In a volatile trading session, the broader Nifty fell 317.90 points, or 1.25%, to close at 25,178.65. The 30-share Sensex fell 961.42 points, or 1.17%, to settle at 81,287.19.
Meanwhile, volatility gauge India VIX ended at 13.70, up 4.89% from the last close.
Here’s how analysts read the market pulse:
De Ropak, senior technical analyst at LKP Securities, said the index fell sharply after staying below its short-term moving average for three consecutive sessions. It has also fallen below the 200-day moving average (DMA), indicating that the current weakness may persist for some time. “The RSI indicator has quickly become inactive. In the short term, the indicator may face selling pressure, likely to face selling rials. While immediate support, 0452,052,04,502,07,2000202000000000202000002020000002002002000020020020020020020020020020020 02002002002002002002002002002002002000002000002000002000000020000000000000000000000-2000-2000 is seen at 25,370,” said Dee.
US markets
Frontline indexes on Wall Street ended lower on Friday. The Dow Jones industrial average fell 521.28 points, or 1%, to close at 48,977.90. The Nasdaq Composite settled down 210 points, or 1%, at 22,668.20. Meanwhile, the S&P 500 also ended in the red, albeit with a relatively small loss of 0.43.
European markets
European markets also reflected a cautious tone. Spain’s IBEX 35 and France’s CAC 40 were down as much as 0.73%. Germany’s DAX ended largely flat, while the pan-European Stoxx 600 added 0.6% and Britain’s FTSE 100 added 0.1%.
tech view
Nilesh Jain, vice-president and head of technical and derivatives research at Centrum Financials said the Nifty has broken below its key 200-day moving average (DMA) at 25,350, which is now expected to act as an immediate resistance zone. He noted that the index continues to make lower highs and lower lows on the daily chart, indicating a bearish trend.
“Moving indicators remain cautious, with MACD signaling a sell crossover and RSI gradually trending lower. Meanwhile, India’s VIX has risen 5% to around 13.50, and any further increase in volatility could increase the risk of downside risks. Key psychological support is now seen at the 25,000 weak structure, suggesting a possible weak structure at 25,000. There is more selling pressure,” Jain said. do
Most active stocks in exchange terms
Tejas Network (Rs 551 crore), Redington (Rs 275 crore), Cholamandalam Financial Holdings (Rs 262 crore), NetWeb Technologies (Rs 240 crore), HDFC Bank (Rs 214 crore), State Bank of India (Rs 213 crore) and Bharti Airtel (Rs 8 crore) were the most active at Rs 2 crore. High performance on a counter in terms of value can help identify the counters that have the highest trading volume on the day.
Most active storage in terms of volume
SpaceJet (shares traded: 7.17 crore), Vishal Mega Mart (shares traded: 1.34 crore), Tejas Network (shares traded: 1.32 crore), Reddington (shares traded: 99.63 lakh), Ola Electric (shares traded: 63.35 lakh) and Suzaraon (shares traded: 7.6 lakh and Enserillon) Steel Authority of India (SAIL, Shares traded: 53.35 lakh) was among the most actively traded stocks in terms of volume on the BSE.
Stocks show buying interest
Xtglobal Infotech, Tejas Networks, Shares of Sarda Energy & Minerals, VL E-Governance & IT Solutions, Avad Sugar & Energy, Foseco India and Foseco India were among the stocks that witnessed strong buying interest from market participants.
52 weeks high
On the market front, 100 stocks touched their 52-week highs, while 340 stocks fell to 52-week lows.
Among those that hit 52-week highs were Aerofax Industries, Bank of India, Bharat Forge, Cummins India, Data Patterns (India), Eicher Motors and Federal Bank.
Stocks have seen selling pressure
Among the large-cap names were Adani Enterprises, Maruti Suzuki and Bharti Airtel. Other stocks that witnessed significant selling pressure were Fusion Finance, Vishal Mega Mart, Home First Finance, Angel One, RM Drip & Sprinkler Systems, Mahalakshmi Fabric Mills and Apex Frozen Foods.
A sense meter loves roots
Heavyweights like ICICI Bank, HDFC Bank and Bharti Airtel led the markets by a margin, remaining negative on the overall markets. Of the 4,369 stocks traded on the BSE on Friday, February 27, 1,574 stocks advanced, 2,633 declined while 162 stocks remained unchanged.
(Disclaimer: The suggestions, recommendations, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
