Waiting for the market: 10 factors that will determine the performance of the stock market on Tuesday

Indian benchmark indices hit fresh record highs on Monday, though trading remained range-bound. While the 50-share index Skilled climbed 25,445.70 before ending the session at 25,377.80 and gained 21.30 points or 0.08% over Friday’s close, the S&P BSE Sensex hit a record high of 83,184.34 before ending the session at 82,988.99, up 98.05 points or 0.12%.

This is how analysts read the market pulse:

Commenting on the day’s action, Jatin Gedia, Technical Research Analyst at Sharekhan, said he expected the consolidation to likely continue for a couple of trading sessions with the stock-specific action leading the way. “The underlying tone is bullish and it is likely to resume its upward move once the consolidation phase is completed. The upside is likely to head towards 25,500 – 25,700. Support is placed in the 25,200 – 25,150 zone,” Gedia said.

US Markets:
On Monday, technology stocks led the S&P 500 and Nasdaq lower at the open as investors turned cautious ahead of the Federal ReserveIt is crucial monetary policy The decision will be made later in the week. Most traders expect a significant cut in borrowing costs. The Dow hit an all-time intraday high and the S&P 500 is approaching its own milestone.

Chip stocks, which are sensitive to interest rates, fell. Nvidia, a key driver of this year’s rally, fell 2%, Broadcom dropped 2.2% and Qualcomm lost 1.5%. These losses contributed to a 1.7% drop in the Philadelphia SE Semiconductor Index.Since the beginning of the year, markets have been driven by expectations that the Federal Reserve, the world’s most influential central bank, would soon begin a cycle of monetary policy easing.

European stocks:
Europe’s STOXX 600 fell slightly on Monday, dragged down by losses in major technology stocks, as attention focused on the US Federal Reserve, which is expected to start its monetary policy easing cycle this week. The STOXX 600 closed down 0.2%, ending a three-day winning streak.

Technology stocks suffered the biggest drop, down 1.2% after a nearly 5% rise the previous week. Retail stocks led the gains with a 0.9% rise, boosted by a 3.1% jump in H&M shares.

Technical view
Rupak De, Senior Technical Analyst at LKP Securities, said the trend in Nifty seems to be strong and there is no change in the technical chart formation compared to the previous day. However, the upside remains limited in the near term, he opined. “Key support levels remain intact between 25,150 and 25,200, while resistance lies around 25,460 and 25,500. A decisive breakout of the current range could initiate a directional move,” De said.

Most active actions in terms of turnover
Bajaj Housing Finance (Rs 954 crore), India Shelter Finance Corporation (Rs 575 crore), SpiceJet (Rs 206 crore), Zomato (Rs 120 crore) and Adani Power (Rs 117 crore) were among the most active stocks on the Boston Stock Exchange in terms of value. Higher activity in a market in terms of value can help identify markets with higher trading volumes on the day.

Most active stocks in terms of volume
Bajaj Housing (shares traded: 6.08 crore), SpiceJet (shares traded: 2.69 crore), Vodafone Idea (shares traded: 2.61 crore), Yes Bank (shares traded: 1.51 crore), Rama Steel (shares traded: 1.51 crore), GTL Infra (shares traded: 1.48 crore), Suzlon (shares traded: 1.01 crore) and India Shelter Finance (shares traded: 76.39 lakh) were among the most traded stocks in terms of volume on BSE.

Stocks that show buying interest
Shares of Aarti Surfactants, Arihant Capital Markets, Galaxy Surfactants, SpiceJet, LT Foods, Thermax, MCX and Adani Power were among the stocks that saw strong buying interest from market participants.

52 weeks maximum
Over 380 stocks hit their 52-week highs today, while 35 stocks fell to their 52-week lows. Among those that hit their 52-week highs are CarTrade Tech, Ceat, Century Textiles, Coforge, Dixon Technologies, Epack Durable, Fortis Healthcare, Galaxy Surfactants, HCL Technologies, Indian Energy Exchange (IEX) and JSW Steel.

Stocks see selling pressure
Large-cap names included Bajaj Finance, Hindustan Unilever (HUL), Bajaj Finserv, SBI Life Insurance Company and Britannia Industries. Other stocks that saw significant selling pressure included India Shelter Finance, Mangalam Seeds, 63 Moons, Inox Wind and Yatharth Hospital & Trauma Care Services.

Sentiment gauge favors bulls
While the action in heavyweights like ICICI BankLarsen and Toubro (L&T), PCNT and HDFC Bank Although markets closed higher, overall breadth was evenly split between bulls and bears. Of the 4,201 stocks traded on the Boston Stock Exchange on Monday, 2,065 were higher, while 2,045 were lower and 91 stocks were unchanged.

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(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of Economic Times)