This is how analysts read the pulse of the market:
Ruchit Jain, principal investigator,
5paisa.comHe said that intraday supports on Nifty for the upcoming session are located around 17,576 and 17,485, while resistances will be seen around 17,720 and 17,772.
Siddhartha Khemka, head of retail research,
, said Nifty is likely to continue to trade sideways in the absence of major domestic events. “Globally, nine central banks are due to meet this week to announce their policy, while the decision on the UK PM could also boost global markets in the near term.”
With that said, here’s a look at what some key indicators suggest for Tuesday’s action:
The US market will be closed for Labor Day today.
European stocks fall
European stock indices fell on Monday, the euro dipped below 99 cents for the first time in 20 years and European gas prices rose after Russia said its main pipeline supplying gas to Europe would remain closed.
Gas deliveries were due to resume on Saturday, but Russia removed that deadline on Friday and gave no new deadline for reopening. The news stoked fears of a recession in Europe, with businesses and households hit by soaring energy prices.
At 1414 GMT, the MSCI World Equity Index, which tracks shares in 47 countries, was down 0.4% on the day. Europe’s STOXX 600 was down 0.8%, having recovered slightly after approaching a seven-week low earlier in the session.
London’s FTSE 100 was down 0.1% and Germany’s DAX was down 2.3% on the day.
Tech View: Buy the falling market
Nifty50 formed a bullish candlestick on the daily chart and held in a wider range. Analysts said the index faces resistance at 17,780-800, the break of which may attract buying. They see immediate support at 17,500. It’s a buy dip market, they said.
Stocks showing a bullish bias
The Momentum Moving Average Convergence Divergence (MACD) indicator showed a bullish trade setup on Vakrangee counters,
Cera Sanitary, and Network18 Media.
The MACD is known for signaling trend changes in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the security’s price may see an upward move and vice versa.
Stocks signal weakness ahead
The MACD showed bearish signals on the counters of GSK Pharma,
, Y .
A bearish cross on the MACD on these counters indicated that they have just started their downward journey.
Most active stocks in terms of value
RIL (1,340 crore), HDFC Bank (906 crore), ICICI Bank (772 crore), Kotak Bank (738 crore), TCS (673 crore) and
(Rs 642 crore) were among the most active shares in NSE in terms of value. Higher activity on a counter in terms of value can help identify the counters with the highest trading volumes on the day.
Most active stocks in terms of volume
Tata Steel (Shares traded: Rs 4 crore), ITC (Shares traded: Rs 1.7 crore), NTPC (Shares traded: Rs 1.5 crore), ONGC (Shares traded: Rs 1.5 crore) , Hindalco (shares traded: Rs 1.5 crore) and Power Grid (shares traded: Rs 1.4 crore) were among the most traded stocks on the NSE session.
Stocks Showing Buying Interest
, , Welspun Corp and Solar India saw strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
Stocks experience selling pressure
and Sanofi India were among those to see strong selling pressure and hit their 52-week lows, signaling bearish sentiment on accountants.
Sentiment meter favors bulls
Overall, the breadth of the market favored the losers, with 2,191 stocks ending in the green, while 1,382 names closed lower.
(Disclaimer: The recommendations, suggestions, points of view and opinions given by the experts are their own. These do not represent the views of the Economic Times)