Here’s How analysts interpret the market pulse
“With The third quarter earnings season ended this week. Markets traded weak throughout today ahead of the expected inflation print. PSU Banks & IT stocks dragged Indices Traders made profits on a dull day of trading, when most sectoral indices were in the red. Equity Retail investors own a record 24.5 percent at the end of the third quarter, even though they remember rising fixed income rates on duller days like today.” S Ranganathan, Head of Research at
“Nifty formed a bearish Engulfing pattern suggesting more pain in the near term. A break of 17721 could lead to a faster fall towards the 17517-17545 band. On up moves, 17877 could be tough to breach in the near term. Q3 corporate results season could end in the next two days. Majority of companies that reported numbers in the last few days have disappointed on the street and that is getting reflected in the poor advance decline ratio today,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
That said, here’s a look at what some key indicators are suggesting for Tuesday’s action:
US main stock indexes rose on Monday as investors piled into beaten-down megacap growth stocks with a decline in Treasury yields boosting sentiment, while Meta Platforms gained on reports the Facebook parent was planning fresh layoffs.
At 10:12 a.m. ET, the Dow Jones Industrial Average was up 196.57 points, or 0.58%, at 34,065.84, the S&P 500 was up 21.17 points, or 0.52%, at 4,111.63, and the Nasdaq Composite was up 75.59 points, or 0.65%, at 11,793.71.
European stock markets rose Monday as investors set aside Asian losses and forecast easing inflation in Britain and the United States, dealers said. The pan-European Stoxx 600 index was up 0.7% by mid-afternoon, with all sectors and major bourses in positive territory
Tech View: Negative candle
A reasonable negative candle was formed on the daily chart, which indicates a range movement with weak bias for the market. The smaller degree of higher tops and bottoms continued on the daily chart, and current weakness could be in line with the new higher bottom formation. But higher bottom reversal needs to be confirmed, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of
, , , Pricol You can also find it at.
The MACD signals trend reversals in traded securities and indices. When If the MACD crosses over the signal line, this is a bullish sign. It indicates that the price of security could see an upward move and vice versa.
Stocks Signs of weakness
The MACD showed bearish signs on the counters of IDFC, M&M, NCC, Wipro And
Among others. These counters showed a bearish crossover on their MACD, which indicated that they were just beginning their downhill journey.
Most Value terms for active stocks
Coforge (Rs 3352 crore),
(Rs RIL (1109 Crore) and 2140 Cr ) were two of the most valuable stocks on NSE. Higher Activity on a counter can be used to identify counters that have the highest trading turnovers during the day.
Most active stocks in volume terms
(Shares traded: 17.75 crore), Zomato (Shares traded: 8.61 crore), (Shares Traded: 5.61 Crore) and PNBShares traded: 5.36 million) were among the top-traded stocks during the session on NSE.
Stocks Showing buying interest
Shares Of Archean Chemical, HG InfraCG Power,
And FastenersMarket participants showed strong interest in observing a number of indices as they reached fresh 52-week highs. This signals bullish sentiment.
Stocks seeing selling pressure
, , , Pfizer The 52-week lows of, and others were signaled by bearish sentiment on the markets.
Sentiment Meter favors bears
OverallMarket breadth favors bears. 1,256 stocks finished in the green while 2,337 names settled with cuts.
(Disclaimer: RecommendationsThe opinions, suggestions, and views of the experts are entirely theirs. These They do not necessarily reflect the views Economic Times)