Technical View: Nifty forms bullish candle on weekly chart, needs to hold 14K next week
Traders should remain neutral on the long side of the index, whereas intraday traders can consider shorting below 13,990 for a modest target of around 13,880 levels. Sunil Shankar Matkar January 01, 2021 / 05:04 PM IST
The new year saw the Nifty50 scaling a new peak as it closed above the psychologically important 14,000-mark on January 1, led by select auto, FMCG, IT and pharma stocks.
The index formed a small bullish candle that resemblef a Doji pattern on the daily charts, as the closing was near its opening levels. For the week, the index gained 2 percent and formed a bullish candle on the weekly scale.
Technical View: Nifty forms Dragon Fly Doji pattern on weekly chart, profit booking can t be ruled out
Traders will be better off booking profits and retaining a neutral stance in the next session, Mazhar Mohammad of Chartviewindia.in has said. Sunil Shankar Matkar December 24, 2020 / 05:20 PM IST
The Nifty50 continued its upward march for the third session in a row and closed a percent higher on December 24, the last trading day of the week.
The positive mood in global peers amid Brexit deal hopes and the government plan to vaccinate frontline health workers in the first phase boosted investors sentiment. Banking & financials and pharma stocks led the rally.
After The Bell | Nifty back above 13,600; what should investors do on Thursday?
Sectorally, the action was seen in the BSE Realty index, Metal, IT, and telecom stocks. On the broader markets front – the S&P BSE Mid-cap index rose 2.4 percent, and the S&P BSE Small-cap index gained 2.6 percent.
Representative image.
Indian market rallied 1 percent for the second consecutive day in a row on December 23 pushing benchmark indices beyond crucial resistance levels.
The S&P BSE Sensex rallied more than 400 points while the Nifty50 closed above 13,600.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 437 points to 46,444 while the Nifty50 was up 134 points to close at 13601.
Technical View: Nifty forms bullish candle, 13,772 key level for an up move
Traders should focus on stock-specific opportunities, Mazhar Mohammad of Chartviewindia.in has said. Sunil Shankar Matkar December 23, 2020 / 04:41 PM IST
The Nifty50 continued to recover the losses suffered two days ago on buying across sectors and closed a percent higher for a second consecutive day on December 23 despite a mixed global trend amid concerns over the new coronavirus strain and lockdown in the UK.
After opening higher at 13,473.50, the Nifty remained strong through the session as it gradually extended uptrend to hit the day s high of 13,619.45 in the afternoon. The index settled at 13,601.10, up 134.80 points.
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