The S&P 500, Nasdaq, and Dow all ended the day in the red.
As investors digested a major report on the strength of the labour market’s recovery, which highlighted still-solid labour market conditions, US stocks dipped on Friday and concluded the week lower. The S&P 500 index fell 0.6 percent to 4,123.67 on Friday. The Nasdaq Composite Index fell 1.4 percent to 12,144.66. The Dow Jones Industrial Average dropped slightly under 100 points to 32,901.08.
Stock markets across Europe are falling
On Friday, European markets fell in line with global caution following Wall Street’s worst day since 2020. The Stoxx 600 index in Europe sank 1.6 percent at the close, with retail stocks falling 2%, as almost all sectors and major bourses ended in the red. Stocks in the oil and gas industry increased by 0.7 percent. Fears of rising inflation and an impending economic recession have weighed heavily on the FTSE 100 in the United Kingdom.
Technical Analysis: An indecisive Doji candle has formed.
On Friday, the Nifty50 opened with a gap down but averted more losses, eventually forming an indecisive Doji candle on the daily chart. Currently, the index is trading below its key moving averages. While a little bounce is possible, analysts believe the market’s current suffering will not be alleviated anytime soon.
F&O: The downward trend continues
According to Ruchit Jain, Lead – Research, 5paisa.com, the trend remains negative and the ‘RSI’ oscillator on the daily chart is not yet in the oversold zone to attempt a reversal.
“The ’20 EMA’ on the hourly chart has functioned as resistance in recent sessions, and it is now placed around 16640 and is the barrier to Nifty,” he noted.”On the other hand, the bearish pattern has projected a goal of 16125, therefore 16200-16125 would be a range to watch.”
Stocks with a bullish slant
Indicator of momentum Power Grid, ABB India, Gujarat Gas, Cosmo Films, SMC Global, Jet Airways, Supreme Industries, and Silver Touch Technologies all had bullish trade setups on Moving Average Convergence Divergence (MACD).
The MACD is well-known for predicting trend reversals in traded securities and indexes. When the MACD crosses over the signal line, it indicates that the price of the security is rising.
Stocks are predicting future weakness
Indian Hotels, Apollo Tyres, Bombay Dyeing, Hindustan Unilever, Karanatak Bank, Biocon, and DCM Shriram all had bearish MACD readings. These counters’ bearish MACD crossover showed that they have just just begun their downward path.
In terms of valuation, the most active stocks are
The most active stocks on the NSE in terms of value were Reliance Industries (Rs 2,375.22 crore), Bajaj Finance (Rs 1,854.56 crore), HDFC Bank (Rs 1,766.90 crore), Axis Bank (Rs 1,050.67 crore), Tata Motors (Rs 1,032.49 crore), Infosys (Rs 952.60 crore), and ITC (Rs 913.82 crore). Higher activity on a counter in terms of value can aid in identifying the counters with the biggest daily trading turnovers.
The most actively traded stocks on the NSE were ITC (shares traded: 3.45 crore), Tata Motors (shares traded: 2.51 crore), NTPC (shares traded: 2.26 crore), ONGC (shares traded: 1.68 crore), SBI (shares traded: 1.67 crore), Axis Bank (shares traded: 1.55 crore), and Coal India (shares traded: 1.42 crore).
Stocks with strong buying interest include
No stock had significant purchasing interest from market participants, and no counter reached new 52-week highs, indicating optimistic sentiment.
Stocks are being pressured to sell
Strong selling pressure pushed Dilip Buildcon, Info Edge, Nazara Technologies, Hindustan Copper, Infibeam Avenues, Strides Shasun, and PNB Housing Finance to 52-week lows, suggesting pessimistic sentiment on the equities.
Bears win on the sentiment metre.
Overall, market breadth favoured losers, with 758 stocks ending in the green and 2,615 stocks ending in the red.
Find out more at: