Here’s how analysts read the market pulse:
“Nifty remained subdued, lacking directional moves on either side; Nifty swung between a narrow trading band of 105 points, the lowest daily range since December 14. Nifty’s 18100/18000 put strikes and 18200 calls witnessed significant open interest addition, suggesting an immediate trading band of 18000-18300 zone,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.
“Domestic equities witnessed volatility ahead of monthly F&O expiry and subdued global cues. Nifty moved between positive to negative territory throughout the session to finally close with a minor loss of 10 points at 18123 levels. Sectorally, it was mixed, with buying seen in Consumer Durables, Oil & Gas and Auto,” Siddhartha Khemka, Head – Retail Research,
.
That said, here’s a look at what some key indicators are suggesting for Thursday’s action:
US stocks open higher
Wall Street stocks bounced early Wednesday as markets sought to shrug off worries about higher interest rates and inflation in the final sessions of a bruising year.
About 35 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 33,292.36. The broad-based S&P 500 gained 0.2 percent to 3,838.46, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 10,388.00.
European shares muted
European shares were subdued on Wednesday, while UK’s FTSE 100 outpaced peers after a long Christmas holiday weekend as investors assessed Beijing’s steps towards reopening its COVID-battered economy.
The region-wide STOXX 600 was flat as of 9:31 GMT, while the FTSE 100 advanced 0.7% as commodity-linked and China-exposed stocks jumped in early trading. The UK market, which was closed for holidays since its half-day trading on Friday, is playing catch-up, analysts said.
Tech View: Small positive candle
A small positive candle was formed on the daily chart with an upper shadow. Technically this pattern indicates a breather movement after a sharp upside bounce. The market is currently placed at the hurdle of 18150-18200 levels (resistance of ascending trend line), which has not been surpassed decisively on the upside.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed Samvardhana Mother, Southern Petrochemicals, and Kalyan Jewellers among others. The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Stocks signaling weakness ahead
The MACD showed bearish signs on the counters of
, Carborundum, , and among others. A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.
Most active stocks in value terms
(Rs 874 crore), (Rs 832 crore), (Rs 830 crore) and (Rs 808 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
Yes Bank (Shares traded: 41.19 crore), IOB (Shares traded: 25.28 crore),
(Shares traded: 12.57 crore), and (Shares traded: 11.91 crore) were among the most traded stocks on NSE today.
Stocks showing buying interest
Shares of Kalyan Jewellers,
, and among others, hit their 52-week highs, signalling bullish sentiment on the counter.
Stocks seeing selling pressure
Shares of CE Info Systems and
hit their 52-week lows, signaling a bearish sentiment on the counter.
Sentiment meter favours bulls
Overall, market breadth favoured bulls as 2,017 stocks ended in the green, while 1,469 names settled with cuts.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
