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The Nifty index opened with a gap up at 15,291 level on Tuesday, but witnessed pressure at higher zones and consolidated in a broader range to settle the day on a flattish note. The index has been forming higher highs and higher lows for the last three trading sessions. Technically, it formed a bearish candle with a long lower shadow on the daily chart.
Now, it has to hold above 15,150 level to witness an up move towards 15,300 and then lifetime high of 15,431-mark, while on the downside, support exists at 15,100 and 15,000 zones.
India VIX fell down by 1.50 per cent from 19.13 to 18.84 levels. India VIX needs to hold below the 20 zone to extend the bullish market momentum towards new lifetime territory.
BUY AMARAJBAT | TARGET: Rs 900 | STOP LOSS: Rs 750 In the month of Jan 2021, AMARAJABAT was trading above 1,000-mark. Now, the stock is hovering near 800 odd levels. It’s around 20% correction from the top but the stock is still in the long-term uptrend. At this juncture, the stock is hovering near the potential reversal zone of a bullish harmonic pattern. In addition; it is at the support of a falling trend line on the daily chart. The risk to reward ratio for going long is highly lucrative in this stock. Hence, traders are advised to buy the stock in the range of 800 - 790 with a stop loss of 750 for the upside potential target of 900 in 3 – 5 weeks.
market analysis: F&O: Nifty again forms higher low; options show trading range widens indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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Nifty opened with a gap up on Tuesday and made a new lifetime high of 15,431, but could not sustain at higher levels. During the day, the index witnessed some profit taking and fell to 15,242 level and touched the previous day’s low. However, the second half of the session saw some support-based buying and recovery to settle the day on flat note. The index formed a bearish candle on the daily scale, but formed higher highs for the fourth session in a row. Now it has to hold above 15,200 level to continue the bullish momentum towards 15,500 level, while on the downside major support can be seen at 15,100 and 15,000 zones.
F&O: Surge in VIX, lower lows for fifth session send out weak signals
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F&O: Surge in VIX, lower lows for fifth session send out weak signalsBy Chandan Taparia, ET CONTRIBUTORS
Last Updated: Jan 29, 2021, 05:41 PM IST
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Synopsis
The index continued to form lower lows for the fifth session in a row. It formed a bearish candle on the daily scale and signaled that Nifty may continue to remain highly volatile ahead of the Union Budget 2021.
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As long as Nifty remains below 13,800 level, every bounce could be sold into and the index may see weakness till around 13,500 and 13,300 levels, while on the upside, the immediate hurdle exists at 13,800 and 14,000 levels.