Published on 22/01/2021 10:15:41 AM | Source: Enrich Commodities India Pvt Ltd

The downside rally could be testing all the way up to 14400-14250 levels - Enrich Commodities

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Pre-Market Friday! Asian market negative trading, Nifty50 on the SGX were trading lower at 14587 -6 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 fell 0.37%, while the BSE Sensex 30 index fell 0.34%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 6.38% or 17.55 points to trade at 292.45 at the close. Bajaj Finance Ltd added 2.66% or 132.35 points to end at 5114.30 and Reliance Industries Ltd was up 2.55% or 52.30 points to 2107.00 in late trade.

Biggest losers included Oil and Natural Gas Corporation Ltd, which lost 3.34% or 3.30 points to trade at 95.55 in late trade. Tata Steel Ltd declined 2.95% or 20.35 points to end at 669.80 and Coal India Ltd shed 2.61% or 3.70 points to 137.80. The breadth, indicating the overall health of the market, 1820 fell and 1061 advanced, while 158 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was up 0.11% to 72.990.


Technical outlook

Nifty 2hr chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on current price action, once the same break below the current key support holding near 14580. The downside rally could be testing all the way up to 14400-14250 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 14750. A slide to whole new is also a possibility if the price makes or break above the current resistance level (New historical high).


Technical Chart


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