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: Nifty breached its 14,000 levels and touched its all-time high in the intraday session on Thursday and formed an indecisive candle on the daily chart. The 50-pack formed consecutive indecisive candles in the recent sessions, which signals towards caution that is being employed by the market participants with consistent profit booking and buying on dips approach.
Ajit Mishra, VP - Research at Religare Broking opined, investors would await the auto sales numbers and PMI data as it would help in gauging the economic recovery. Further, global cues are likely to dictate the trend for the markets in the near term. We reiterate our cautious stance on the markets.
Key equity indices ended with small gains on Friday (18 December 2020), supported by firmness in IT shares. The barometer index, the S&P BSE Sensex, rose 70.35 points or 0.15% to 46,960.69. The Nifty 50 index added 19.85 points or 0.14% at 13,760.55. Both the indices attained record closing high levels.
The S&P BSE Sensex hit a record high of 47,026.02 while the Nifty hit a record high of 13,772.85 in mid-afternoon trade. After a dull start, the benchmark indices declined and hit the day s low in the morning trade. The indices traded with modest losses till the afternoon trade. Bargain hunting in the mid-afternoon session pushed the barometers in the green and both the indices managed to extend their winning streak to the sixth consecutive session. The Sensex and the Nifty have climbed a little over 2% each in six sessions.
Key equity indices bounced back in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 3.98 points or 0.01% to 46,894.32. The Nifty 50 index added 5.00 points or 0.04% at 13,745.70.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.15% while the S&P BSE Small-Cap index lost 0.08%.
Sellers outpaced buyers. On the BSE, 1163 shares rose and 1732 shares fell. A total of 171 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index rose 1.26% to 1,755.70. The index has lost 5.64% in four sessions.
CBI (down 2.81%), Union Bank of India (down 2.66%), Indian Bank (down 2.65%), Bank of India (down 2.58%), Jammu and Kashmir Bank (down 2.31%), Canara Bank (down 1.85%), Bank of Maharashtra (down 1.82%), Bank Of Baroda (down 1.8%), UCO Bank (down 1.54%), Indian Overseas Bank (down 1.35%) and Punjab National Bank (down 1.22%) declined
The Ministry of Railways plans to transport 45 per cent of the country’s freight by 2030, a 1.6 times increase over 27 per cent currently. This is part of the draft National Rail Plan. After 2030, the Indian Railways aims to have a revenue surplus that would be adequate to finance future investments and also repay debt obligations of past investments. “Exchequer funding of rail projects would not be required,” the Railways said in a press statement. So far this year, passenger earnings are down 87 per cent from last year as the Covid-19 pandemic disrupted railway services in March, even as freight earnings have increased 8 per cent.