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    Ahead of Market: 12 things that will decide D-Street action on Thursday

    Synopsis

    Chandan Taparia of Motilal Oswal Securities, the index formed an Inside Bar and a Harami candle on daily scale. He said the index needs to hold above the 17,050 zone for an up move towards 17,250 and 17,350 levels.

    Ahead of MarketGetty Images
    Here’s a look at what some key indicators are suggesting for Thursday’s action.
    NEW DELHI: Buying returned on Dalal Street after five sessions as Reliance, auto and paint stocks were in demand. Amid earnings, analysts said stock specific action will be seen as we progress in the season.

    Here's how analysts read the market pulse:-

    Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan said the index witnessed a bounce back from the lower Bollinger Band on the daily scale.

    Chandan Taparia of Motilal Oswal Securities, the index formed an Inside Bar and a Harami candle on daily scale. He said the index needs to hold above the 17,050 zone for an up move towards 17,250 and 17,350 levels.

    That said, here’s a look at what some key indicators are suggesting for Thursday’s action:

    US market mixed
    US stocks were mixed in early trading on Wednesday while oil regained some ground as investors juggled corporate earnings with what rising rates and the war in Ukraine could mean for the global economy.

    The Dow Jones Industrial Average was up 0.58% in early trading, while the S&P 500 was largely flat. The Nasdaq Composite was down 0.95%.

    Netflix slumped 34%. The company suffered its first subscriber loss in more than a decade and expects a steeper decline during the current quarter.

    European gains capped
    European stocks rose Wednesday but gains were capped as Russia continued its new offensive in eastern Ukraine, dealers said.

    London equities rose 0.4 per cent in midday deals.

    Frankfurt won 0.9 per cent and Paris added 1.2 per cent, aided by news of a return to growth in eurozone industrial output in February.

    Oil rebounded slightly, having slumped the previous day on demand concerns.

    Tech View: Inside Bar
    Nifty50 on Wednesday snapped a five-day losing streak and closed just above its 50-day moving average after flirting with the 200-day moving average at day's high. The index formed an Inside Bar pattern on the daily chart. Analysts said the index needs to take out 17,300 level decisively, before seeing any sustained momentum on the upside.

    F&O: Support at 17,000
    Major support exists at 17,000 while resistances are placed at every 100-point interval in 17,200-17,600 range.

    Stocks showing bullish bias
    Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade setup on the counters of ACC, Coal India, Hastsun Agro, eClerx Services and Ajanta Pharma.

    The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.

    Stocks signalling weakness ahead
    The MACD showed bearish signs on the counters of Adani Gas, Tata Consumer, Indian Bank, Berger Paints, Adani Ports SEZ and City Union Bank. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.

    Most active stocks in value terms
    HDFC Bank (Rs 3329 crore), Reliance Industries (Rs 3137 crore), Infosys (Rs 1691 crore), Adani Wilmar (Rs 1579 crore), ICICI Bank (Rs 1215 crore), HDFC (Rs 1178 crore) and Bajaj Finance (Rs 1106 crore) were among the most active stocks on Dalal Street in value terms. Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day.

    Most active stocks in volume terms
    MRPL (Shares traded: 11 crore), Vodafone Idea (Shares traded: 11 crore), YES Bank (Shares traded: 8 crore), GTL Infra (Shares traded: 7 crore), Visesh Info (Shares traded: 4 crore) and Tata Power (Shares traded: 4 crore) were among the most traded stocks in the session on NSE.

    Stocks showing buying interest
    MRPL, Vinati Organics, Barun Beverages and Coal India witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.

    Stocks seeing selling pressure
    No stock witnessed strong selling pressure and hit their 52-week lows, signaling bearish sentiment on the counters.

    Sentiment meter favours bears
    Overall, market breadth favoured losers as 1,659 stocks ended in the green, while 1,741 names settled with cuts.

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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