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

    Synopsis

    Nifty established a bearish Harami candle on the daily charts as it closed below its 200-day moving average (DMA). For Nifty traders, analysts suggested, 17,050 would be the key resistance level.

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    NEW DELHI: Tracking weak global cues, Indian equity markets remained under pressure on the first trading day of the new quarter. Nifty ended the session lower by over 200 points, while Sensex ended with a cut of over 600 points at 56,788. Meanwhile, broader markets tumbled in line, with Nifty Midcap 100 losing over 1%.

    Here's how analysts read the market pulse:

    Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One, said after Friday’s spectacular session, market participants certainly did not expect this weakness; but globally, there is no end to these mishaps. “As far as levels are concerned, 16,800 – 16,750 are to be considered as immediate supports, and if there is no aberration globally, we may see our markets defending this sacrosanct zone. On the flip side, 17,000 – 17,100 – 17,200 is to be seen as a cluster of hurdles”, he added.

    Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said despite pressure from global peers, Indian markets managed to open on a flat note. However, after struggling in the first half, heavy selling led to a sharp fall in the markets in the later half of the day.

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

    Wall Street jumps over 1%
    US stock indexes rose on Monday after sharp declines last week although losses in Tesla Inc capped the gains on the Nasdaq after the world's most valuable electric-vehicle maker missed quarterly delivery targets.

    At 10:04 a.m. ET, the Dow Jones Industrial Average was up 445.72 points, or 1.55%, at 29,171.23, the S&P 500 was up 54.78 points, or 1.53%, at 3,640.40, and the Nasdaq Composite was up 127.33 points, or 1.20%, at 10,702.95.

    European stocks close higher
    European shares gained on Monday, in a positive start to the last quarter of this year, as a slew of bleak economic activity data helped ease some jitters around the pace of monetary policy tightening by central banks to stamp out runaway inflation.

    The region-wide STOXX 600 index reversed earlier session losses to close up 0.7%, as data showed manufacturing activity across the euro zone declined further in September, hurt by a growing cost-of-living crisis and soaring energy bills.

    Tech View: Bearish Harami candle
    Nifty established a bearish Harami candle on the daily charts as it closed below its 200-day moving average (DMA). For Nifty traders, analysts suggested, 17,050 would be the key resistance level.

    Stocks showing bullish bias
    Momentum indicator Moving Average Convergence Divergence (MACD) showed a bullish trade setup on the counters of Samvardhana Mother, Oriental Hotels, Triveni Turbine, Mazagon Dock and Aurobindo Pharma.

    The MACD is known for signalling 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 HCC, Reliance Communications, Silly Monks, Sterling and Wilson and Alkem Laboratories.

    A bearish crossover on the MACD on these counters indicated that they had just begun their downward journey.

    Most active stocks in value terms
    Adani Enterprises (Rs 2,455 crore), RIL (Rs 931 crore), RIL (Rs 1,303 crore), Adani Ports (Rs 1,040 crore), Bharti Airtel (Rs 1015 crore), and Maruti Suzuki (Rs 968 crore) were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with the highest trading turnovers in the day.

    Most active stocks in volume terms
    Suzlon Energy (Shares traded: 20.7 crore), Vodafone Idea (Shares traded: 19.01 crore), ONGC (Shares traded: 5.09 crore), Yes Bank (Shares traded: 4.8 crore), PNB (Shares traded: 4.7 crore) and Zomato (Shares traded: 4.45 crore) were among the most traded stocks in the session on NSE.

    Stocks showing buying interest
    Shares of Cochin Shipyard, Triveni Turbine, Mazagon Dock, Chalet Hotels and Rites witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.

    Stocks seeing selling pressure
    Shares of Piramal Enterprises, Oracle, Birlasoft, Sona BLW and Tamilnad Mercantile were among those that witnessed strong selling pressure and hit their 52-week lows, signalling bearish sentiment on the counters.

    Sentiment meter favours bears
    Overall, market breadth favoured losers as 2,194 stocks ended in the red, while 1,356 names advanced.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



    (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 .)

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

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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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