Meanwhile, the volatility gauge India VIX ended at 17.13, up 25.01% from the last closing.
Indian equity markets remained closed today on account of the Holi holiday.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the index has slipped below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI remains in a bearish crossover, confirming weak momentum, he said.
“The immediate crucial support is placed at 24,600. A decisive breakdown below this level could trigger a deeper correction in the market. On the higher side, resistance is seen at 25,000. Until the Nifty sustains above 25,000, overall sentiment is likely to remain tilted in favour of the bears,” De said.
Tech View
Nilesh Jain, Vice President – Head of Technical and Derivative Research at Centrum Finverse, said the markets began the truncated week on a weak note, with the Nifty slipping below the 25,000 mark on a closing basis, though it rebounded after finding support near the Budget-day low, hinting at a possible triple-bottom formation.
“Key support is placed at 24,600; a decisive break below this level could extend the decline towards 24,200. On the upside, immediate resistance is seen at 25,000, and a break above the same will attract a short covering towards 25,200 levels. Momentum indicators and oscillators have already flashed a sell crossover, indicating a weak underlying tone. Adding to the cautious outlook, India VIX jumped 24% to close near the 17 level, signalling elevated market uncertainty,” Jain said.
Most active stocks in terms of turnover
Tejas Networks (Rs 919 crore), Bharat Electronics (BEL, Rs 275), HDFC Bank Financial (Rs 278 crore), ONGC (Rs 226 crore), Interglobe Aviation (Indigo, Rs 183 crore), Paras Defence and Technologies (Rs 173 crore) and Eternal (Rs 182 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 the highest trading turnovers in the day.
Also read: Stock market holiday: Are BSE, NSE open or closed on Wednesday for Holi?
Most active stocks in volume terms
Vodafone Idea (Traded shares: 6.12 lakh), SpiceJet (Traded shares: 2.73 crore), Tejas Networks (Traded shares: 1.92 crore), GTL Infrastructure (Traded shares: 1.76 crore), Suzlon Energy (Traded shares: 1.73 crore), YES Bank (Traded shares: 1.56 crore) and Ola Electric (Traded shares: 1.04 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Tejas Networks, Paras Defence, Jindal Drilling And Industries, VARVEE GLOBAL, IIFL Capital Services, Bhagyanagar India and Sterlite Technologies were among the stocks that witnessed strong buying interest from market participants.
52-week high
A total of 94 stocks hit their 52-week highs on Monday, while 869 stocks slipped to their 52-week lows. Among the ones which hit their 52-week highs were Aanchal Ispat, Avi Products India, Bharat Forge, MTAR Technologies, Oil and Natural Gas Corporation, Onix Solar Energy and SAIL.
Stocks seeing selling pressure
Among the largecap names were InterGlobe Aviation, Larsen & Toubro and Adani Ports and Special Economic Zone. Other stocks which witnessed significant selling pressure were InfoBeans Technologies, Modern Threads (India), JTL Industries, Spectrum Electrical Industries, Clean Max Enviro Energy Solutions, Apollo Micro Systems and Ajooni Biotech.
Sentiment meter favours bears
Heavyweights like Larsen & Toubro (L&T), Reliance Industries (RIL) and HDFC Bank dragged the markets with breadth, staying negative in the overall markets. Out of the 4,528 stocks that traded on the BSE on Monday, March 2, 754 stocks witnessed advances, 3,641 saw declines while 133 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)