Meanwhile, the volatility gauge India VIX ended at 17.53, down by 6.69% from the last closing. –
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty remained positive today as the index rallied by more than 200 points during the day, following a breakout from a brief consolidation on the hourly chart. The sentiment remains positive with RSI giving a falling channel breakout, though Nifty finds resistance at the higher end around the 100EMA, he said.
“The India VIX slipped lower, confirming ebbing fear among investors. Going forward, the trend might remain strong, with the potential to rise towards 24800 and possibly higher. On the lower end, immediate support is placed at 24400,” De said.
US markets
U.S. stocks hit the lower deck on Tuesday as Wall Street weighed the latest round of profit reports from big companies even as risks from the ongoing war between the U.S. and Iran lingered as the two countries headed to the second round of talks for de-escalation ahead of the deadline for the end of the ceasefire.
Markets are also closely watching the confirmation hearing of Presiden Donald Trump’s Federal Reserve nominee Kevin Warsh, who assured that he will remain independent in discharging his duties if appointed to the post.
European Markets
Most major European indices traded mixed on Tuesday around 2:47 p.m. BST (7:32 pm India time). UK’s FTSE 100, French CAC and Stoxx 600 were down 0.50%, 0.34% and 0.27%, respectively around this time while Spain’s IBEX 35 and Germany’s Dax closed higher between 0.32% and 0.19%.
Tech View
Nifty has formed a bullish candlestick pattern with a higher high and a higher low highlighting continuation of the up move and the index is sustaining above its 50 days EMA, Bajaj Broking said in a note.
“Bias remains positive above last Wednesday’s gap up area of 23,850-24,100. Index is expected to maintain positive bias and gradually head towards 24,700-24,800 levels being the confluence of the 200 days EMA and the 61.8% retracement of the entire decline 26,373 to 22,183. Volatility is expected to remain high on account of the geopolitical tension and volatile crude oil prices,” this brokerage said.
Short-term support is positioned around 23,600–23,500 range being the confluence of last week low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601), Bajaj Broking said, adding that the forming of higher highs & higher lows in weekly chart will keep the current pullback trend intact.
Most active stocks in terms of turnover
Billionbrains Garage Ventures (Groww) (Rs 331 crore), Onesource Specialty Pharma (Rs 206 crore), ICICI Bank (Rs 112 crore), PNB Housing Finance (Rs 104 crore), Bank of Maharashtra (BoM, Rs 101 crore), Vedanta (Rs 95 crore) and Kajaria Ceramics (Rs 95 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: 2.70 crore), Groww (Traded shares: 1.58 crore), BoM (Traded shares: 1.27 crore), Ola Electric (Traded shares: 1.04 crore), YES Bank (Traded shares: 81.13 lakh), SpiceJet (Traded shares: 74.33 lakh) and Reliance Power (Traded shares: 56.33 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Nestle, Lemon Tree Hotels, BoM, PNB Housing, Groww and Khaitan (India), Manaksia Steels and Shyam Telecom were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 153 stocks hit their 52 week highs while 23 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Accord Transformer & Switchgear, Adani Ports and Special Economic Zone (APSEZ), Aequs, Bhagyanagar India, CG Power and Industrial Solutions, Data Patterns (India) and ICICI Prudential Asset Management Company.
Stocks seeing selling pressure
Among the large cap names were SBI Life Insurance Company, Bharat Electronics Limited (BEL), Dr Reddy’s Laboratories. Other stocks which witnessed significant selling pressure were Nestle, Lemon Tree Hotels, Bank of Maharashtra (BoM), PNB Housing Finance, Billionbrains Garage Ventures (Groww), Tokyo Plast International and Khaitan (India).
Sentiment meter favours bulls
While Sensex ended with marginal gains, aided by HDFC Bank, ICICI Bank and Axis Bank, the market breadth stayed positive in the overall markets. Out of the 4,453 stocks that traded on the BSE on April 21, Tuesday, 2,487 stocks witnessed advances, 1,801 saw declines while 165 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)