Technical View: Nifty forms bearish candle for third day, avoid long side bets
Traders should avoid long side bets whereas intraday traders with a high-risk appetite can consider shorting below 14,218 levels, Mazhar Mohammad of Chartviewindia.in said. Sunil Shankar Matkar January 25, 2021 / 05:18 PM IST
The Nifty50 traded lower for the major part of the session amid volatility and fell sharply for the third consecutive session on January 25. Weak global cues and reports of Indo-China border skirmish weighed on sentiment.
The Nifty50 opened higher at 14,477.80 and hit an intraday high of 14,491.10 but turned volatile with a negative bias for the remaining session. The index touched the day s low of 14,218.60 before signing off at 14,238.90, down 133 points.
Gainers & Losers: 10 stocks that moved the most on January 22
Among sectors, Nifty bank, metal and PSU bank indices shed 3 percent each, while energy, pharma and infra sectors fell 1 percent each. The auto index added more than a percent. January 22, 2021 / 04:42 PM IST The benchmark indices saw profit booking the second day in a row. At the close, the Sensex was down 746.22 points, or 1.50%, at 48,878.54, and the Nifty slipped 218.50 points, or 1.50%, to 14,371.90. Biocon | CMP: Rs 393.10 | The stock tumbled over 11 percent after the pharma major reported a year on year 18 percent fall in consolidated net profit at Rs 186.6 crore for the third quarter of FY21. Biocon s consolidated revenue for Q3 of FY21 increased 7.2 percent at Rs 1,878.9 crore against Rs 1,752.6 crore in the year-ago period. The generics business reported a 3 percent dip in the third quarter at Rs 561 crore, as against Rs 576 crore in the corresponding period last year.
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