NEW DELHI: Nifty50 fell for the third straight day on Thursday, but managed to hold above its immediate support at 15,100-15,080. The 50-pack formed a bearish candle on the daily chart and continued to form lower highs and lows. Analysts ruled out any major correction in Nifty as long as it holds above 15,000 level.
“Although Nifty looked a bit tentative, it is nowhere close to seeing a trend reversal soon. The recent selloff needs to be construed as minor profit taking. In the coming session, one needs to watch the 15,050-15,000 zone. The first sign of weakness would emerge only if Nifty50 convincingly breaches the 15,000 mark. On the flipside, the 15,175-15,250 range is seen as immediate hurdle,” said Sameet Chavan of Angel Broking.
Pre-Budget jitters pummel 70% PMSes into the red in January; large, multi-cap funds bleed the most
Basant Maheshwari Wealth Advisers Equity Fund was the biggest loser in January, dropping 8.09 percent on a month-on-month basis. February 10, 2021 / 12:25 PM IST
After three straight months of gains, Nifty showed signs of fatigue in January, especially in the second half of the month as investors turned cautious ahead of the Union Budget. A steep correction ensued and benchmarks dropped all of its monthly gains to end the month with a 2.48 percent loss. Broader markets were able to ride the storm much better than the frontliners as BSE Smallcap ended with marginal losses of 0.3 percent, while BSE Midcap ended with gains of 0.6 percent.