Nifty Smallcap 100 index and Nifty Midcap 100 index, too, hit record highs on a closing basis.
Getty Images Analysts said though some weakness was observed at higher levels, Nifty may soon surpass the 16,000 level.
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NEW DELHI: Domestic equity indices started the week on a strong note and ended at record closing highs led by gains in utility, power and telecom stocks. Nifty Smallcap 100 index and Nifty Midcap 100 index, too, hit record highs on a closing basis.
Nifty traded in a narrow range of 95 points and closed above the crucial 15,750 level, forming a small bullish candle on the daily chart. Analysts said though some weakness was observed at higher levels, Nifty may soon surpass the 16,000 level. Will Nifty move in a consolidated range or will it soon hit the crucial 16,000 level?
Here's how analysts read the market pulse:
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Stock score of Shriram Transport Finance Company Ltd moved down by 2 in a week.
Chandan Taparia of Motilal Oswal Securities said the index has been forming higher highs and lows for the last three sessions. "It has to hold above 15,700 levels to witness an up move towards a fresh lifetime high of 16,000. Downside supports exist at 15,550 and 15,431 levels," Taparia said.
Shrikant Chouhan of Kotak Securities said the trading range for Nifty50 is not expanding, which is an indication of cautiousness at higher levels. "Technically, 15,800 would be a major obstacle for the market and sustenance above 15,800 levels would invite short coverings in the market," Chouhan said, adding that falling below 15,700 level may drag Nifty50 towards 15,600-15,550 level.
That said, here’s a look at what some of the key indicators are suggesting for Tuesday's action:
US shares flat; all eyes on inflation reading Wall Street was little changed on Monday as investors remained on the fence ahead of key inflation data later this week, while heavyweight technology shares largely shrugged off a deal by the world's richest nations on a global minimum corporate tax. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, squeezing more money out of multinational companies such as Amazon and Google.
The Dow Jones Industrial Average was down 7.59 points, or 0.02 per cent, at 34,748.80 at the last count. The S&P 500 was down 5.41 points, or 0.13 per cent, at 4,224.48, and the Nasdaq Composite was down 17.41 points, or 0.13 per cent, at 13,797.08.
European shares mixed as euphoria fades European shares were mixed Monday, as initial euphoria about the gains that closed out last week on Wall Street faded. France's CAC 40 slipped 0.1 per cent and Germany's DAX 0.1 per cent, but Britain's FTSE 100 edged up 0.2 per cent. The continent-wide STOXX 600 index was flat after hitting a fresh peak in morning trade, with global investors in a cautious mooda European Central Bank meeting later this week.
F&O: Nifty50 setup all bullish; low VIX can take it ever higher India VIX fell 2.34 per cent from 15.94 to 15.56. The fear gauge is near its lowest levels of last 17 months since February 2020 and a falling VIX can extend the bullish market momentum towards a fresh new high territory. The bulls dominated in the second half of the session on Monday.
Tech View: Nifty eyes 16K level, strong support seen at 15,550 Analysts say that while some cautiousness has been observed at higher levels, the 16,000 level is a real possibility. They expect the 15,600-550 zone to act as the immediate support for the index. Chandan Taparia of Motilal Oswal Securities said the index has been forming higher highs and lows for the last three sessions. "It has to hold above 15,700 to witness a bounce towards fresh life-time high of 16,000. Downside supports exist at 15,550 and 15,431 levels," he said.
, Wipro, Hikal, Aditya Birla Money, KM Sugar Mills, Kolte-Patil Developers, Gati, CESC, KCP Sugar, Granules India, Cochin Shipyard, Avadh Sugar & Energy, Star Cement, Shilpa Medicare, DCM Shriram, Cummins India, Clariant Chemicals, Orient Abrasives, Gulf Oil Lubricants, BEML, Vidhi Specialty Food, Total Transport Systems,Creative Peripherals, Bedmutha Industries, Airan, MCX, Amber Enterprises, Omax Auto, Simbhaoli Sugars, Smartlink Holdings, SRF, RPSG Ventures, JK Cement, Tube Investments, Seya Industries, Garware Tech Fibres, Ganges Securities and India Motor Parts.
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 Varroc Engineering, Cipla, Asian Granito India,
, Bajaj Finserv, Karda Constructions, Genus Paper & Boards, RPP Infra Projects, Natco Pharma, Tanla Platforms, Zensar Technologies, KEC International, Relaxo Footwears, Shivam Autotech, Cambridge Technology, Optiemus Infracom, Blue Dart Express, Vindhya Telelink, ABB Power Products, Kewal Kiran Clothing, Zenith Exports and Apollo Sindoori Hotels. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.
Monday's most active stocks in value terms Adani Ports SEZ (Rs 2,956.34 crore), Adani Enterprises (Rs 2,539.92 crore), Tata Motors (Rs 2,251.14 crore), RIL (Rs 1,669.79 crore), Bajaj Finance (Rs 1,626.72 crore), Adani Power (Rs 1,410.36 crore), Tata Steel (Rs 1,388.44 crore), BHEL (Rs 1,271.66 crore), IRCTC (Rs 1,261.70 crore) and Tata Power (Rs 1,078.79 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.
Monday's most active stocks in volume terms YES Bank (Shares traded: 56.61 crore), Vodafone Idea (Shares traded: 25.97 crore), BHEL (Shares traded: 16.53 crore), PNB (Shares traded: 15.70 crore), Suzlon Energy (Shares traded: 11.63 crore), Adani Power (Shares traded: 11.52 crore), IOB (Shares traded: 10.03 crore), Tata Power (Shares traded: 9.54 crore), JP Power (Shares traded: 8.23 crore) and Reliance Power (Shares traded: 7.55 crore) were among the most traded stocks in the session.
Stocks showing buying interest Adani Power, Angel Broking, Hikal, Metropolis Health and IOB witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signalling bullish sentiment.
Stocks seeing selling pressure Alchemist, Anmol India, Arcotech, DSJ Communications, DQ Entertainment and
witnessed strong selling pressure and hit their 52-week lows, signalling bearish sentiment on these counters.
Sentiment meter favours bulls Overall, the market breadth remained in favour of the bulls. As many as 337 stocks on the BSE500 index settled the day in the green, while 158 settled the day in the red.
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