Here’s how analysts read the market pulse:
Commenting on the day’s action, Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said that Nifty continued to make a pattern of lower highs and lower lows despite defending the 24,600 level for the third straight session. Even as the index remains firmly below all key moving averages, momentum indicators and oscillators have confirmed a bearish crossover on the daily chart. “Unless Nifty reclaims 24,800, the overall structure remains weak, and a decisive break below 24,600 could open the door for a further decline towards the 24,400 mark,” Jain said.
US markets
The S&P 500 and the Nasdaq edged lower on Tuesday, the final day of the third quarter, on worries that a looming U.S. government shutdown could jeopardize the timely release of economic data.
Sentiment turned risk averse a day after equities posted gains, underscoring how sensitive investors still are to any sign of uncertainty.
While previous shutdowns have had a limited impact on markets, some analysts warned the current episode could be more disruptive given the economic backdrop is delicate.
European Markets
Action was largely positive in the European markets with the UK’s FTSE 100 up 0.22% higher around 1:57 p.m. BST (6:40 pm India time) while Germany’s DAX and Spain’s IBEX 35 rose by 0.2% and 0.40%, respectively. The French CAC 40 index was 0.18% lower while the Stoxx 600 jumped by 0.16% around this time.
Tech View
Decoding the charts Vatsal Bhuva, Technical Analyst at LKP Securities said that the Nifty index ended weak on the monthly expiry day, facing stiff resistance near its 100-day EMA around the 24,750 zone. The index has been forming a lower highs–lower lows pattern for the past three sessions, highlighting strong bearish control and unless Nifty reclaims and sustains above its 50-day EMA, the short-term outlook remains negative, he opined.
He sees immediate support at 24,500, while resistance lies near 24,800. Post RBI policy outcome and auto sales data, market sentiment may shape further, hence a cautious stance is advised, Bhuva said.
Most active stocks in terms of turnover
Tata Investment (Rs 571 crore), SBI Life Insurance Company (Rs 374 crore), Reliance Industries (RIL, Rs 168 crore), Sammaan Capital (Rs 140 crore), National Securities Depository Limited (NSDL, Rs 102 crore), Netweb Technologies (Rs 92 crore), Anand Rathi Share and Stock Brokers (Rs 87 crore) and Oil India Limited (OIL, Rs 79 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: 4.23 crore), Yes Bank (Traded shares: 1.21 crore), Sammaan Capital (Traded shares: 83.31 lakh), Suzlon (Traded shares: 79.14 lakh), PC Jeweller (Traded shares: 56 lakh), Canara Bank (Traded shares: 47 lakh crore), and SpiceJet (Traded shares: 45.31 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Tata Investments, Coforge, Ola Electric, National Aluminium Company (NALCO), KEC International, Jammu & Kashmir Bank, Sammaan Capital and Five-Star Business Finance were among the stocks that witnessed strong buying interest from market participants.
Also Read: Gainers & Losers: Tata Investment, Man Industries among 8 stocks under spotlight on Tuesday
52 Week high
Over 141 stocks hit their 52 week highs today while 156 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarey Drugs & Pharmaceuticals, Dr. Agarwals Health Care, Avishkar Infra Realty, Alan Scott Enterprises, Aptus Pharma, Autoriders International and Bharat Seats.
Stocks seeing selling pressure
Among the large cap names were Bharti Airtel, ITC and Trent. Other stocks which witnessed significant selling pressure were Man Industries, market debutant Jaro Institute, KPIT Technologies, Prime Focus, Hitachi Energy India, JSW Holdings, Godfrey Phillips and Usha Martin.
Sentiment meter favours bears
Action in heavyweights like Bharti Airtel, RIL and ITC dragged the markets the most, ensuring a negative closing. The breadth also stayed negative in broader markets. Out of the 4,260 stocks that traded on the BSE on September 30, Tuesday, 1,939 stocks witnessed advances, 2,173 saw declines while 148 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)
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