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Arihant Capital Markets Ltd

Published on 22/01/2021 9:21:02 AM

DAILY MARKET UPDATE REPORT 22-01-2021

Nifty, opened higher but was unable to sustain higher level as selling in the latter half of the session dragged down nifty to close in red. On the daily chart we are observing a bear candle with higher volumes which suggests that a consolidation or minor correction from current level cannot be ruled out. In coming trading session if Nifty trades below 14500 level then it may test 14400 – 14300 levels. On the upside, 14700 – 14750 levels may act as resistance for the day. We still maintain our stance that 14300 – 14000 is strong demand zone and as long as nifty holds the mentioned demand zone one needs to trade with positive bias.

Tags: Daily

SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/

Arihant Capital Markets Ltd

Published on 21/01/2021 10:05:27 AM

DAILY MARKET UPDATE REPORT 21-01-2021
   
Nifty, opened higher traded in a narrow range with positive bias throughout the day to close in green. On the daily chart we are observing that the momentum indicator viz. RSI is gaining momentum which suggests that upside momentum is likely to continue. In coming trading session if Nifty trades above 14670 levels then it may test 14800 - 14900 levels. On the downside, 14500 – 14400 levels may act as support for the market.

We maintain our stance that 14300 – 14000 is strong demand zone and as long as nifty holds the mentioned demand zone one needs to trade with positive bias.

Tags: Daily

SEBI Registration No.- INH000002764
Please refer disclaimer at http://arihantcapital.com/

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