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Ahead of Market: 12 things that will decide stock action on Monday
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A few analysts said Friday s fall could just be a single-day affair, but for that to be true Nifty needs to close above the 14,500 level on Monday.
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India VIX needs to cool down below 20 level to again get the bullish stance.
NEW DELHI: Headline equity index Nifty saw a bout of profit booking and formed a bearish candle on the daily chart on Friday. On the weekly scale, the index closed a little lower than the week s opening to form a Gravestone Doji candle, signalling indecisiveness on Dalal Street.
A few analysts said Friday s fall could just be a single-day affair, but for that to be true the index needs to close above the 14,500 level on Monday, they said.
US stocks retreat from all-time highs
Wall Street s main indexes slipped from record levels on Monday as investors locked in gains after a stellar vaccine and stimulus-fueled rally, while Twitter shares slumped following the permanent suspension of President Donald Trump s account. The Dow Jones Industrial Average fell 167.89 points, or 0.54%, to 30,930.08, the S&P 500 lost 28.84 points, or 0.75%, to 3,796.14 and the Nasdaq Composite lost 161.41 points, or 1.22%, to 13,042.36.
European shares rally falters
European stocks fell from over 10-month highs on Monday after rallying last week, as investors feared a surge in coronavirus cases across the continent and mainland China could delay an economic recovery. The pan-European STOXX 600 index fell 0.63%, easing from its February 2020 peak hit on Friday. Germany s DAX index shed 0.94% after hitting all-time highs last week and France s CAC 40 was down 0.84%.
Technical View: Nifty forms Dragon Fly Doji pattern, 14,500 crucial for uptrend
Traders should avoid trading in the index for a day, Mazhar Mohammad of Chartviewindia.in has said. Sunil Shankar Matkar
Representative image | Source: Pixabay
The Nifty50 closed at a record high yet again on January 11, as the momentum remained strong with an improved outlook for December quarter earnings along with positive global cues. IT, FMCG, auto and pharma stocks led the rally.
The Nifty50 opened gap up by more than 100 points at 14,474.05. It witnessed some volatility in the morning but gained strength in the afternoon to hit a fresh intraday record high of 14,498.20. It closed at 14,484.80, up 137.50 points.