Quote on Today`s Market Performance 27 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
Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities
Indian benchmark equity indices ended in the negative for the fourth consecutive session (first time since Sept 2020) on January 27 as profit taking ahead of the F&O expiry on Jan 28 and Union Budget on Mar 01 saw broad based selling. The fall for the day was the largest in more than a month. At close, the Nifty was down 271.40 points or 1.91% at 13,967.50.
Volumes on the NSE were in line with recent averages. Except FMCG, all other sectoral indices ended in the red. Banks, Metals, Realty Auto, Pharma indices fell the most. Broad market indices like smallcap and midcap fell less than the Nifty.
Aggregate demand for petroleum products, including auto and industrial fuels, fell 1.8% yoy in December for the second straight month despite an uptick in economic activity. Usage of high-speed diesel declined by 2.7% yoy in December owing to the agitation by farmers in Punjab, Haryana and surrounding areas against the recent farm laws, which affected rail and road movement.
In the Asian session on Wednesday, shares fell due to some profit-taking, as investors grew wary of stretched valuations. Europe's share indexes opened lower on Wednesday, while investors focused on the U.S Federal Reserve meeting and U.S. tech giants' earnings.
Nifty has entered intermediate correction and 13773 is the next support. Now on the next bounce up it could face resistance in the 14281-14350 band.
Above views are of the author and not of the website kindly read disclaimer
