Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities
Indian benchmark equity indices ended lower for the fourth consecutive day on February 19 with selling seen across the sectors. After making an intra day high at 1030 Hrs, Nifty kept falling through the day, barring the recovery post 1500 Hrs. At close, the Nifty was down 137.20 points or 0.91% at 14,981.80. For the week, the Nifty closed down 1.2%.
Volumes on the NSE were above recent average. Among sectors, PSU Bank, Auto, Bank, Infra, Metal and Pharma indices were the main losers.
Asian stocks pulled back from all-time peaks on Friday as higher longer-dated bond yields and disappointing U.S. jobs and economic data dented investor confidence in a faster economic recovery from the COVID-19 pandemic. Euro zone shares rose on Friday as data showed factory activity in February jumped to its highest in three years. Strong demand for manufactured goods helped the factory PMI soar to 57.7 from 54.8, the highest since February 2018 (vs 54.3 forecast). A PMI covering the euro zone’s services industry fell to 44.7 from January’s 45.4 (vs 45.9 forecast). IHS Markit’s flash composite PMI, registered 48.1 in February compared to January’s 47.8 and 48 forecast.
Nifty has corrected for four straight days after a sharp consistent rise seen over the past few weeks. The oscillators/indicators have now eased out of overbought region. A move above 15030-15060 early next week could take the Nifty 15240 over the next few days. On falls, 14753-14900 could act as a good support in the near term.
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