Meanwhile, the volatility gauge India VIX ended at 18.38, down by 6.77% from the last closing. –
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the index found resistance at the 38.20% Fibonacci retracement level of the previous fall. “Going forward, the index might continue to face resistance at 24,115–24,150. A decisive move above 24,150 is required to witness a sustained rally towards higher levels. On the lower end, support is placed at 24,000, below which weakness might increase,” De said.
US markets
Wall Street’s main indexes were marginally lower on Monday, ahead of a torrent of earnings this week, as stalled peace talks between the U.S. and Iran kept investors guess on the Federal Reserve’s rate decision.Stocks have climbed to fresh highs in recent days on earnings optimism even as back-and-forth headlines on the U.S.-Iran war swayed sentiment.
The optimism will face a key test during the quarter’s busiest stretch of earnings this week. According to Raymond James, companies accounting for roughly 44% of the S&P 500’s market capitalization are scheduled to report this week.
European Markets
Most major European indices traded mixed on Monday around 2:13 pm BST (6:58 pm India time). UK’s FTSE 100, French CAC and Stoxx 600 were trading in the red around this time, declining up to 0.39% while Spain’s IBEX 35 and Germany’s Dax were up 0.13% and 0.17%, respectively.
Tech View
Decoding the charts, Rajesh Bhosale, Technical Analyst at Angle One said the prices continue to hold above the key short-term moving average of the 20 DEMA and the 38.2% retracement of the recent rally from the lows near 22,200, indicating underlying strength. Going ahead, the 23,800 – 23,700 zone remains an immediate support area, and as long as this holds, minor dips are likely to be bought into, Bhosale said.On the upside, the bearish gap from last week in the 24,300 – 24,400 zone, coinciding with the 50EMA, is seen as immediate resistance and beyond this, last week’s high near 24,600, which aligns with the 61.8% retracement of the fall from 26,000, remains a stiff hurdle.
“A decisive move above this level would be required for the uptrend to regain momentum. Until then, prices are likely to consolidate within a range with a positive bias. On the monthly expiry day, heightened activity is expected in individual stocks due to rollovers and position adjustments for the next series. Traders are therefore advised to focus on a stock-specific approach, as selective opportunities are likely to outperform while the index remains range-bound,” the Angel One analyst said.
Most active stocks in terms of turnover
ONGC (Rs 572 crore), Billionbrains Garage Ventures (Groww, Rs 564 crore), IIFL Capital Services (Rs 546 crore), Reliance Industries (RIL, 523, Rs 214 crore), Kirloskar Oil Engines (Rs 515 crore), Sun Pharmaceuticals (Rs 500 crore) and Bharti Airtel (Rs 494 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: 2.09 crore), JP Power (Traded shares: 1.68 crore), Suzlon Energy (Traded shares: 1.28 crore), SpiceJet (Traded shares: 82.93 lakh), Ola Electric (Traded shares: 46.81 lakh), Adani Power (Traded shares: 46.38 lakh) and YES Bank (Traded shares: 38.58 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Cohance Lifesciences, IndusInd Bank, Mahindra & Mahindra Financial Services, Shyam Metalics, India Cements, Sun Pharma and Jio Financial Services were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 171 stocks hit their 52 week highs while 43 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, Aarti Industries, Adani Energy Solutions, Clean Max Enviro Energy Solutions, DCB Bank, Fractal and Granules India.
Stocks seeing selling pressure
Among the large cap names wereAxis Bank, Shriram Finance and Bharat Electronics Limited (BEL). Other stocks which witnessed significant selling pressure were RBL Bank, A B Cotspin India, B & A, Anlon Healthcare, Vineet Laboratories, Kanchi Karpooram and Mangalore Refinery and Petrochemicals (MRPL).
Sentiment meter favours bulls
Sensex ended with gains, lifted by RIL, Sun Pharma and HDFC Bank as the broader market breadth stayed positive. Out of the 4,556 stocks that traded on the BSE on April 27, Monday, 3,023 stocks witnessed advances, 1,345 saw declines while 188 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)