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NEW DELHI: Dalal Street traders turned extremely bearish on Nifty50 formed a long bearish candle for the day after the Maharashtra government imposed serious curbs in the state to stem the spread of Covid infection.
Nifty50 tumbled 229 points, or 1.54 per cent, to 14,637 level. At one point of the day, the index had lost over 400 pints, but recovered some ground as some buying emerged at lower levels. Analysts said that buying may prove non-consequential.
“Albeit Nifty50 recovered around 180 points from its intraday low of 14,459, it seems to have resumed its downswing, as the negative advance-decline ratio was decisively skewed in favour of the bears,” said Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory at Chartviewindia.in.
NEW DELHI: Short covering at Nifty Bank ahead of F&O expiry sent domestic stock indices soaring in an extended session on Wednesday after a technical glitch on National Stock Exchange (NSE) halted trading on that bourse for a few hours. Analysts said they won t be surprised if they see more short covering on Thursday.
Analysts said the Put-Call ratio hinted at oversold conditions. After falling almost 12-15 per cent in February expiry, Nifty Bank picked up momentum and negated the formation of lower highs and lows on the technical chart. This happened after finance ministry allowed private banks to conduct government-related banking transactions. The announcement triggered huge short covering in bank stocks, analysts said.
Technical View: Nifty forms bullish candle, experts say high-risk traders can remain long
The Bank Nifty ended the day with gains of 1,197.40 points, or 3.32 percent, at 37,306.30, forming a strong bullish candle on the daily scale. Sunil Shankar Matkar February 15, 2021 / 04:34 PM IST
The Nifty50 opened strong and remained in the positive terrain throughout the session to close above the 15,300-mark for the first time on February 15, backed by optimistic global sentiment and improving corporate earnings.
Banking and financials led the rally as the BSE Sensex, too, reached a milestone by crossing the 52,000-mark.
The Nifty50 witnessed a gap-up opening at 15,270.30 and extended the rally to hit an intraday record high of 15,340.15. The index settled at 15,314.70, up 151.40 points, or 1 percent.