Synopsis
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
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NEW DELHI: Nifty had a gap-up opening on Monday but ended up shedding almost a per cent in intraday trade. The headline index formed a long bearish candle on the daily charts as the 50 pack continued it s losing streak in the third consecutive session.
Analysts expect volatility to remain high in the coming two sessions as the January derivatives contracts are scheduled to expire on Thursday.
Rohit Singre, Senior Technical Analyst at LKP Securities said: The index has breached all good support which means if the index manages to sustain below today’s (Monday’s) low, then the index may hit 14,000 mark soon which is a strong support on the downside. On the higher side, the index found good resistance in the 14350-14440 zone and it would be the profit booking level for longs.
NEW DELHI: Nifty reversed its two-session bearish trend with a broader rally and formed a big bullish candle on the daily chart on Tuesday.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, “If we manage to get past this level, we should be headed to 14,800-14,900. The index has made a strong base at the 14,200 levels, which acted as good support. Going ahead, earnings and global cues would remain on the participants’ radar. Besides, we’re also seeing noticeable buzz across the sectors in run up to Budget. We feel it would be prudent for the markets to spend some time around the current levels. Meanwhile, there’ll be no shortage of trading and investment opportunities, thanks to prevailing earnings season and upcoming budget. Amid all, we suggest not to go overboard and stick to the quality names and accumulate them on dips, said Ajit Mishra, VP - Research, Religare Broking.
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NEW DELHI: Nifty touched its all-time high on Wednesday forming a Hanging man pattern on the daily chart. Amit Trivedi of Yes Securities says that the appearance of such a pattern at current levels could attract some profit taking. However, follow-up action needs to be closely watched.
According to Ashis Biswas, Head of Technical, CapitalVia Global Research, the market s short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13,550 and 13,780. Indian market is effortlessly rallying to record highs on a daily basis, tracking firm global markets. Increasing prospects of the US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand, said Vinod Nair, Head of Research at Geojit Financial Services.
Consumer Staples & Discretionary - Outlook 2021: Equal preference for Staples & Discretionary - ICICI Securities
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CY2021: Potentially a year of consumption recovery (on low base for some).
Staples: We see moderate inflation and return of rural wage growth to be the key drivers. We expect the industry formalisation thesis to sustain - strategic focus on growth even at the cost of (gross) margins. There are risks too - consumers reverting to pre-CY20 behaviour (lower health and hygiene focus, lower in-home consumption of packaged food).
Discretionary: Growth drivers are (1) sharp demand recovery (mostly priced in), (2) store expansion (locking in lower rentals) and (some) cost efficiencies driving operating leverage benefits.