- Due to negative global cues, Indian shares closed lower for the second straight day.
- The lower support level of 19250 is currently being threatened by a break below the Nifty.
- Stocks under selling pressure included Easy Trip Planners, UPL, GMM Pfaudler, and Redtape.
Due to negative global cues, Indian shares closed lower for the second straight day. The Nifty fell below 65,000 levels at 64,949 and ended 55 points lower at 19,310. Media, PSU Bank, and FMCG indices closed with slight increases, while IT, Realty, and healthcare indices had the worst drag.
Due to unfavorable domestic and international indicators, such as domestic industrial production being depressed, negative wholesale inflation, and high CPI inflation, the market was vulnerable.
Monday’s stock movement
A negative trend is present since the index has repeatedly closed below its 21-day Exponential Moving Average (EMA). A flat US market, European equities hit their lowest level in six weeks, and a small body candle on the daily chart with a long upper shadow are important signs for Monday’s movement.
The lower support level of 19250 is currently being threatened by a break below the Nifty. The Moving Average Convergence Divergence (MACD), which displays bullish trade on counters like JM Financial, Shriram Properties, CSB Bank, EIH, and Gabriel India, identifies stocks with a bullish bias.
Adani Enterprises, RIL, HDFC Bank, Concord Biotech, and Adani Ports were the most active stocks in terms of value. The five most active stocks in terms of volume were Vodafone Idea, YES Bank, Alok Industries, and Suzlon Energy.
Stocks under selling pressure included Easy Trip Planners, UPL, GMM Pfaudler, and Redtape. Stocks displaying buying interest included Concord Biotech, TV18 Broadcast, CSB Bank, HUDCO, and EIH.
With 2,132 equities closing in the red and 1,484 names settling in the green, market breadth often favors bearish.
