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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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Benchmark NSE Nifty index was trading 105.15 points down at 14328.55 on Monday on account of selling in frontline bluechip counters.
Among the stocks that touched their 52-week highs on NSE were: Happiest Minds Technologies, HDFC Bank, Indian Energy Exchange; Orchid Pharma, Kajaria Ceramics, Anant Raj Global, Sundaram Brake Linings, Tata Steel Long Products, JBM Auto, Emco Ltd, Greenpanel Industries and Eris Lifesciences.
Overall, 9 shares were trading in green in Nifty50 index, while 41 were trading in red in the afternoon trade.
In the Nifty 50 index, UPL , HDFC Bank, Wipro, Nestle India and RIL were among top gainers, while Tata Motors, Tata Steel, Hindalco Inds., ONGC and Bajaj Finance were trading in red.
Investors dragged their feet over further bullish bets on the market given emerging concerns over a stuttering global economic recovery in the near term.
Shares of Tata Steel Long Products hit a fresh 52-week high of Rs 810, zooming 13 per cent on the BSE on Friday, after the company reported a consolidated net profit of Rs 304 crore for the quarter ended December 2020 (Q3FY21), on the back of strong operational performance. The Tata group company had posted a consolidated a net loss of Rs 112 crore in December 2019 quarter (Q3FY20). The company s revenue from operations grew 37 per cent YoY at Rs 1,364 crore as against Rs 999 crore in the corresponding quarter of previous fiscal. Ebitda (earnings before interest, taxes, depreciation, and amortization) margin stood at 30.06 per cent in Q3FY21.