MENU

Published on 21/01/2021 5:21:07 PM | Source: HDFC Securities Ltd

Quote on Today`s Market Performance 21 January 2021 by Mr. Deepak Jasani, HDFC Securities

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities 

Indian equity benchmark indices failed to hold on to higher intraday levels and ended with losses on January 21 led by weekly F&O expiry and nervousness spreading ahead of Union Budget due on Feb 01. Sensex hit an all-time high of 50,184.01 in intraday trade. At close, the Nifty was at 14,590.35, down 54 points or 0.37 percent.

 

Volumes on the NSE were up again after a few days of soft volumes. Among sectors, Nifty PSU Bank, Realty, Metal, Media, Pharma, Bank fell the most. Broader markets too fell more than the Nifty with the midcap index falling 1.2% while the smallcap index declined 0.6%.

 

Asian markets experienced a post-Inauguration Day jump Thursday due to optimism over new U.S. President Joe Biden’s plan to push his $1.9 trillion pandemic economic rescue plan through Congress. European markets were trading flat even as the markets aren’t expecting any changes from the European Central Bank decision due at 7:45 a.m. Eastern time with attention turning to the press conference with ECB President Christine Lagarde.

 

Nifty has shown signs of profit taking after such a rise. Technically it has formed a Dark Cloud Cover on daily charts, showing possibility of follow on selling.  The steepness of selling in the afternoon suggests that the Nifty could keep running into resistance/profit taking over the next few sessions.

 

Above views are of the author and not of the website kindly read disclaimer