Technical View: Nifty forms bearish candle, all eyes on budget
Traders should remain neutral on the budget day without a directional bet and it would be prudent to wait for more clarity. Sunil Shankar Matkar January 29, 2021 / 05:40 PM IST
The Nifty 50 started off the February series on a weak note and fell for the sixth consecutive session on January 29, as traders remained cautious in the penultimate session ahead of the budget that will be presented on February 1. Auto, FMCG, IT, metal and pharma stocks pulled the market down.
After opening higher at 13,946.60, the Nifty hit an intraday high of 13,966.85 in the early trade but wiped out those gains and remained volatile for the rest of the day. The index settled at 13,634.60, down 182.90 points, or 1.32 percent, and slipped 7.6 percent from the record high levels in six straight sessions.
Technical View: Nifty forms Doji pattern, experts say stay neutral on markets
Experts advise traders to stay cautious in the run-up to the budget. Traders can look at shorting the index below 13,700, signs of strength will only be visible above 13,900-13,929. January 28, 2021 / 05:28 PM IST
The Nifty50, which fell more than 100 points on the F&O expiry day on January 28, made a Doji pattern on the daily charts. The index broke below its crucial support at 13,900 and below its 5-Days EMA.
The supertrend indicator also gave a sell signal on the daily charts. MACD gave a sell signal on January 21.
The Nifty50 fell more than 1 percent or 149 points to close at 13,817. The index retested 13,700 levels but the bulls managed to push the index above 13,800.
After The Bell: Carnage on D-Street! What should investors do on Thursday?
As long as Nifty remains below 14200 zones, a bounce could be sold and weakness may be seen towards 13800 levels while on the upside key hurdle exists at 14200 and 14350 levels. January 27, 2021 / 04:34 PM IST
It was nothing short of a bloodbath on D-Street. Bears were in complete control of D-Street on January 27 from the word go pushing the S&P BSE Sensex lower by about 1000 points while the Nifty50 breached 14000 levels on the downside for the first time since January 4.
Let’s look at the final tally on D-Street – the S&P BSE Sensex plunged 937 points to 47,409 while the Nifty50 was down 271 points to close at 13,967. The NiftyBank was down nearly 3 percent to close at 30,284.
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.
Indian markets witnessed a highly volatile trade and closed in red due to weak global market and reports of Indo-China border tension. The downside was equally contributed by all the sectors except pharma.