessed advances, 3,618 saw declines while 140 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)