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Published on 13/01/2021 4:20:00 PM | Source: HDFC Securities Ltd

Quote on Today`s Market Performance 13 January 2021 by Mr. Deepak Jasani, HDFC Securities

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

Indian equity Benchmark indices ended little changed on Jan 13 after a highly volatile session. Nifty opened gap up, rose initially and later ran into gradual profit taking. Post 1250 Hrs a steeper selloff (probably basket selling by an institution) followed. However due to lack of followup selling, markets recovered to close almost flat at the end of the day. At close, the Nifty was up 1.40 points or 0.01% at 14564.90.

 

Volumes on the NSE were very high signaling high FPI participation. Among sectors, PSU Bank, Bank Nifty and Auto were the main gainers while Pharma was the main loser. Broader markets underperformed in today's session. The Midcap index ended 0.6% lower while the Smallcap index fell 0.2%.

 

Asian stocks mostly rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while oil prices touched a one-year high. European stocks fought for traction on Wednesday, as investor focus remained on COVID-19 vaccines and rising infections across the region.

 

Nifty saw intra day volatility and poor advance decline ratio on Jan 13. Risks of sharp and sudden selloffs at high levels remain. One needs to be careful and keep long positions under control and keep taking profits on trading and some investment positions. 14382-14432 is the crucial support band for the Nifty in the near term.

 


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