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Ahead of the Market: 12 Things That Will Decide Friday’s Stock Action

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New Delhi: Ahead of Christmas, there is a bullish atmosphere in the stock market and the benchmark indices have risen for the third consecutive session. However, there is a sell risk in Omicron and FIIs.


Here’s how analysts read the pulse of the market:

Gaurav Ratnaparkhi of Sharekhan said, nifty 50 Selling pressure was seen near the upper Bollinger Band and 20-DMA near 17,150. That said, a doji suggests exhaustion in the current pullback.

Mazhar Mohamed of chartviewindia.in said, “We can expect a consolidation towards the level of 17,298 to start with. Conversely, a level below 16,970 should be considered as an early sign of weakness, which could invite the bears to dominate for a few days. Given the inconclusive formation, it is prudent to remain neutral on the index.

That said, here’s a look at what some key indicators are suggesting for Friday’s action:


S&P 500 nears record high

Wall Street’s main indexes rose for a third straight session on Thursday, after early data suggested the Omicron version of the coronavirus was less severe than fears, lifting the mood ahead of the Christmas break. At 10:13 am, the Dow Jones Industrial Average was up 231.77 points, or 0.65 per cent, at 35,985.66, the S&P 500 was up 28.11 points, or 0.60 per cent, at 4,724.67 and the Nasdaq Composite was up 66.38 points, or 0.43 per cent, at 15,588.27.


European stocks rise

Shares in Europe rose on Thursday as markets rallied globally after two research studies found Omicron was less severe than the delta coronavirus pandemic, raising investor sentiment. London’s blue-chip FTSE 100 index rose 0.43 per cent, extending its two-day rally, while the pan-European STOXX 600 index jumped 1 per cent.


Take View: Another Doji on the Charts

Nifty 50 reclaimed the 17,000 mark on Thursday but formed an uncertain Doji candle on the daily chart as the index closed almost where it opened. Analysts said the index needs to maintain above the bullish gap area of ​​17,015-16,971 to sustain the positive momentum. The bulls are getting tired, he said.


F&O: 16,800 Important

In the derivatives segment, the 16,800 strike price is witnessing a lot of activity as it is emerging as a strong support. During the day, the level saw the largest reduction in puts, while calls were also markedly reduced.


Stocks showing bullish trend

The Momentum Indicator Moving Average Convergence Divergence (MACD) showed a bullish trade setup across the counters of Birlasoft, Firstsource Solutions, NTPC, IDFC, Coal India and Snowman Logistics.

MACD is known to signal a trend reversal in the traded securities or index. When the MACD crosses the signal line, it gives a bullish signal, indicating that the security’s price may see an upward move and vice versa.


Stocks indicating further weakness

MACD showed bearish signs at the counters of RatanIndia Enterprises, Ansal Housing, Dixon Tech, Pratap Snacks and Nandan Denim. A bearish crossover on the MACD on these counters indicated that they have just started their downside journey.


Most Active Stocks by Value

Zee Entertainment (Rs 1093 crore), Reliance Industries (Rs 991 crore), Bajaj Finance (Rs 926 crore), Infosys (Rs 762 crore), ICICI Bank (Rs 734 crore) and HDFC Bank (Rs 709 crore) were the top losers. Stocks active on Dalal Street in terms of value. High activity over the counter in terms of value can help identify the counters with the highest trading turnover during the day.


Most Active Stocks by Volume

Suzlon Energy (Trading of Shares: 14 cr), Vodafone Idea (Trading of Shares: 11 Crore), Yes Bank (Turnover of Shares: 7 Crore), PNB (Turnover of Shares: 4 Crore), GMR Infra (Trading of Shares: : Rs. 3 crore) and Zee Manoranjan (Shares turnover: 3 crore) were among the most traded stocks in the session.


Stocks showing interest in buying

MMTC, Firstsource Solutions, JB Chemicals, GE Shipping, Dhani Ventures and Sudarshan Chemicals witnessed strong buying interest from market participants as they touched their 52-week highs, indicating bullish sentiment.


Stocks seeing selling pressure

TCI Express, Future Retail, Tata Teleservices, Zee Entertainment and PNB Housing Finance witnessed strong selling pressure and touched 52-week lows, indicating bearish sentiment at these counters.


The sentiment meter is in favor of the bulls

Overall, the gains in the market were in favor of gains as 2,194 shares closed in the green, while 1,122 shares declined.


Podcast: Where is Nifty 50 next after 17,000?
Barring media and metal sector, all others saw buying. The BSE barometer Sensex closed a little less than 400 points higher at 57,300. Its broader peer Nifty 50 added around 120 points and ended the session above the 17,000 mark. Broader markets outperformed headline peers, with BSE Midcap and Smallcap gaining one per cent each. fear gauge India Wicks Dropped sharply by about 5 per cent and went below the level of 16. Where is Nifty 50 next after 17,000?

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Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, India News, and Tech News. Hassaan is a very professional and authentic news journalist.

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