Quote on Today`s Market Performance 8 February 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 higher for the sixth consecutive day on Feb 08. The Nifty opened gap up and then remained sideways through the day. At close the NSE Nifty 50 gained 1.3% to close at 15,115.
Volumes on the NSE were lower than the past 6 days average but in line with the last month’s average. Among sectors, Banks, Auto, Metals did well, while PSU Bank and FMCG index underperformed. Broad market indices outperformed suggesting return of interest in the small and midcaps.
Asian shares mostly rose Monday, echoing the rally on Wall Street last week, with Nikkei momentarily reaching three-decade highs on growing optimism over the global economy. Hopes that US lawmakers would pass President Joe Biden's huge stimulus package and falling coronavirus infection rates and vaccine rollouts also helped sentiments. European stocks were higher Monday with markets tracking positive sentiment in Asia and the U.S
The Reserve Bank of India (RBI) on February 8 announced its plan to buy bonds worth Rs 20,000 crore through open market operations (OMO) on Feb 10 to support the government’s borrowing programme. This has led 10 year Gsec to fall 3-4 bps over the previous close.
Nifty marches ahead day after day with minimal intra day correction. Going by volume numbers it seems that FPIs interest has dipped on Feb 08, the ongoing results season is leading to rotational buying across stocks and sectors which incidentally pulls up the Nifty. On a channel line basis, the next resistance for the Nifty is around 15200 while the support is at 14870-14914.
Above views are of the author and not of the website kindly read disclaimer
