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Ahead of Market: 12 things that will decide stock action on Tuesday
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Last Updated: May 17, 2021, 10:06 PM IST
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Synopsis
Nifty formed a healthy bullish candle on the daily scale even as it negated the formation of lower highs and lows of the last three sessions.
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Manish Hathiramani, Proprietary Index Trader and Technical Analyst of Deen Dayal Investments, said the market may remain bullish as it has managed to zoom past the 14,850 level.
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NSE
By Sabari Saran
New Delhi: Dalal Street s fear gauge, India VIX, on Monday recorded the lowest close in 87 sessions since January 1, 2021, signalling a sharp drop in volatility. Meanwhile, Nifty formed a healthy bullish candle on the daily scale even as it negated the formation of lower highs and lows of the last three sessions.
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A strong surge in Covid cases past the 4 lakh daily mark after a drop for three straight days and persistent foreign outflows are not a positive sign for Dalal Street. But RBI s reassurance on policy support and a positive start to Asian markets may lift sentiment. Technical charts suggest choppy trading ahead.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 31 points higher at 14,724.50 in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty charts suggest choppy trade ahead
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NEW DELHI: Nifty had a gap up opening on Tuesday, but it failed to sustain the gains and saw a sharp selloff, ending in the red. The headline index formed a long bearish candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, On the upside, there is a stiff resistance at 14,700 level and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.
Ajit Mishra, VP - Research at Religare Broking said, We believe volatility is likely to remain high for the markets in absence of any major positive trigger. Going forward, the updates on Covid-19 cases, vaccination and earnings announcements, especially from Nifty majors, would be key monitorables. We reiterate our cautious stance and suggest preferring hedged positions.