Rohit Singre, Senior Technical Analyst at LKP Securities said: “Nifty and Nifty Bank indices have witnessed a new breakout in today’s session, suggesting that the overall structure is still buying on dip, and we may see more upward in the short term if it manages to hold above 14,250 in Nifty and 37,000 in Nifty Bank, which is immediate and strong support for the disadvantage. ”
“Optimistic global mood and improvement in corporate earnings lead to an increasing trend in the market dictated by bank and realty stocks. Mild consolidation is noticeable in pharma and IT, but midcaps continue to hit the broad market, ”said Vinod Nair, head of research at
That said, here’s a look at what some of the key indicators suggest for Tuesday’s action:
The US market closed for President’s Day
Global stocks rose for the 11th day in a row to reach a fresh peak of optimism around the rollout of COVID-19 vaccines and new fiscal assistance from Washington. However, US stock markets were closed Monday for the president’s holiday. E-mini futures for the S&P 500 traded higher, up 0.4%
European stocks rise as mining stocks win
European equities scaled one-year highs on Monday, and mining tracked a jump in copper prices as efforts to stimulate more US sent optimism around a faster global economic recovery this year. The pan-European STOXX 600 rose 1.30 percent with Rio Tinto, BHP Group and Anglo American strengthens the index. Banks and energy stocks were also among the biggest winners.
Tech View: Nifty sees eruptions upside down over 15,255
Nifty50 activated a gap-up start on Monday, ending above the 15,300 mark for the first time. Analysts said the opening upward gap remained unfilled and the index has seen an upward breakout above the 15,255 level. They are largely positive on the index now, but believe that profit booking around the 15,400-475 levels is an option. Monday’s daylight has negated the less bearish implication created by Friday’s Doji or High Wave light pattern.
Check it out candlestick formations in recent trading sessions
R&D: The options show a wider trading range
India VIX slipped 2.57% to 21.47. Now VIX needs to cool down and stay below the 20 level to continue the ongoing momentum with a higher market base. Put writing was seen at strike prices of 15,000 and 15,300, while there was Call writing at 15,300 and 15,800 levels. Options data suggested a broader trading range between 14,800 and 15,700 levels, while the immediate range is seen between 15,000 and 15,500 levels.
Stocks showing bullish bias
Momentum indicator Moving Average Convergence Divergence (MACD) on Monday showed bullish trading setup on the counters from L&T Finance Holdings, LIC Housing Finance, RBL Bank, Jaiprakash Power Ventures, Lemon Tree Hotels, DCB Bank, Orient Cement, Greaves Cotton, GIC Housing Finance, NIIT , KEI Industries, Finolex Cables, Cochin Shipyard, Tanla Platforms, Arvind SmartSpaces, IFGL Refractories, Heidelberg Cement, Navneet Education, Nucleus Software, TCI, Future Supply Chain, Pfizer, Emkay Global Financial, Rane (Madras), Swaraj Engines and Intrasoft Technologies .
Stocks that signal weakness ahead
MACD showed bearish signs on the counters from ITC, NBCC (India), Amara Raja Batteries, Bharat Forge, Titan, Indian Overseas Bank, Indraprastha Gas, Castrol India, Praj Industries, Time Technoplast, Oil India, Sanghi Industries, Polycab India, Nava Bharat Ventures, Raymond, Ashapura Minechem, Godrej Industries, DCM Shriram, Aegis Logistics, Atul Auto, Elgi Equipments, Prabhat Dairy, Gujarat Apollo Industries, Mahindra Holidays, TVS Srichakra, Punjab Chemicals and and Kalyani Investment.
Monday’s most active shares
Tata Motors (Rs 2595.04 crore), Motherson Sumi (Rs 2306.97 crore), SBI (Rs 228.74 crore), Bajaj Finance (Rs 1816.23 crore), ICICI Bank (Rs 1807.23 crore), Adani Enterprises (Rs 1630.72 crore), Cholamandalam Investment and Finance (Rs 1626.92 crore), Axis Bank (Rs 1604.65 crore), RIL (Rs 1488.95 crore) and Apollo Hospital (Rs 1328.10 crore) were among the most active stocks on Dalal Street on Monday in value.
Monday’s most active shares measured in volume
Vodafone Idea (traded shares: 33.37 crore), PNB (traded shares: 12.79 crore), Motherson Sumi (traded shares: 10.86 crore), Tata Motors (traded shares: 7.87 crore), YES Bank ( traded shares: 6.41 crore), IDFC First Bank (traded shares: 6.35 crore), SBI (traded shares: 5.66 crore), Indian Railway Finance Corporation (traded shares: 4.56 crore), L&T Finance Holding (traded shares: 4.01 crore) and Bank of Baroda (traded shares: 3.97 crore) were among the most traded shares in the session.
Shares showing buying interest
MahindraCIE, Cholamandalam Investment and Finance, Apollo Hospital, Route Mobile and Adani Gas witnessed strong buying interest from market participants as they scaled their new 52-week highs on Monday, signaling a bullish sentiment.
Shares see selling pressure
Home First Finance Company, Novartis India and Sanwaria Consumer witnessed strong sales pressure in Monday’s session, hitting their 52-week lows and signaling a bearish mood on these counters.
The sentiment meter remains neutral
Overall, market breadth remained mixed. As many as 240 stocks on the BSE 500 index settled the day in green, while 256 settled the day in red.
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Domestic equities gathered optimistic about the global recovery. Sensex took out the 52,000 mark while Nifty closed above the 15,300 level in a first. We spoke with Deepak Jasani of HDFC Securities to understand his views on the market
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