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F&O: Nifty forms higher tops, bottoms for a second straight session in solid bullish signal
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F&O: Nifty forms higher tops, bottoms for a second straight session in solid bullish signalBy Chandan Taparia, ETMarkets.com
Last Updated: Jan 20, 2021, 05:38 PM IST
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Synopsis
Now, the index has to hold above 14,500 level to extend its move towards 14,750 and then 15,000 levels, while on the downside, immediate support exists at 14,450 and 14,350 levels.
Volatility could be comparatively higher ahead of the Union Budget 2021.
Nifty opened positive on Wednesday, took support at previous day’s closing levels and extended the gains to hit a fresh all-time high at 14,666 level. The index has been holding on to higher levels and making fresh record highs with its highest daily close above 14,600 level. The index formed a bullish candle on the daily scale and continued to form higher tops and bottoms for the second session in a low.
Technical View: Nifty forms bearish candle for second straight day, experts say index can break 14,000
Volatility has spiked above 24, pausing the positive momentum. and needs to be below 20 for the index to climb again, Chandan Taparia of Motilal Oswal has said. Sunil Shankar Matkar January 18, 2021 / 05:49 PM IST
The Nifty50 fell sharply for the second day running due to selling pressure and lost more than 150 points on January 18. The correction was seen across sectors, with the Nifty metal falling the most with a 4 percent loss. Bank, financial services, auto, IT, realty and pharma indices were down 1-3 percent.
After opening higher at 14,453.30, the Nifty hit the day s high of 14,459.15 in early trade only to slip into the red. The index tried to recoup losses in the afternoon but fell sharply in the last hour and closed 152.40 points, or 1.06 percent, lower at 14,281.30.