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market outlook: Ahead of Market: 12 things that will decide stock action on Wednesday


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NEW DELHI: Nifty on Tuesday managed to stage a rebound forming a bullish harami pattern signalling that the 50-pack index is likely to be back on its upward journey after yesterday s pause.
Aditya Agarwala, Senior Technical Analyst, YES Securities, said, “A sustained trade above 61.8% Fibonacci retracement level of the entire fall, i.e., 13,535 can trigger more short covering rallies taking the index back to levels of 13,580-13,650. However, failure to breakout of the 61.8% Fibonacci resistance may resume the corrective phase, dragging the Nifty lower to levels of 13,400-13,320.
“Market took an unexpected positive momentum in the afternoon, during a see-saw trading day, following the positive opening of the European market, which recovered from yesterday’s sell-off. Volatility is expected to stay high in the near term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, bac ....

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