Market Outlook: Ahead of Market: 12 Things That Will Decide Tuesday’s Stock Action

NEW DELHI: The market has seen some buying over the past few weeks and now the focus will be on earnings and the RBI policy meeting. Analysts believe interest rate-sensitive stocks and IT stocks will be in focus.

How Analysts Read Market Pulse:-

Technically, if this market holds above the bullish gap zone of the day of 17,791-17,703, price will go with initial targets of 18,350, said’s Mazhar Mohammad.

Nifty50 has been making higher highs and higher lows for the past three sessions, said Motilal Oswal Securities’ Chandan Taparia, who said the index needs to sustain above 17,400 zones to see any upward movement towards 17,650 and 17,777. This analyst sees support for the index at 17,350 and 17,222.

However, here’s a look at what some of the key indicators of Tuesday’s action suggest:

Nasdaq, S&P 500 rise as growth stocks, Twitter jumps

The Nasdaq and S&P 500 rose on Monday, driven by megacap stocks and a 20% surge in Twitter stock, although global sentiment remained cautious amid talks of more sanctions against Russia over its invasion of Ukraine.

Microblogging site Twitter rose 24.1% to become the best-performing stock in the S&P 500 after Tesla CEO Elon Musk reported a 9.2% stake in the company.

Tesla gained 3% after the electric vehicle maker reported record first-quarter deliveries. As of 10:30 a.m. ET, the Dow Jones Industrial Average was up 2.77 points, or 0.01%, to 34,821.04, held by shares of McDonald’s and UnitedHealth.

European markets close higher

European markets closed higher on Monday as western powers prepared for further sanctions against Russia following allegations of massacres of civilians in Ukrainian cities. The Stoxx Europe 600 Index fluctuated before finishing higher.

Tech View: Bullish candlestick

Nifty50 effortlessly broke above 18,000 on Monday and formed a long bullish candle on the daily chart after a gap-up start, indicating strong positive momentum. More upside is possible, analysts said.

F&O: Support at 18,000

Options data suggests that 18,000 turned out to be immediate support for Refinedwhile 18,500 is now the biggest hurdle.

Stocks with a bullish bias

The Moving Average Convergence Divergence (MACD) momentum indicator showed a bullish trade setup on the Godrej Agrovet, Ujjivan SFB, Caplin Point, Tata Steel Long Products, Nilkamal, and Prince Pipes counters.

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

The MACD showed bearish signs on the counters of Orient Refractories and Ajanta Pharma. A bearish crossover by the MACD on these counters indicated that they had just started their downward movement.

The most active stocks by value

HDFC (Rs 9,287 crore), HDFC Bank (Rs 8,043 crore), Adani Power (Rs 3,587 crore), Adani Wilmar (Rs 1,746 crore), HDFC Life (Rs 1,390 crore), Infosys (Rs 1,388 crore) and ICICI Bank (Rs 1,276 crore) were among the most active stocks Dalal Street in terms of 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

Vodafone Idea (Shares traded: 22 crore), Adani Power (Shares traded: 17 crore), YES Bank (Shares traded: 11 crore), IDFC First Bank (Shares traded: 8 crore), JP Power (Shares traded: 7 crore) and GTL Infra (shares traded: 6 crore) were among the top traded stocks during the session on the NSE.

Stocks show buying interest

Easy Trip Planners, GSFC, Adani Green Energy, Abajaj Holdings, Rashtriya Chemicals, TV18 Broadcast, and Adai Gas saw strong buying interest from market participants as they scaled fresh 52-week highs, signaling bullish sentiment.

Stocks under selling pressure

No stock experienced strong selling pressures and touched their 52-week lows, signaling bearish sentiment on the counters.

The sentiment gauge favors bulls

Overall, market breadth favored gainers as 2,647 stocks ended in the green while 877 names were satisfied with cuts. Market Outlook: Ahead of Market: 12 Things That Will Decide Tuesday’s Stock Action

Adam Bradshaw

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