Quote on Today`s Market Performance 16 February 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 benchmark equity indices snapped a three day winning streak on February 16 and closed flat. Nifty opened up but soon ran into selling pressure. After making lower tops lower bottoms till about 1400 Hrs, it stabilized and recovered some of the lost ground. At close, the Nifty was down 1.20 points or 0.01% at 15,313.50.
Volumes on the NSE were above recent average. Among sectors, Metals, Pharma, Energy and Infra indices gained, while IT, Banks and FMCG indices fell.
European markets were muted Tuesday morning, struggling to kick on from a global risk rally fueled by economic recovery hopes. Asian markets finished mostly higher in limited trading activity Monday, spurred on by optimism over the release of more COVID-19 vaccines and a steady decline of new coronavirus cases.
Another revision of Q4 GDP figures in the broader euro area now sees the economy contracting 0.6% QoQ, a tad better than the previous 0.7% drop predicted. On an annualized basis, the region is forecast to contract 5.0%.
India’s Nifty Metal Index jumped to its highest in 28 months on a surge in commodity prices and a recovery in demand as countries emerge from the pandemic. Copper prices on the London Metal Exchange rose to their highest since 2012, extending last week’s 5.3% gain.
India’s economy, according to the Nomura India Business Resumption Index, is a whisker away from pre-Covid levels. Economic activity is now only ~2 percentage points below pre-pandemic levels.
Nifty formed a near doji like pattern after a rise suggesting some uncertainty among bulls/bears. Advance decline ratio continues to be negative suggesting widespread profit taking. Sector specific moves continue in the markets with Metals being in the limelight on Feb 16. 15242 on the Nifty is now a crucial level below which the correction could accelerate. On upmoves, 15432 could offer some resistance.
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