After the crisis-ridden banks were bailed-out in the overseas markets, equities in India on Friday ended higher for the second consecutive day.
Nifty logged 0.7% gains and topped 17,100 levels. Within the Nifty pack, top gainers were HCL Technologies, Hindalco, UPL, Nestle and UltraTech Cemen
"Following the sharp rebound in the global markets, the domestic indices took a breather in hopes of relief from the global banking turmoil.
Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank,
which would soothe concerns over the global financial stability. On the other hand, the ECB further raised its rates by 50 bps,
indicating its preparedness to provide liquidity to banks upon necessity." Vinod Nair, Head of Research at Geojit Financial Services, said.
That said, here's a look at what some key indicators are suggesting for Monday's action
US stocks end lower US stocks ended lower Friday as banking shares resumed their selloff, with
embattled First Republic Bank closing down 33 percent despite a $30 billion rescue package unveiled Thursday.
The Dow Jones Industrial Average ended 1.2 percent lower at 31,861.98 and the broad-based S&P 500 fell 11 percent to 3,916.64.
Meanwhile, the tech-heavy Nasdaq Composite Index declined 0.7 percent to end at 11,630.51
European shares record worst week in five months European shares erased their early gains on Friday and logged their steepest weekly drop in five months as supportive measures
from regulators across the United States and Europe failed to allay fears over a brewing global banking crisis.
The pan European STOXX 600 closed the day 1.3% lower, dragged by bank,
insurance and financial services stocks.
The bank index lost 2.6%, with HSBC BNP Paribas Allianz SE and UBS Group losing between 1% and 3%
Tech View: Small body of negative candle A small body of negative candle was formed on the daily chart with a long lower shadow.
Technically, this pattern indicates a formation of long legged doji type candle pattern (not a classical one).
"The current market action suggests that the market is in the process of near term bottom formation," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks showing bullish bias nily Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade on the counters of Bank of India, Vedanta, HDFC Life Insurance, Hindustan Zinc and Aurobindo Pharma 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 Power Finance
Corporation, Sonata Software, CCL Products, Ajanta Pharma and Isgec Heavy Engineering 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 3494 crore), TCS (Rs 2142 crore), ITC (Rs 1828 crore), HDFC Bank (Rs 1785 crore) and Kotak Bank (Rs 1508 crore) were among the most active stocks on amily 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 Yes Bank (Shares traded: 44.54 crore), Zomato ((Shares traded: 11.29 crore) Vodafone Idea (Shares traded 7.95 crore).
NALCO (Shares traded: 6.62 crore and Nykaa (Shares traded: 5.46 crore) were among the most traded stocks in the session on NSE