Meanwhile, the volatility gauge India VIX ended at 13.33, down 0.28% from the last close.
Here’s how analysts read the market pulse:
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty held firm despite starting the day on a weak footing. In the absence of any follow-through selling pressure, the index rallied to its day’s high following the formation of a hidden positive divergence on the hourly chart, resulting in a bullish engulfing candle on the daily timeframe.
“If the Nifty holds above 25,600 till the close, the uptrend may continue in the near term. On the higher side, it could move towards 25,800 and above. However, a fall below 25,500 may reactivate bearishness in the market,” De said.
US markets
The US markets were shut on Monday as February 16 is observed as Presidents Day in the country.
European Markets
Major European indices were broadly trading positive around 1:22 p.m. GMT (7:08 pm India) time with Spain’s IBEX surging over 1% around this time. Meanwhile, French CAC 40, Stoxx 600, Germany’s DAX and UK’s FTSE 100 were higher by up to 0.45%.
Tech View
Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse, said the formation of a bullish engulfing candlestick pattern indicates a potential reversal. The index rebounded sharply after testing the 25,400 zone and successfully held above its 21-DMA at 25,480 on a closing basis but closed marginally below the 100-DMA at 25,690, which now acts as an immediate resistance, he said. “The broader structure remains positive, and a follow-up move towards 25,800 cannot be ruled out, while the immediate support has shifted higher to 25,500 levels,” Jain said.
Most active stocks in terms of turnover
HDFC Bank (Rs 480 crore), Kotak Mahindra Bank (Rs 305 crore), SBI (Rs 247 crore), Eternal ( Rs 217 crore), Natco Pharma (Rs 190 crore), HAL Technologies (Rs 150 crore) and Engineers India Limited (EIL, Rs 136 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: 2.59 crore), SpiceJet (Traded shares: 1.57 crore), EaseMyTrip Bank (Traded shares: 1.38 crore), Ola Electric (Traded shares: 1.23 crore), Eternal (Traded shares: 75.66 lakh), Kotak Mahindra Bank (Traded shares: 72.69 lakh) and Yes Bank (Traded shares: 63.51 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Power Grid Corporation, EaseMyTrip, Engineers India, Bharat Seats, Rallis India, Asian Energy Services and Rallis India were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 106 stocks hit their 52 week highs while 221 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Astral, Aye Finance, Jamna Auto Industries, JB Chemicals & Pharmaceuticals, Larsen & Toubro (L&T), State Bank of India (SBI) and Shriram Finance.
Stocks seeing selling pressure
Among the large cap names were Tech Mahindra, Bajaj Finance and Maruti Suzuki. Other stocks which witnessed significant selling pressure were Ola Electric, Inox Wind, BSE, Billionbrains Garage Ventures (Groww), Brainbees Solutions (FirstCry), Shakti Pumps and TIL.
Sentiment meter favours bears
While, the action in heavyweights like HDFC Bank, Reliance Industries (RIL) and Axis Bank aided the markets the most, the breadth stayed negative in broader markets. Out of the 4,496 stocks that traded on the BSE on February 16, Monday, 1,747 stocks witnessed advances, 2,565 saw declines while 184 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)