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NSE Nifty 50 Index (India 50) could remain volatile on Tuesday’s trading session even as there are encouraging signs on technical charts, analysts told Capital.com.
“The short-term trend of Nifty 50 continues to be volatile with broader range movement. A decisive move above 15,500 levels could open an upside bounce in the market. The important support to be watched is around 15,200 levels,” Nagaraj Shetti, technical research analyst at HDFC Securities said.
Reliance Industries share price will come under focus on Tuesday after the markets regulator, on Monday, imposed a penalty on the company and two individuals for not making adequate disclosures during a previous joint venture transaction.
Indian markets ended higher in a volatile trading session on Monday, taking a breather after the recent six-day declines.
“We feel it’s just a pause after the sharp decline and participants should look for shorting opportunities in case Nifty witnesses any rebound towards the 15,550-15,700 zone. For cues, the performance of the global indices and crude movement will remain in focus,” Ajit Mishra, vice president (Research) at Religare Broking said.
According to Osho Krishan, senior analyst (technical & derivative research) at Angel One: “Technically, the index has snapped the six days of the selling spree with mere but positive closure, and any follow-up buying could demonstrate an encouraging sign for the bulls for the coming sessions.
On technical parameters, the 15,180-15,200 odd zone has played the sheet anchor role for the past two consecutive sessions, and sustenance above the same could be a positive sign for the market participants. On the contrary, 15,500 is to be looked at as an immediate hurdle, followed by the 15,650-15,700 zone that holds the sturdy wall for the bulls”.
“Looking at the tentativeness among the participants, the index is likely to stay within the mentioned range until any decisive breakthrough on either of the sides is not seen. Hence, we advocate avoiding any aggressive bets and to continue with a stock-specific approach, focusing on potential bounce-back candidates,” Krishan added.
Hot stocks in the NIFTY 50 today
Vedanta
Billionaire-industrialist Anil Agarwal-led Vedanta sought bids for sale of its Tuticorin-based copper smelter plant, which has been shut since mid-2018 following a labour unrest. The bids were invited via newspaper advertisements, according to a report. Later in the day, the company informed the bourses that the sale was only at an “exploratory stage”.
Reliance Industries
Reliance Industries share price will be in focus on Tuesday after the markets regulator SEBI on Monday imposed a penalty worth INR300mn ($60m) on the company and two individuals for not making prompt clarifications to the stock exchange pertaining to the Jio-Facebook deal. The fine needs to be paid jointly and severally by them within 45 days, the order said.
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Nifty close on Monday – oil price affects market
On Monday, Nifty ended up 0.37% at 15,350.15. The volumes on the National Stock Exchange were in line with recent averages, while fast moving consumer goods, information technology and consumer durables rose the most, oil & gas, metals, capital goods and telecom indices recorded the highest fall.
“Asian markets are largely down as the recessionary fears sweeping the US on Friday, continue to weigh on sentiments in Asia. Latest fall in metal prices added to these concerns.
Stocks in Europe steadied Monday after the biggest weekly sell off since March, as investors assessed the outlook for economic growth amid concerns about a wave of monetary tightening.
Fall in crude oil prices has given some positive cues to markets like India and resulted in fall in bond yields,” Deepak Jasani, head of retail research at HDFC Securities said
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