The NSE Nifty 50 rose 0.13% to 21,647 points, while the S&P BSE Sensex gained 0.09% to 71,721.
Here’s how analysts read the market pulse:
“Nifty faced selling pressure within the 21,700-21,750 range, yet found stability as it held above its 10-day moving average, concluding the session with a positive close. Presently, Nifty’s immediate support has shifted to 21,600, while 21,730 serves as a resistance level on the technical chart. The broader positional support for Nifty remains at 21,500,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, said, “From a technical perspective, Nifty’s aggressive upside targets are still seen at the psychological 22,000 mark, while confirmation of strength is only above the 21,836 mark.”
That said, here’s a look at what some key indicators are suggesting for Friday’s action:
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US market
Wall Street’s main indexes struggled for direction on Thursday, with a hotter-than-expected inflation print dampening hopes of early rate cuts, while U.S. regulatory approval for exchange-traded funds tracking spot bitcoin lifted crypto stocks.
The benchmark S&P 500 briefly surpassed its record closing high of 4,796.56, hit in January 2022, before erasing the opening gains.
The index has recovered nearly 17% from its October lows, gathering steam in December after the Federal Reserve hinted it was reining in inflation and rate cuts were “coming into view”.
At 9:47 a.m. ET, the Dow Jones Industrial Average was down 27.71 points, or 0.07%, at 37,668.02, the S&P 500 was up 1.99 points, or 0.04%, at 4,785.44, and the Nasdaq Composite was up 30.36 points, or 0.20%, at 15,000.01.
European shares
European shares climbed on Thursday, led by a rise in automobile and technology stocks, while investors awaited U.S. inflation data for more clarity on the trajectory of interest rate cuts by the Federal Reserve and other major central banks.
The pan-European STOXX 600 was up 0.5% by 0921 GMT.
Tech View: Small negative candle
Nifty on Thursday ended 28.5 points higher but formed a small negative candle with a minor lower shadow on the daily chart, indicating a range-bound action below the immediate resistance.
The market is now placed at the hurdle of a down-sloping trend line that connected recent lower highs at 21,725 levels. Having shown a false downside breakout at 21,500 levels on Wednesday, Nifty is expected to reach up to the upper trajectory of 21,750-21,850 levels in the near term. A decisive move above the hurdle of 21,850 could open sharp upside momentum. Immediate support is placed at 21,590 levels, said Nagaraj Shetti of HDFC Securities.
Stocks showing bullish bias:
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of PNC Infratech, Rail Vikas Nigam, CCL Products, Rites, APL Apollo Tube, and Phillip Carbon among others.
The MACD is known for signalling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Stocks signalling weakness ahead
The MACD showed bearish signs on the counters of Gujarat Pipavav, Jamna Auto, Aditya Birla Retail, Rashtriya Chemicals, HUDCO, and Gujarat Alkalies & Chemicals among others. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.
Most active stocks in value terms
RIL (Rs 3,197 crore), Infosys (Rs 1,693 crore), HDFC Bank (Rs 1,513 crore), Maruti Suzuki (Rs 1,030 crore), SBI (Rs 965 crore), Hero MotoCorp (Rs 918 crore), and Tata Motors (Rs 901 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Tata Steel (Shares traded: 2.3 crore), Power Grid (Shares traded: 1.8 crore), SBI (Shares traded: 1.5 crore), ONGC (Shares traded: 1.2 crore), RIL (Shares traded: 1.2 crore), Infosys (Shares traded: 1.1 crore), and Tata Motors (Shares traded: 1.1 crore) were among the most traded stocks in the session on NSE.
Stocks showing buying interest
Shares of Hero MotoCorp, Apollo Hospital, IndusInd Bank, Tata Motors, Bharti Airtel, and Cipla among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.
Stocks seeing selling pressure
No major stock hit its 52-week low on Thursday.
Sentiment meter favours bulls
Overall, market breadth favoured bulls as 2,317 stocks ended in the green, while 1,522 names settled in the red.
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(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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