Ahead of Market: 12 things that will decide stock action on Tuesday
SECTIONS
Last Updated: May 17, 2021, 10:06 PM IST
Share
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.
Getty Images
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.
Related
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.
By Sabari Saran
NEW DELHI: Asian markets extended losses on Thursday, perpetuating the weak sentiment from the US tech rout. But mild gains in US stock at the opening tick later in the day held out promise for Friday’s session on Dalal Street, which was shut on Thursday for a public holiday.
Nifty slipped 1 per cent on Wednesday, and in the process, formed a Bearish Belt Hold pattern on the daily chart. Analysts said the 50-pack is facing a stiff hurdle on the higher side, especially in the 14,900-15,000 zone.
“Only a close above the 15,000 mark can activate the overall bullish stream. Otherwise, we may again see selling pressure at higher levels. Support can be seen near the 14,775-14,700 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Subscribe Now
Special Offer on ET Prime
Subscribe to ET Prime - Get Flat 20% OffView Plans
Special Offer on ET Prime
Subscribe to ET Prime - Get Flat 20% OffView Plans
Special Offer on ET Prime
Subscribe to ET Prime - Get Flat 20% OffView Plans
Why ?
Access the exclusive Economic Times stories,
Editorial and Expert opinion
Explore Now
NEW DELHI: Nifty saw a gap down opening on Tuesday, but soon recovered in the intraday session to form a bullish candle on the daily chart. The headline index snapped its four-day winning streak as it traded lower than the previous session s trading range.
Market reacted to the global fear of a rise in inflation, which many fear could trigger a Fed rate hike earlier than anticipated, said Ajit Mishra, VP - Research at Religare Broking. Nifty has been struggling to cross the 15,000-mark for the last two months and is witnessing a slide again after almost reaching that level. However, we feel the downside could be capped this time due to the existence of a support around 14,600 zone, he added.
BSE, Happiest Minds, KSB, Lupin, Marico, UTI AMC, Wipro, NALCO, Hindustan Copper and NMDC witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.