Nifty: Ahead of Market: 10 things that will decide D-St action on Wednesday

Benchmark indices rallied for the second straight day, led by gains in PSU bank stocks. Nifty ended higher at 17,480 points. SBI, Adani Ports, , Nestle and SBI Life led the pack of Nifty winners, while the laggards were NTPC, HDFC, , and.

This is how analysts read the market pulse:

Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said: “After showing an upward move from intraday lows on Monday, Nifty saw a decisive upward move on Tuesday, closing the day 175 points higher. After opening with an upward gap of 123 points, the market made an attempt to move higher early in the session. Later it switched to area-bound action in the middle part and closed near the heights. The upside gap that is opening remains unfilled.”

Rupak De, Senior Technical Analyst at said: “The benchmark index has moved above previous consolidation as the Nifty ended in the green for the second straight day. Momentum indicator RSI is in a bullish crossover and rising, suggesting positive momentum in the short-term. Trend is expected to remain positive as long as the Nifty holds above 1.7250 crucial support.”

Here’s a look at what some key indicators suggest for Wednesday’s action:

US stocks rebound again after Goldman results

Wall Street shares rose for a second straight session early Tuesday on solid corporate results that boosted hopes for the earnings season.

Analysts pointed to better-than-expected reports from Goldman Sachs and Johnson & Johnson as positive drivers for equities, as well as shifting investor sentiment.

As of 12:11 p.m. ET, the Dow Jones Industrial Average was up 268.46 points, or 0.89%, to 30,454.28, the S&P 500 was up 35.15 points, or 0.96%, to 3,713.10, and the Nasdaq Composite was up 96 .01 points or 0.90%. , at 10,771.81.

European stocks extend profit

European stocks rose on Tuesday, building on the previous session’s rally driven by the historic reversal in Britain’s fiscal plan, with investors eyeing earnings reports to gauge the economic outlook. The regional STOXX 600 Index was up 0.5% by 07:05 GMT, extending gains for a fourth straight session, led by technology stocks, with shares in chipmakers including ASML Holdings and BE Semiconductor falling between 0.9% and 3% gained.

Tech View: Bullish candle on the daily chart

On the daily chart, Nifty formed a bullish candlestick with a long upper shadow. The momentum indicator RSI rose and remained in the bullish crossover, suggesting positive momentum in the near-term.

Stocks with a bullish bias

The momentum indicator Moving Average Convergence Divergence (MACD) showed an upward trend in the counters of PNB, SBI, BOB,

and Kalyan Jewelers, among others.

The MACD is known to signal trend reversals in traded securities or indices. When the MACD crosses the signal line, it gives a bullish signal, indicating that the security’s price could see upward movement and vice versa.

Stocks signal weakness

MACD showed bearish signs in counters by Samvardhana Motherson,

, NMDC, Vedanta and HFCL. A bearish crossover on the MACD at these counters indicated that they have just started their downward movement.

The most active stocks by value

RIL (Rs 1,404 crore),

(Rs 1,394 crore), HDFC (Rs 1,271 crore), SBI (Rs 1,141 crore) and BHEL (Rs 943 crore) were among the most active stocks on the NSE by value. Higher value activity at a counter can help identify the counters with the highest trading volume of the day.

Most active stocks by volume

(shares traded: 19.81 crore), BHEL (shares traded: 13.97 crore), (shares traded: 10.51 crore) and PNB (shares traded: 9.38 crore) were among the most traded stocks in the session at the NSE.

Stocks show buying interest

portions of data patterns,

, NHPC. and TVS Motor, among others, saw strong buying interest from market participants as they scaled fresh 52-week highs, signaling bullish sentiment.

Stocks under selling pressure

shares of Motherson Sumi,

and Nykaa, among others, saw strong selling pressure and touched 52-week lows, signaling bearish sentiment on the meters.

The sentiment gauge favors bulls

Overall, market breadth favored losers as 2,002 stocks ended in the green while 1,431 names ended in the red.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times) Nifty: Ahead of Market: 10 things that will decide D-St action on Wednesday

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