Here’s how analysts read the market pulse:
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty is back to its 200-DMA after a strong Friday recovery, indicating an improving trend. Additionally, the 50-stock index has broken out of a few days of congestion on the daily timeframe, he said. “The RSI has entered a bullish crossover near the oversold zone, suggesting positive momentum. The sentiment appears favorable for a meaningful rally in the short term, as long as the index stays above 23,600,” De said.
US markets
Wall Street closed higher on Friday, with all three major indexes posting weekly gains, as investors took comfort from data pointing to robust economic activity in the world’s biggest economy.
A measure of business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump’s administration next year.
European Markets
Tech led gains in Europe on Friday, with the benchmark stock index on track for its first weekly advance in five, as the recent selling pressure due to geopolitical tensions eased, but the mood was still sombre after discouraging economic data.
The pan-European STOXX 600 was up 0.6% as of 0915 GMT and was set for its second day of gains.
Tech View
Decoding the technical charts, Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty opened gap up today and witnessed a short covering rally. “It surpassed the high of the last five trading sessions and closed with gains of 557 points. On the daily charts we can observe that the Nifty surpassed the previous swing high of 23,780 and thereby reversing its short-term trend,” Gedia said. On the upside he expects the Nifty to retrace towards 24,400 with potential to extend towards 24,730 while on the downside, 23,630 – 23,560 should act as a crucial support zone and only a dip below these levels will make the structure weak.
Most active stocks in terms of turnover
Protean eGoV Technologies (Rs 460.27 crore), Adani Green Energy (Rs 263.12 crore), Adani Enterprises (Rs 254.34 crore), Adani Power (Rs 193.80 crore), Power Grid (Rs 182.67 crore), Adani Ports (Rs 176.14 crore) Paytm (Rs 152.02 crore), Reliance Industries (Rs 131.50 crore) and SBI (Rs 124.03 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: 7.25 crore), Srestha Finvest (Traded shares: 3.16 crore), Suzlon Energy (Traded shares: 1.58 crore), GTL Infra (Traded shares: 86.26 lakh), SpiceJet (Traded shares: 60.73 lakh), Yes Bank (Traded shares: 54.99 lakh) and Power Grid (Traded shares: 54.93 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Shares of SBI, Bajaj Finance, Raymond, Praj Industries, Swan Energy, EaseMyTrip, MRPL and Sobha were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 163 stocks hit their 52-week highs today while 107 stocks slipped to their 52-week lows. Among the ones that hit their 52 week highs included Coforge, Coromandel International, CRISIL, Fortis Healthcare, HCL Technologies, Mastek, National Aluminium Company and Finance Company and Persistent Systems.
Stocks seeing selling pressure
Among the largecap names was Bajaj Auto. Other stocks that witnessed significant selling pressure were Adani Energy Solutions, Adani Green Energy, Network18 Media, Torrent Power, and Honasa Consumer (Mamaearth).
Sentiment meter favours bears
Action in heavyweights like Reliance Industries (RIL), Infosys and SBI helped markets shoot up amid buying trends across sectors. The market sentiments were bullish. Out of the 4,041 stocks that traded on the BSE on Friday, 1,539 stocks witnessed declines, 2,396 saw advances while 106 stocks remained unchanged.
Also Read: ACC, Adani Enterprises among 6 Adani Group stocks where FIIs cut stakes in CY2024
(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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