Meanwhile, the volatility gauge India VIX ended at 17.91, down by 2.14% from the last close.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the RSI is in a bearish crossover, indicating weak momentum. However, a closer and more granular view of the Nifty chart suggests the possibility of a meaningful recovery from current levels, he said.
“On the lower timeframe, the index has started forming higher lows, which might be an early sign of a potential reversal. In the short term, the index may move higher with a potential upside towards 24,285–24,350. On the downside, support is placed at 23,880, below which weakness could intensify,” De added.
US markets
Wall Street’s main indexes recovered on Tuesday as oil prices fell despite renewed Middle East tensions that threatened to upend a fragile truce after the U.S. and Iran exchanged fire in the Gulf.
Markets have been volatile, caught between heightened geopolitical tensions and a strong domestic backdrop – the S&P 500 and the Nasdaq hit record highs in recent sessions on resilient earnings and economic momentum – and equities are vulnerable to sudden reversals as new and sometimes conflicting headlines emerge.
European Markets
Most major European indices traded in green today. Barring the UK’s FTSE 100, others like the French CAC, Germany’s Dax, Stoxx 600 and Spain’s IBEX 35 were up between 0.38% and 1.40%. The FTSE 100 was down 1.71%.
Tech View
Nilesh Jain, Vice President- Head of Technical and Derivative Research at Centrum Finverse said the markets opened on a gap-down note but staged a sharp recovery amid heightened volatility. “The Nifty index took support near its 21-DMA around 23,950 levels and managed to close above the 24,000 mark. However, it encountered resistance near its 50-DMA at 24,080 and formed a Doji candle on the daily chart, indicating indecision,” Jain said.
A decisive move above 24,100 could pave the way for further upside towards 24,300, while immediate support is seen at 23,900 levels, Jain said, adding the broader trend currently appears sideways, though the setup remains constructive for accumulation with a potential pullback on the upside.
Most active stocks in terms of turnover
Meesho (APSEZ) (Rs 167 crore), Wockhardt (Rs 161 crore), CreditAccess Grameen (Rs 157 crore), Vedanta (Rs 146 crore), Reliance Industries (RIL, Rs 146 crore), Tata Technologies (Rs 143 crore) and Kotak Mahindra Bank (Rs 121 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: 6.48 crore), JP Power (Traded shares: 2.78 crore), SpiceJet (Traded shares: 1.79 crore), YES Bank (Traded shares: 1.01 crore), Meesho (Traded shares: 75.53 lakh), Suzlon Energy (Traded shares: 74.33 lakh) and Ola Electric (Traded shares: 52.78 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Mahindra & Mahindra (M&M), Omax Autos, Plaza Wires, Chembond Material Technologies, CreditAccess Grameen, Ideaforge Technology and Arman Financial Services were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 146 stocks hit their 52 week highs while 28 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Acutaas Chemicals, Adani Ports and Special Economic Zone (APSEZ), Adani Power, Corona Remedies, Cupid, Emcure Pharmaceuticals, Gujarat Alkalies and Chemicals and HFCL.
Stocks seeing selling pressure
Among the large cap names were ICICI Bank, Jio Financial Services and Coal India. Other stocks which witnessed significant selling pressure were Manomay Tex India, Voltamp Transformers, De Nora India, Agi Infra, Nath Bio-Genes, Voltas and CESC.
Sentiment meter favours bears
Sensex settled with lower dragged by ICICI Bank, HDFC Bank and Bharti Airtel leading to a negative market breadth. Out of the 4,355 stocks that traded on the BSE on May 5, Tuesday, 1,882 stocks witnessed advances, 2,293 saw declines while 180 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)