Here’s how analysts read the market pulse:
Commenting on the day’s action, Ajit Mishra, Market Analyst at SVP, Research, Religare Broking Ltd said the markets remained range-bound for the third consecutive session, closing slightly higher and continuing the ongoing consolidation phase.
“The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment,” Mishra said.
US markets
The S&P 500 and Nasdaq slipped on Wednesday, dragged by tech stocks, as investors assessed the Federal Reserve’s next steps following the release of in-line inflation data.
The Personal Consumption Expenditure (PCE) index, the Fed’s preferred inflation measure, rose 2.3% annually in October, matching expectations but staying above the 2% target.
Nvidia fell 2.5%, and Microsoft dropped 0.6%, pulling the tech sector down 1.1%. Dell and HP plunged over 10% each after issuing disappointing forecasts, leading losses on the S&P 500. The Dow gained, lifted by healthcare and financial stocks, while the Russell 2000 climbed 0.7%.European stocks:
French stocks fell to a three-month low on Wednesday amid concerns over the government’s budget challenges, while fears of U.S. tariffs weighed on European automakers. The STOXX 600 dipped 0.2%, with France’s index closing 0.7% lower. Technology stocks, particularly French firms, led declines across the region.
Tech View
The near-term trend of Nifty remains up with range bound action, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, adding that “as long as Nifty continues with range bound movement, there is a higher possibility of a decisive upside breakout occurring in the near term. Immediate hurdles to be watched around 24400-24500 and the nearest support is placed at 24150.”
“A small positive candle was formed on the daily chart with minor upper and lower shadow. The candle of Wednesday was placed beside the similar negative candle of Tuesday. Hence, this market action could mean broader range movement with minor positive bias,” said Shetti.
Most active stocks in terms of turnover
Adani Power (Rs 352.89), Adani Enterprises (Rs 223.88 crore), WABCO India (Rs 196.83 crore), Zomato (Rs 169.12 crore), Adani Ports SEZ (Rs 128.23 crore), Adani Green Energy (Rs 115.87 crore) and Adani Total Gas (Rs 72.82 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 116.25 crore), YES Bank (Traded shares: 8.24 crore), Tata Teleservices (Traded shares: 6.72 crore), Zomato (Traded shares: 6.66 crore), Adani Power (Traded shares: 5.81 crore), JP Power (Traded shares: 5.51 crore) and Bharat Electronic Ltd (Traded shares: 3.95 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Adani Total Gas, Adani Power, Adani Enterprises, Adani Green Energy, Adani Transmission, Engineers India and Aster DM Health were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Over 216 stocks hit their 52 week highs today while 37 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aditya Birla Sun Life AMC, eClerx Services, CAMS, HDFC Bank, Mastek Ltd, Coforge Ltd and Tech Mahindra.
Stocks seeing selling pressure
Among the large cap names were Fortis Healthcare and Bajaj Holdings & Investments. Other stocks which witnessed significant selling pressure were Rainbow Children’s Medicare, UNO Minda, Elgi Equipments, Prestige Estate and WABCO India.
Sentiment meter favours bulls
The market sentiments were bullish. Out of the 4,040 stocks that traded on the BSE on Wednesday, 1,338 stocks witnessed declines, 2,593 saw advances while 109 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
