Indian benchmark indices witnessed a highly volatile trading session on 3 June. The market opened on a weak note amid a sharp sell-off in IT stocks, persistent global uncertainties, and continued investor caution.
Here's how analysts read the market pulse:
Nifty has key support in the range of 23,200-23,000, which is the confluence of the lower band of the 8th April bullish gap area, the lower band of recent consolidation and the 61.8% retracement of the previous pullback (22,182-24,601). On the higher side 23,750-23,800 is expected to act as resistance being the confluence of the current week high and the 20-day EMA.
US markets
On Wall Street, all three indexes pulled back from recent record highs with technology and financial shares driving losses while energy stocks were leading gains.
Iranian attacks on Kuwait damaged its airport and injured dozens while the U.S. military carried out strikes near the Strait of Hormuz, with diplomacy to halt the war showing little sign of progress.
Oil prices crept back towards the $100 mark, with global benchmark Brent crude up 1.8% to $97.72 a barrel.
Investor euphoria over artificial intelligence continues to underpin markets.
European Markets
European shares slipped on Wednesday as escalating Middle East tensions and fresh jitters over private markets pushed investors out of riskier assets, though gains in retailers helped limit losses.
The pan-European STOXX 600 index dipped 0.7% to 621.19 points.
Financial services led sectoral declines with a 2.4% drop, as Partners Group shed 16.3% after the Swiss private markets firm restricted redemptions in one of its "evergreen" private equity funds.
Tech View
However, the short-term trend remains weak, with the potential for the index to move towards 23,000 if it falls below 23,300. On the higher side, 23,600 is likely to act as a crucial resistance level.
Most active stocks in terms of turnover
TCS (Rs 3,551 crore), HDFC Bank (Rs 2,704 crore), SBI (Rs 2,651 crore), RIL (Rs 2,621 crore), IFCI (Rs 2,528 crore), Infosys (Rs 2,272 crore) and BSE (Rs 1,198 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 113 crore), IFCI (Traded shares: 32.24 crore), Ola Electric (Traded shares: 26.69 crore), NHPC (Traded shares: 17.09 crore), YES Bank (Traded shares: 11.14 share), Suzlon Energy (Traded shares: 9.03) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
IFCI, Ola Electric, Orient Refractories, KPR Mill, RR Kabel, Ather Energy and Tejas Networks were among the stocks that witnessed strong buying interest from market participants.
52-week high
Among the ones which hit their 52 week highs included IFCI, RR Kabel, Ather Energy, HFCL, Vodafone Idea and J&K Bank.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were TCS, Persistent System, LTIMindtree, Coforge, Tech Mahindra, L&T Tech and HCL Tech.
Sentiment meter favours bears
Out of the 4,386 stocks that traded on the BSE on June 3, Wednesday, 1,758 stocks witnessed advances, 2,452 saw declines while 176 stocks remained unchanged.
