Ahead of Market: 10 things that will decide stock market action on Wednesday

Stock market indices Sensex and Nifty faced heavy selling pressure on Tuesday, dropping over 1%, tracking a bearish trend in global markets along with weakness in HDFC Bank and IT firms. Fresh foreign fund outflows also led to the weak trading in equities. The 30-share BSE Sensex tanked 893 points to settle at 76,200, while NSE Nifty dropped 278 points to end at 23,824.

Here’s how analysts read the market pulse

“Losses were led by the IT sector, which declined more than 2 per cent, while a weaker rupee and growing expectations of further US monetary tightening added to investor caution and weighed on overall sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

Tech view
Nifty slipped today following a sideways movement over the last few sessions. On the lower end, it has broken below the previous swing low on the hourly chart. On the higher end, resistance is placed at 23,950–24,000. On the lower end, crucial intraday support is placed at 23,700, below which serious selling might come.

Most active stocks in terms of turnover

Vedanta (Rs 5,019 crore), Kirloskar Oil (Rs 3,322 crore), HDFC Bank (Rs 2,212 crore), RIL (Rs 2,030 crore), Infosys (Rs 1,999 crore), ICICI Bank (Rs 1,608 crore) and Piramal Pharma (Rs 1,599 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 43.21 crore), Vedanta (Traded shares: 17.46 crore), Ola Electric (Traded shares: 43.63 crore), Piramal Pharma (Traded shares: 9.33 crore), YES Bank (Traded shares: 8.92 crore), Suzlon (Traded shares: 6.83 crore), and JP Power (Traded shares: 6.11 crore) were among the most actively traded stocks in volume terms on NSE.Stocks showing buying interest
Suven Pharma, Piramal Pharma, Gland Pharma, Neuland Labs, BASF India, Aether Energy and Kirloskar Oil were among the stocks that witnessed strong buying interest from market participants.

52-week high
Among the ones which hit their 52-week highs on NSE included Kirloskar Oil, Schneider, Laurus Labs, Apar Industries, Syrma SGS Technology, Cadila Healthcare and Bharat Forge.

52-week low
Among the ones that hit their 52-week lows on NSE included Infosys, TCS, Wipro and LTI Mindtree.

Sentiment meter favours bulls
Out of the 4,447 stocks that traded on the NSE on Tuesday, June 23, 1,427 stocks witnessed advances, 2,878 saw declines, while 142 stocks remained unchanged.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)