SGX Nifty down 70 points; here s what changed for market while you were sleeping
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Last Updated: Apr 12, 2021, 08:05 AM IST
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Asian shares started cautiously on Monday as investors waited to see if US earnings can justify sky-high valuations, while bond markets could be tested by what should be very strong readings for U.S. inflation and retail sales this week.
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Asian markets edged higher this morning, but domestic stocks may see a weak start amid a record rise in Covid cases and prospects of lockdown in Maharashtra. All eyes would be on TCS’ quarterly earnings, while CPI and factory output readings are scheduled for release later for the day. The rupee, which fell for five days, would also be on investor radar, as FPIs have turned net sellers in April so far.
Ahead of Market: 12 things that will decide stock action on Monday
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Aditya Agarwala of YES Securities said if the bulls manage to push Nifty beyond the 14,880-14,900 zone, the index can rise and test the 15,100-15,200 zone.
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The MACD showed bearish signs on the counters of Deepak Nitrite, Intellect Design, HG Infra Engineering, South West Pinnacle, Poly Medicure, Grindwell Norton, Page Industries, TeamLease Service, Autoline Industries, CL Educate and Krishana Phoschem.
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NEW DELHI: On the weekly chart, Nifty formed a Long Legged Doji on Friday as the headline index closed near its opening level. Manish Hathiramani, technical analyst at Deen Dayal Investments, said it is crucial for this level to be taken out this week as that would signal an up move to 15,300-15,400. If the support of 14,400 is broken, we will revisit the previous lows of 14,200 and can drift further to 13,900, he said.
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Aditya Agarwala of YES Securities said if the bulls manage to push Nifty beyond the 14,880-14,900 zone, the index can rise and test the 15,100-15,200 zone.
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Chandan Taparia of Motilal Oswal Securities said Nifty has to decisively cross and hold above 14,880 level for a bounce towards 15,000 and 15,100 levels.
NEW DELHI: Nifty50 on Friday formed a small bearish candle on the daily chart and a Long-Legged Doji on the weekly chart, suggesting indecisiveness among traders. The index has been failing to take out the immediate resistance at 14,900 level for some time, but has been trading above the key moving averages, suggesting more consolidation ahead.
Market erased weekly gains; courtesy to brutal knock in financials : Angel Broking
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Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking): Last Friday s weakness was carried over this Monday as well and hence, Nifty witnessed a decent corrective move on the opening day to test sub-14300 levels. However, the bulls were not ready to give up easily as they came back strong on the subsequent two sessions on the back of overall global optimism. In the process, almost all major sectoral indices registered their new record highs. Everything looked hunky dory until the sudden profit booking took place in the last hour of the weekly expiry. This sell off went on to intensify on the last day of the week to erase all weekly gains to conclude tad below the 14700 mark.