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 Nifty has crossed above its key 50-DMA at 24,830 and forming a bullish candle on the daily chart, having extended its pullback for the second straight session.
“After last week’s steep decline, the index displayed signs of recovery by closing above the 24,800 mark. Looking ahead, a gradual move towards 25,200 seems probable, and a decisive breakout beyond this level could open the path for an extended rally towards 25,500. The RSI has bounced back from oversold levels, pointing to a revival in short-term momentum,” Jain said.
With key technical indicators turning supportive, the uptrend is likely to continue in his view.
“As long as Nifty holds above 24,600, a buy-on-dips strategy remains favorable. Additionally, India VIX posted a sharp 10% drop this week to close below 10.50, signaling lower volatility and further boosting bullish sentiment,” the Centrum Broking analyst said.
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Tech View
Decoding the charts Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Interrmediates said Nifty has recovered from the 100-DEMA, and eventually settled on a positive note at 24,894. “On the daily chart, Nifty formed a bullish candle near the 100-DEMA (24,747), signalling strength, while on the weekly chart index formed an insider bar candlestick pattern. However, the index is still trading below the 21-DEMA hurdle placed around 24,915. A sustained breakout above 24,915 could trigger fresh momentum towards 25,020 and 25,120, which correspond to the 50% and 61.8% Fibonacci retracement levels of the decline from 25,449 to 24,588.
Most active stocks in terms of turnover
Tata Investment (Rs 671 crore), Netweb Technologies (Rs 317 crore), Kotak Mahindra Bank (Rs 151 crore), Tata Motors (Rs 140 crore), Adani Power (L&T, Rs 140 crore), Reliance Industries (RIL, Rs 118 crore), and ICICI Bank (Rs 97 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: 7.03 crore), PC Jeweller (Traded shares: 70.44 lakh), Yes Bank (Traded shares: 1.26 crore), Adani Power (Traded shares: 95.43 lakh), Suzlon (Traded shares: 88.95 lakh), SpiceJet (Traded shares: 55.91 lakh) and Sandur Manganese Iron Ores (Traded shares: 53.09 lakh crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Atlantaa, V-Mart Retail, Orient Technologies, V2 Retail, P N Gadgil Jewellers, The Orissa Minerals Development Company, AAA Technologies and KIOCL were among the stocks that witnessed strong buying interest from market participants.
Also Read: Gainers & Losers: Tata Investment among 8 stocks that hogged limelight on Friday
52 Week high
Over 190 stocks hit their 52 week highs today while 83 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aarey Drugs & Pharmaceuticals, Aayush Art And Bullion, Aditya Birla Capital, ABM Knowledgeware, AGI Infra, Avishkar Infra Realty, Alan Scott Enterprises, Avantel, Fortis Healthcare and Hindalco Industries.
Stocks seeing selling pressure
Among the large cap names were Max Healthcare, Tech Mahindra and Eicher Motors. Other stocks which witnessed significant selling pressure were Baazar Style Retail, Sigma Solve, The Grob Tea Company, Jain Resource Recycling, Tata Investment Corporation, Blue Coast Hotels, Unimech Aerospace and Manufacturing and Sejal Glass.
Sentiment meter favours bulls
Action in banking heavyweights like Bharti Airtel, Larsen & Toubro (LT) and Axis Bank lifted the markets the most, ensuring a positive closing. The breadth also stayed positive in broader markets. Out of the 4,339 stocks that traded on the BSE on October 3, Friday, 2,636 stocks witnessed advances, 1,568 saw declines while 135 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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