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    Ahead of Market: 10 things that will decide D-Street action on Friday

    Synopsis

    Rupak De, Senior Technical Analyst at LKP Securities, said: "Nifty remained volatile during the day before closing on a flat note. On the daily chart, the index has been consolidating for the last few days. However, it has sustained above the crucial moving average on the daily timeframe confirming the uptrend. On the higher end, the index may move towards 17,950. On the lower end, support is visible at 17,650/17,550."

    ahead-of-market-1-95109396.Agencies
    NEW DELHI: Benchmark indices ended Thursday’s session on a positive note. Despite mixed global cues and rising crude prices, Nifty and Sensex ended higher, with Nifty ending above the 17,700. Broader markets outperformed the headline indices.

    Here's how analysts read the market pulse:

    Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities, said: “Zooming into the 15 minute chart, we see that though Nifty witnessed selling pressure from the highs, the index recovered from the lows and managed to close with healthy gains. The short term trend therefore remains up as the Nifty moved above the previous swing high of 17,429 and made higher bottoms over the last few weeks.

    Rupak De, Senior Technical Analyst at LKP Securities, said: "Nifty remained volatile during the day before closing on a flat note. On the daily chart, the index has been consolidating for the last few days. However, it has sustained above the crucial moving average on the daily timeframe confirming the uptrend. On the higher end, the index may move towards 17,950. On the lower end, support is visible at 17,650/17,550."

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

    Stocks gain ground on Wall Street
    Stocks mostly rose in morning trading on Wall Street, but major indexes remained unsettled as more big companies report earnings.

    The S&P 500 fell 0.3% as of 10:50 a.m. Eastern time. The tech-heavy Nasdaq fell 0.5%. Facebook's parent company Meta Platforms plummeted 22.1% after reporting a second straight quarter of revenue decline amid falling advertising sales and stiff competition from TikTok. The Dow Jones Industrial Average rose 452 points, or 1.4%, to 32,299.

    European markets close higher
    The pan-European STOXX 600 index ended the day a marginal 0.08% higher, having earlier touched its highest level since September 20 in a see-saw session as traders digested the latest 75 basis point rate hike by the European Central Bank (ECB). European stocks fell after the ECB policy announcement but quickly regained ground and ended the day higher having traded as much as 0.9% lower in the build-up during morning trading.

    Tech View: Inside bar
    On the daily chart, the Nifty formed an Inside Bar. The hourly chart shows that the index is forming a distribution below the key Fibonacci retracement at 17,800 for the last couple of sessions, analysts said. After consolidating around the 17,800 zone for the last three sessions, any upside could lead the index towards the 18000-18200 zone.

    Stocks showing bullish bias
    Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trend in the counters of SJVN, JSW Steel, DCB Bank, Ircon and DCW, among others.

    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 PCBL, Allcargo Logistics, Vardhaman, Easy Trip and EID Parry, among others.

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

    Most active stocks in value terms
    ICICI Bank (Rs 1489 crore), RIL (Rs 1414 crore), HDFC Bank (Rs 1161 crore), Bajaj Finance (Rs 1150 crore), and Axis Bank (Rs 1091 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 highest trading turnovers in the day.

    Most active stocks in volume terms
    YES Bank (Shares traded: 11.13 crore), PNB (Shares traded: 9.63 crore), Suzlon Energy (Shares traded: 8.41 crore), RBL Bank (Shares traded: 7.64 crore) and Tata Steel (Shares traded: 7.43 crore) were among the most traded stocks in the session on NSE.

    Stocks showing buying interest
    Shares of SJVN, IIFL Finance, Phoenix Mills, Tamilnad Mercantile, Granules India and Concor, among others, witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.

    Stocks seeing selling pressure
    Shares of NMDC, Gland Pharma, Nykaa, Prince Pipes, Delhivery and Mphasis, among others, witnessed strong selling pressure and hit their 52-week lows, signaling bearish sentiment on the counters.

    Sentiment meter favours bulls
    Market breadth favoured losers as 1,787 stocks ended in the green, while 1,641 names ended with cuts.

    (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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    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


    (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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