Quote on Today`s Market Performance 8 March 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 ended little changed on Mar 08, reacting from higher levels seen earlier in the day. The Nifty opened with a small upgap , rose in the early part of the day to make an intra day high at 1005 Hrs. It later fell making lower tops, lower bottoms through the day. At close the NSE Nifty 50 index ended with gains of 18 points at 14,956.
Volumes on the NSE were below recent averages signalling lower institutional participation. However advance decline ratio ended in the positive suggesting sufficient local trader interest. Among sectors, PSU Bank, Media, Metals gained the most, while Realty, FMCG, Auto lost the most.
Asian shares broadly reversed course to trade lower on Monday as higher crude oil prices raised inflation worries and offset optimism over the passage of a $1.9 trillion U.S. stimulus bill. China’s main stock benchmark entered a correction on Monday (down 13% from its recent peak on Feb 10) on concerns about liquidity conditions and lofty valuations in some of the recently favored stocks.
The yield on US 10-year Treasuries climbed four basis points to 1.60%. Traders are worried the central bank may not have enough firepower to control the surge in yields.
European stocks rose on Monday with bond yields near one-year highs as the world’s largest economy was on the verge of adding $1.9 trillion in stimulus. Shares of banks and automakers lifted European shares on Monday as investors continued to move into economy-linked sectors on hopes of a solid economic rebound from the coronavirus downturn.
Nifty has started the week on a weak note giving up the early gain mainly due to weak Asian cues later in the day. Nifty is repeatedly facing selling pressure from 15100-15200 band. So far 14862 level has provided support.
A breach of this level could take the Nifty to 14637-14725 band.
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