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The Nifty 50 and BSE Sensex gained 0.78% and 1%, respectively, for the week, despite falling 0.02% each on Friday.
Here's how analysts read the market pulse
"Nifty continued its ascent, maintaining higher highs and higher lows in the daily timeframe, above the 20 and 50 Simple Moving Averages (SMA). The Relative Strength Index (RSI) stood strong at 62. Support levels are at 22,000 and 21,900, with resistance at 22,500," said Om Mehra, SAMCO SecuritiesRupak De, LKP Securities, said, "Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips."
That said, here’s a look at what some key indicators are suggesting for Monday's action:
US market:
The S&P 500 and Dow Jones Industrial Average eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along.For the week, the S&P 500 climbed 1.7%, the Dow rose 1.3% and the Nasdaq finished 1.4% higher.
European shares:
European shares closed at a record peak for a second day on Friday after gains in Standard Chartered following a strong earnings report, while comments from European Central Bank President Christine Lagarde kept investors' mood in check.The pan-European STOXX 600 was up 0.4% to record its fifth straight week of gains, with French and German shares also closing at record highs.
The benchmark index has advanced over 1% in the week and a majority of those gains were contributed by a jump in technology stocks on a blowout forecast from U.S. chipmaker Nvidia.
Tech View:
Nifty on Friday ended flat but above the 22,200-level to form a higher high and higher low series formation on both the daily and weekly charts.Nifty has been in a consolidation zone for over one month and we may soon see a breakout or breakdown with the former more likely. However, for any significant rally, Nifty will have to give a decisive breakout above 22,250. The range of 22,100 - 22,130 is now the demand zone and a slide below this range can push Nifty back towards 22,000 levels, said Sheersham Gupta of Rupeezy.
Stocks showing bullish bias:
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of KFin Technologies, Indus Towers, Supreme Industries, Paytm, Godrej Properties, and Happiest Minds among others.The MACD is known for signaling trend reversals in traded securities or indices. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Stocks signaling weakness ahead
The MACD showed bearish signs on the counters of Divi's Laboratories, ACC, V-Guard, Canara Bank, Voltas, and Linde among others. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.Most active stocks in value terms
RIL (Rs 2,153 crore), HDFC Bank (Rs 2,126 crore), ICICI Bank (Rs 1,398 crore), SBI (Rs 1,077 crore), TCS (Rs 1,037 crore), Infosys (Rs 902 crore), and Bajaj Finance (Rs 855 crore) among others were among the most active stocks on NSE in value terms. Higher activity on a counter in value terms can help identify the counters with highest trading turnovers in the day.Most active stocks in volume terms
Tata Steel (Shares traded: 2.8 crore), HDFC Bank (Shares traded: 1.5 crore), Power Grid (Shares traded: 1.4 crore), SBI (Shares traded: 1.4 crore), ICICI Bank (Shares traded: 1.3 crore), ITC (Shares traded: 1.1 crore), and Wipro (Shares traded: 99 lakhs) among others were among the most traded stocks in the session on NSE.Stocks showing buying interest
Shares of SBI Life, Dr Reddy's Labs, M&M, Cipla, RIL, Adani Ports, and Adani Enterprises among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.Stocks seeing selling pressure
Shares of Polyplex Corporation hit their 52-week lows, signaling bearish sentiment on the counters.Sentiment meter favours bulls
Overall, market breadth favoured bulls as 2,005 stocks ended in the green, while 1,833 names settled in the red.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price