Technical View: Nifty forms bearish candle after hitting record high, consolidation likely to continue
As the Nifty appears to be in a consolidation phase, traders should remain neutral till the index witnesses a fresh breakout in either direction, Mazhar Mohammad of Chartviewindia.in said.
Sunil Shankar Matkar
January 07, 2021 / 05:47 PM IST
The Nifty50 hit a fresh record high but wiped out all the gains in late trade to close flat with a negative bias despite positive global cues on January 7. Select FMCG, IT and pharma stocks weighed on the market but buying in metals and select banks capped losses.
The Nifty50 opened higher at 14,253.75 and immediately hit an intraday record high of 14,256.25 but wiped out gains to hit the day's low of 14,123.10. The index settled at 14,137.40, down 8.90 points.