Meanwhile, the volatility gauge India VIX ended at 21.60, down 4.60% from the last close.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said that the broader sentiment has not changed significantly despite a decent Nifty recovery above 23,000 and he does not rule out a near-term technical pullback.
“The Nifty witnessed On the daily chart, the index has formed a piercing line pattern, which is a bullish reversal signal after a prolonged correction. On the higher side, the index may witness a recovery towards 23,800 or even higher. On the lower end, immediate support is placed at 23,200; a break below this level could push the index back into weakness,” De added.
US markets
Wall Street stocks opened higher early Monday as oil prices eased, with energy markets still in turmoil due to the US-Israeli war on Iran and a US central bank meeting later this week.
International benchmark Brent North Sea crude was down 1.4 percent — after rising about three percent earlier in the day — and the main US contract West Texas Intermediate dropped four percent.
Traffic through the key Strait of Hormuz has come to a virtual standstill, with Iran vowing to block the key waterway as long as the war against it remains ongoing.
European Markets
Major European indices ended in the green on Monday. UK’s FTSE 100, Spain’s IBEX 35, French CAC 40, Germany’s Dax and Stoxx 600 were trading up between 0.13% and 63% around 12:24 p.m. GMT (6:10 pm).
Tech View
Nilesh Jain, VP- Head of Technical and Derivative Research at Centrum Finverse said Nifty’s three-day losing streak was halted today by short covering and the index has now formed a bullish candle.
“The Nifty defended the 23,000 level on a closing basis and witnessed a strong rebound. The markets are likely to remain volatile, but we expect a gradual recovery, with Nifty potentially retracing towards 23,800, which represents the 23.6% retracement of the entire decline. Momentum indicators and oscillators have entered extremely oversold territory, indicating the possibility of a pullback,” Jain said.
In his view, the broader structure remains weak, and any pullback is likely to attract selling pressure. Meanwhile, the volatility index, INDIAVIX, cooled-off by around 5% but continues to remain elevated above 21 and a correction below 18 will be required for bulls to regain control, he added.
Most active stocks in terms of turnover
Max Healthcare Institute (Rs 347 crore), Larsen & Toubro (L&T, Rs 191), HDFC Bank (Rs 158 crore), ITI (Rs 144 crore), Zydus (Rs 133 crore), Tejas Networks (Rs 100 crore) and Adani Power (Rs 95 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: 2.55 crore), SpiceJet (Traded shares: 2.45 crore), YES Bank (Traded shares: 1.17 crore), Ola Electric (Traded shares: 82.07 lakh), IDBI Bank (Traded shares: 81.45 lakh), Adani Power (Traded shares: 62.33 lakh) and RPower (Traded shares: 58.57 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Bajel Projects, Tejas Networks, HDFC Bank, ITI, Mangalore Refinery and Petrochemicals (MRPL), Paisalo Digital and Semac Construction were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 81 stocks hit their 52 week highs while 907 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aeroflex Industries, Aptus Pharma, Hypersoft Technologies, JB Chemicals & Pharmaceuticals, Jyotirgamya Enterprises, Onix Solar Energy and Timken India.
Stocks seeing selling pressure
Among the large cap names were Bharat Electronics (BEL), Max Healthcare Institute and Wipro. Other stocks which witnessed significant selling pressure were Bandhan Bank, Adani Total Gas (ATGL), IDBI Bank, Fino Payments Bank, HPL Electric & Power, Regaal Resources and Super Spinning Mills.
Sentiment meter favours bears
While heavyweights like HDFC Bank, Reliance Industries (RIL) and ICICI Bank lifted the markets, the breadth stayed negative in the overall markets. Out of the 4,537 stocks that traded on the BSE on March 16, Monday, 1,470 stocks witnessed advances, 2,910 saw declines while 157 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)