NEW DELHI: NSE Nifty and its BSE counterpart Sensex both shed nearly 2 percent as the broader market saw a sell-off led by bank and financial stocks. The 50-pack Nifty formed a long bearish candle on the daily chart as the index continued its losing streak for the fourth consecutive session.
On the technical front, Shrikant Chouhan of Kotak Securities said, the Nifty50 has taken support at 13,950 level and it is possible that the index may give a healthy bounceback to 14,400-14,500 ahead of the Budget or the day of the Budget.
“Indian bourses mirrored mixed sentiment from global peers with a downward rally owing to consecutive days of FII selling. Barring the defensive FMCG segment, all sectors traded in the red zone, with banking and pharma stocks being the worst hit. The global markets were mixed today ahead of the US Fed meeting amid uncertainty over the US stimulus. We should expect higher volatility in the coming days given pre-Budget event risk, said Vinod Nair, Head of Re
Synopsis
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
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NEW DELHI: Nifty had a gap-up opening on Monday but ended up shedding almost a per cent in intraday trade. The headline index formed a long bearish candle on the daily charts as the 50 pack continued it s losing streak in the third consecutive session.
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
Rohit Singre, Senior Technical Analyst at LKP Securities said: The index has breached all good support which means if the index manages to sustain below today’s (Monday’s) low, then the index may hit 14,000 mark soon which is a strong support on the downside. On the higher side, the index found good resistance in the 14350-14440 zone and it would be the profit booking level for longs.
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NEW DELHI: Around 5 stocks fell to touch their 52-week lows on NSE in Thursday s session. Among the stocks that touched their 52-week lows on NSE were: Antony Waste Handling Cell, Mrs. Bectors Food Specialities, Jump Networks, Vishal Fabrics and Wealth First Portfolio Managers. Domestic benchmark index NSE Nifty was trading 86.00 points up at 14730.7, while the BSE Sensex was trading 292.12 points up at 50084.24. On the other hand, Sundaram Clayton, Havells India, Apollo Tyres, Tata Motors and Polycab India stocks hit their fresh 52-week high today.
In the Nifty 50 index, Tata Motors, Bajaj Finserv, Bajaj Finance, Bajaj Auto and UPL were among the top gainers on the NSE. However, Tata Steel, Adani Ports SEZ, JSW Steel, HDFC Bank and TCS were among the top losers.
NEW DELHI: Nifty formed a fresh lifetime high in the intraday trade and formed a bullish candle on the daily chart.
Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments said, “We should now be headed to 14,800-14,900. Good support has been created at 14,200. Keeping that as a stop level, traders can time their long positions in the Nifty. A buy on dips strategy would be a prudent approach.
“An optimistic western market aided the Indian market to touch lifetime highs with new buying in segments like auto, IT and PSU bank. So far, the Q3 results are better than forecasted and this has led to continued buying across sectors. Ahead of Joe Biden’s inauguration as President, the US market is in an upbeat mood with high expectations of a big US stimulus, said Vinod Nair, Head of Research, Geojit Financial Services.
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NEW DELHI: Around 3 stocks fell to touch their 52-week lows on NSE in Tuesday s session. Among the stocks that touched their 52-week lows on NSE were: Godha Cabcon & Insulation, Jump Networks and Vishal Fabrics. Domestic benchmark index NSE Nifty was trading 162.45 points up at 14443.75, while the BSE Sensex was trading 558.48 points up at 49122.75. On the other hand, DLF, ABB India, Grasim Industries, Tata Elxsi and Sterlite Tech stocks hit their fresh 52-week high today.
In the Nifty 50 index, Grasim Industries, Tata Motors, Bajaj Finserv, Bajaj Finance and SBI Life were among the top gainers on the NSE. However, M&M, Britannia Industries, Tech Mahindra, Dr. Reddy s and Divi s Labs were among the top losers.