Meanwhile, the volatility gauge India VIX ended at 11.94, down 1.86% from the last closing.
Here’s how analysts read the market pulse:
Commenting on the day’s trends, Rupak De, Senior Technical Analyst at LKP Securities said that the index has been consolidating over the last few sessions. The support lies at 25,500 on the lower end while the resistance is seen around 25,700 on the higher end, he added. “In the short term, the index is likely to remain range-bound between 25,500 and 25,700. A decisive breakout on either side of this range could trigger a directional move,” De said.
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Tech View
Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said Nifty has formed a strong bullish candle on the weekly chart as the index snapped its two-week losing streak. It witnessed a sharp rebound from lower levels and managed to close above its 100-DMA placed at 25,660, he added.
“Momentum indicators have turned supportive on the daily chart, with RSI rebounding from the oversold zone and moving above the 50 mark, indicating improving strength. Meanwhile, India VIX cooled off sharply by 20% during the week to close near 12, any further decline in volatility would offer additional comfort to the bulls. Overall, the structure for Nifty looks positive with an upside potential towards 26,000 levels, and a buy-on-dips strategy remains advisable as long as the index sustains above 25,250,” Jain said.
Most active stocks in terms of turnover
ITC (Policybazaar, Rs 315 crore), Hindustan Copper (Rs 216 crore), Bharat Forge (Rs 211 crore), Tube Investments of India (Rs 191 crore), Persistent Systems (Rs 181 crore), Kaynes (Rs 169 crore) and LIC (Rs 158 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: 4.40 crore), ITC (Traded shares: 97.28 lakh), Suzlon (Traded shares: 88.33 crore), PC Jewellers (Traded shares: 85.24 lakh), SpiceJet (Traded shares: 54.44 lakh), Yes Bank (Traded shares: 52.17) and RPower (Traded shares: 52.04 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
LIC, Hitachi Energy, Godfrey Phillips, Concord Biotech, MRF, Data Patterns and Nykaa were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 83 stocks hit their 52 week highs while 107 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included APL Apollo, Corona Remedies, IOC, Jindal Steel, FSN E-Commerce (Nykaa), SAIL and Shard Cropchem.
Stocks seeing selling pressure
Among the large cap names were HDFC Life, TCS and Tech Mahindra. Other stocks which witnessed significant selling pressure were BEML, One Mobikwik Systems, eClerx Services, Solara Active Pharma Sciences, Tracxn Technologies and CL Educate.
Sentiment meter favours bears
Though action in heavyweights like Trent, Max Healthcare Institute and Tata Steel pulled the markets the most. The breadth stayed negative in broader markets. Out of the 4,359 stocks that traded on the BSE on February 6, Friday, 1,885 stocks witnessed advances, 2,309 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)