Indian shares rose on Monday as gains in the second-largest private lender ICICI Bank on better-than-expected quarterly profit spurred a rise in heavyweight financials. The NSE Nifty 50 rose 1% to 22,643, while the S&P BSE Sensex added 1.28% to 74,671, logging their best sessions in eight weeks.
Analysts read the market pulse positively, with Jatin Gedia of Sharekhan stating, “The immediate hurdle on the upside is placed at 22,776 and above that potential towards 23,000. Thus, we shall continue to ride the up move with a trailing stop loss of 22,440 for the Nifty.” Rupak De of LKP Securities also said, “The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22800-22850 in the short term, with support at 22550.”
US market:
Wall Street’s main indexes crept higher in volatile trading on Monday as shares of Tesla and Apple advanced. Tesla shares shot up nearly 13% after the electric vehicle maker cleared some key regulatory hurdles in China. Apple added 3.5% after discussions with OpenAI about using the startup’s AI technology.
European shares:
European shares touched a two-week high on Monday, extending last week’s strong run, with euro zone economic data and the US Federal Reserve’s May interest rate decision in focus.
Tech view:
Nifty ended 223 points higher to form a long bull candle on the daily chart as it challenged the crucial hurdle of 22,500 levels. Nagaraj Shetti of HDFC Securities stated, “The next upside levels to be watched are around 22800-22900. Immediate support is at 22500.” The MACD showed bullish trade on the counters of Vadilal Industries, VST Tillers Tractors, IRCTC, Westlife Foodworld, and Shriram Finance.
Most active stocks in value terms:
ICICI Bank, HDFC Bank, SBI, Kotak Bank, Axis Bank, Apollo Hospital, and HCL Tech were among the most active stocks on the NSE in value terms.
Most active stocks in volume terms:
Tata Steel, ICICI Bank, SBI, HDFC Bank, Axis Bank, NTPC, and ITC were among the most traded stocks in the session on NSE.
Stocks showing buying interest:
ICICI Bank, SBI, Axis Bank, Grasim Industries, and Divis Labs among others witnessed strong buying interest from market participants.
Stocks seeing selling pressure:
No major stocks hit their 52-week lows on Monday.
Sentiment meter favours bulls:
Overall, market breadth favoured bulls as 1,982 stocks ended in the green, while 1,934 names settled in the red.
