The broader NSE Nifty index rose 34 points or 0.14 per cent to close at 25,052, while the 30-share BSE benchmark Sensex gained 74 points or 0.09 per cent to close at 81,785.
This is how analysts read the market pulse:
“Nifty has been facing stiff resistance around the crucial zone of 25,075-100 levels for the past few days and we believe that Nifty will outperform further only if it is able to close decisively above this resistance zone or else profit-taking is likely from current levels. The short-term moving averages are just below the price action and should continue to support the indices on every dip. Support for the index is now seen at 25,000-24,950 and 24,850 levels. On the upside, the immediate resistance for Nifty is at 25,078 level and the next resistance zone is at 25,200-250 levels. Overall, Nifty is likely to remain volatile within the 24,750-25,250 range in the near term,” said Tejas Shah, Technical Research, JM Financial and BlinkX.
LKP Securities’ Rupak De said: “A decisive move above 25,100, or a close above this level, could confirm a fresh rally in the market. Otherwise, Nifty could fall further as absence of sustained buying could trigger selling pressure. Immediate support lies at 24,800.”
That said, let’s take a look at what some key indicators suggest for Thursday’s action:
US Market:
Wall Street’s major indexes were broadly flat on Wednesday as investors awaited Nvidia’s earnings report, focusing on whether the recent bull market rally fueled by Nvidia and other tech stocks can continue.
Indexes have fluctuated between small gains and losses this week, with the Dow hovering near an all-time high and the S&P 500 just 1% from a record peak, as market participants await Nvidia’s results after the bell.
from Nvidia actions Nvidia shares edged lower. Options prices suggest traders expect Nvidia shares to move about 9.8% on Thursday following the earnings report, according to analytics firm ORATS.
Technical Overview: Doji Candlestick Pattern
Nifty formed a Doji candlestick pattern on the daily chart after hitting a new high and signaling resistance around 25,100 levels.
The underlying trend of the index remains positive. Further consolidation or a minor decline from here is likely to create room for a decisive bullish break of 25,100 level. A sustainable bullish break from here could open up the upside target of 25,360 levels in the near term as per Fibonacci extension. Immediate support lies around 24,800-24,750 levels, said Nagaraj Shetti of HDFC Securities.
Stocks showing bullish bias:
Momentum indicator Moving Average Convergence-Divergence (MACD) showed an upward trend trade at the counters of TVS Holdings, Akzo Nobel India, Kifin Technologies, Divi’s Laboratories, Infosys and PTC Industries, among others.
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 price of the listed asset has increased. security You can see an upward movement and vice versa.
Actions that indicate weakness in the future:
The MACD showed bearish signals on the counters of Page Industries, Gravita India, CAMS, Just Dial, HUL, Ipca Laboratories, and Firstsource Solutions, among others. The bearish crossover of the MACD on these counters indicated that they have just started their bearish journey.
Most active stocks in terms of value:
NBCC (Rs 5,904 crore), Tata Elxsi (Rs 2,417 crore), HDFC Bank (Rs 2,202 crore), LTIMindtree (Rs 2,177 crore), Trent (Rs 1,686 crore), ICICI Bank (Rs 1,503 crore) and RIL (Rs 1,441 crore), among others, were among the most active stocks on NSE in terms of value. Higher activity on a counter in terms of value can help identify the counters with higher trading volumes on the day.
Most active stocks in terms of volume:
Vodafone Idea (shares traded: Rs 40.2 crore), NBCC (shares traded: Rs 29.7 crore), YES Bank (shares traded: Rs 8.2 crore), GMR Infra (shares traded: Rs 6 crore), Tata Teleservices (shares traded: Rs 5.4 crore), IEX (shares traded: Rs 5.3 crore) and Zee Entertainment Enterprises (shares traded: Rs 5.2 crore), among others, were among the most traded stocks in the session on NSE.
Stocks showing buying interest:
Shares of NBCC, Trent, Granules India, IEX, Balrampur Chini, Eris Lifesciences and Divi’s Labs, among others, witnessed strong buying interest from market participants as they hit their fresh 52-week highs, indicating bullish sentiment.
Stocks see selling pressure:
No major stocks hit their 52-week lows on Wednesday.
Sentiment gauge favors bulls:
Overall, market breadth favored the bulls as 2,147 stocks ended in the green, while 1,815 names closed in the red.
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of the Economic Times)
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