Ahead of Market: 12 things that will decide stock action on Wednesday
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market outlook: Ahead of Market: 12 things that will decide stock action on Tuesday
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.
Synopsis
Tata Elxsi, Amrutanjan Healthcare, JSW Steel, Greenlam Industries, Suven Life Sciences, Vinati Organics and Jindal Steel & Power witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Friday, signalling bullish sentiment.
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Nifty formed a Doji on both daily and weekly scales.
NEW DELHI: After trading on a volatile note in Friday s session, headline index Nifty formed indecisive candles similar to Doji formations for both Friday s session and for the week gone-by.
Rohit Singre of LKP Securities said Nifty50 has created a good base near the 14,250-14,200 range. “As long as these levels hold up, the structure will remain positive. A stiff hurdle lies in the 14,450-14,500 zone. The index may find fresh strength only above the 14,500 level,” he added.
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NEW DELHI: Nifty opened gap down on Thursday, but made a rebound from the initial hiccup and saw substantial buying. The index formed a bullish candle. The headline index formed a Piercing Pattern in the two-day candlestick pattern, which suggests a possible short-term trend reversal.
Chandan Taparia of Motilal Oswal Securities said, Nifty needs to decisively hold above 14,400 level to witness a bounce towards 14,600 and 14,700 levels, while on the downside, support exists at 14,250 and 14,150 levels. The market has been going through a correction phase following increasing Covid-19 cases despite the optimism about the vaccination drive. Though the earnings outcome is expected to trigger stock-specific movements in the coming days, the broader movement in the market will depend on fall in Covid cases, said Vinod Nair, Head - Research, Geojit Financial Services.