Ahead of Market: 12 things that will decide stock action on Monday
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A few analysts said Friday s fall could just be a single-day affair, but for that to be true Nifty needs to close above the 14,500 level on Monday.
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India VIX needs to cool down below 20 level to again get the bullish stance.
NEW DELHI: Headline equity index Nifty saw a bout of profit booking and formed a bearish candle on the daily chart on Friday. On the weekly scale, the index closed a little lower than the week s opening to form a Gravestone Doji candle, signalling indecisiveness on Dalal Street.
Trade Setup: Nifty s decline below 14,500 may trigger consolidation; stay stock-specific
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The levels of 14,645 and 14,730 will act as resistance points, while support will come in at 14,510 and 14,450 levels.
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Friday s session may again have a quiet start to the day.
In a session typical of any weekly options expiry day, the domestic equity market traded much on the anticipated lines. However, it also continued to show inherent strength and strong undercurrents as it played out its usual template of some profit taking bout and then recovery during the day, while ending with a modest gain.
After opening on a modestly negative note, the early morning saw selloff which took headline index Nifty to the low point of the day. The remaining day saw the market gradually rebounding, and Nifty ended with a modest gain of 30.75 points, or 0.21 per cent, after recovering over 120 points from its low point.
Thursday s session is likely to have a quiet start to the day. The levels of 14,610 and 14,685 will act as resistance points, while support will come in at 14,500 and 14,410.
Trade Setup: Nifty showing no signs of a let-up; short-term support at 13,800
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The levels of 14,050 and 14,110 will act as potential resistance points while supports will come in at 13,910 and 13,860.
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Monday s session is likely to have a quiet start to the day again.
In a narrow-ranged session on Friday, the domestic equity market stepped into the new year on a quiet note, consolidated in a strong way and ended the day with a modest gain.
After a positive start, headline index Nifty stayed in the green throughout the session. However, the market remained within a very limited and defined range for the entire day. It showed some strength in the second half of the trade, but the last hour saw some paring of gains which kept the overall gains under check. Nifty closed on a modestly positive note, gaining 36.75 points or 0.26 per cent.