Meanwhile, the volatility gauge India VIX ended at 20.50, down by 8.75% from the last closing.
Indian stock markets were closed today due to Dr. Baba Saheb Ambedkar Jayanti holiday.
Here’s how analysts read the market pulse:
The sharp bounce-back of the last 6 sessions halted on Monday as the talks between the US and Iran in Islamabad ended without an outcome, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, adding that Nifty managed to recover from the gap down opening of 460 points.
“A long green candle was formed on the daily chart at the lows, which indicates a formation of counter attack of bull type pattern. After the series of bearish lower tops and bottoms formations in the recent past, Nifty registering a new higher low at 23,555 on Monday could be a sigh of relief for bulls to sustain the recent bounce back,” he said. The weakness on Monday did not damage the underlying near-term uptrend status of the market, Sheeti said, placing crucial support at 23,500 while immediate resistance at 24,100.
US markets
Wall Street’s main indexes advanced on Tuesday after reports of fresh efforts to ease the Middle East conflict boosted sentiment, while traders also assessed earnings from big banks and corporates.
Delegations from the U.S. and Iran could resume talks in Pakistan to end the war this week, sources told Reuters. U.S. President Donald Trump also said that Iran wanted to make a deal.The market has been sensitive to developments in the region, with even tentative signs of an off-ramp sufficient to encourage investors eager for positive news.
European Markets
European shares rallied to their highest intraday level in over a month on Tuesday, as investors welcomed signs of possible Middle East peace talks, even as LVMH and other companies warned of fallout from the war.
Europe’s STOXX 600 was up 0.6% on Tuesday, but remains 2% below its pre-conflict level.
Oil prices slid as expectations for further dialogue to end the war outweighed concerns over supply disruptions. Brent crude futures were down 0.3% at $99 a barrel, while U.S. crude futures fell 1.6% to $97.5 per barrel.
Tech View
Decoding technical charts, Bajaj Broking said the index formed a bullish candle with a lower high & a lower low as it opened gap down but managed to recover around 300 points from the day’s low highlighting buying demand at lower levels around the 20 days EMA. “As mentioned in an earlier edition index has witnessed a 1,800 points up move in just six trading sessions which has pushed the daily stochastic oscillator into overbought territory. Hence, some consolidation cannot be ruled out in the broad range of 23,100-24,100,” the brokerage said.
“Nifty has immediate support at 23,450-23,100 levels being the confluence of the last Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact. While a breach below 23,000 will derail the positive momentum. On the higher side only a follow through strength above 24,100 will open further upside towards 24,300 and 24,700 levels over the coming sessions,” Bajaj Broking said.
Most active stocks in terms of turnover
Adani Energy Solutions (Rs 414 crore), Avenue Supermarts (Dmart, Rs 405 crore), Larsen & Toubro (L&T, Rs 369 crore), Ather Energy (Rs 242 crore), HDFC Bank (Rs 238 crore), Maruti Suzuki (Rs 231 crore) and Kotak Mahindra Bank (Rs 173 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
Ola Electric (Traded shares: 2.71 crore), SpiceJet (Traded shares: 2.62 crore), Vodafone Idea (Traded shares: 2.25 crore), JP Power (Traded shares: 1.31 crore), Reliance Power (Traded shares: 1.26 crore), Suzlon Energy (Traded shares: 83.07 crore) and YES Bank (Traded shares: 70.28 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
HDFC Life Insurance Company, Ather Energy, Tata Chemicals, Tata Investment, New India Assurance Company (NIACL), DMCC Specialty Chemicals and Jinkushal Industries were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 126 stocks hit their 52 week highs while 47 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Adani Power, Adani Energy Solutions, Aditya Infotech, Dee Development Engineers, Emiac Technologies, Honasa Consumer and Ind Bank Housing.
Stocks seeing selling pressure
Among the large cap names were Eicher Motors, Maruti Suzuki and Bajaj Finance. Other stocks which witnessed significant selling pressure were Jyoti CNC, Hindustan Petroleum Corporation (HPCL), Ola Electric, Praxis Home Retail, Centrum Capital, Arvee Laboratories and Jubilant Agri and Consumer Products.
Sentiment meter favours bears
Heavyweights like HDFC Bank, Reliance Industries (RIL) and Maruti Suzuki dragged the markets the most, as the breadth stayed negative in the overall markets. Out of the 4,564 stocks that traded on the BSE on April 13, Monday, 1,754 stocks witnessed advances, 2,640 saw declines while 170 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)