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ICICI Securities

Published on 21/01/2021 12:01:02 PM

Technical Outlook

Equity benchmarks extended gains over second consecutive session amid buoyant global cues. The index steered past its previous high of 14653 and recorded fresh all time high of 14666.

The Nifty ended Wednesday’s session at 14645, up 124 points or 0.85%. In the coming session, volatility would remain high owing to weekly derivative expiry. However, we expect index to trade with a positive bias while maintaining higher-low formation. Hence, post positive opening, use dip towards 14640-14665 for creating long for target of 14744 Going ahead, we expect index to endure its northbound journey and eventually head towards 14900 by the end of January.

Meanwhile, stock specific activity would continue as we proceed Q3FY21 earnings season. The sturdy move above the previous life-time high of 14653 backed by strong market breadth and broad based market participation has also confirmed a higher bottom in place at Monday’s low of 14200 and signals further acceleration of upward momentum.

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HDFC Securities

Published on 21/01/2021 12:00:08 PM

Daily Technical View on Nifty

Observation: Nifty continued with sustainable upmove for the second consecutive session on Wednesday and closed the day higher by 123 points. Nifty opened on a positive note, shifted into a further upside in the early part of the session before shifting into an intra-day range move.

Minor dips of mid part has turned out to be a buy on dips opportunity and Nifty registered a new all time high at 14666 towards the end. Another long bull candle was formed, which indicate an uptrend continuation pattern. The previous four sessions decline has been retraced completely in the last two session. This faster retracement could signal further upside in the short term.

The positive sequence like higher highs and lows continued on the daily chart and Nifty is currently making an attempt to reach higher highs. Previously, the short term downward corrections have resulted in a sustainable upside for many sessions. Hence, having moved up sharply from the higher bottom in the last two sessions, Nifty is expected to show further upside gradually.

The immediate support of 10 day EMA has proved to be a false downside breakout and that led to a sharp upside reversal. As per this pattern, this 10 period EMA could be tested again during next dip, after moving into new highs above 14666-14700 levels. On the upper side, the long term trend line resistances (top-top and bottom-bottom, as per monthly chart) could come into play.

Conclusion: The short term trend of Nifty continues to be positive and Wednesday's upmove could be a confirmation of bullish reversal from the lows. One may expect further upside for the next few sessions, before encountering a next crucial overhead resistances around 14800 levels. Immediate support is at 14550.

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SEBI Registration number is INZ000171337

HDFC Securities

Published on 21/01/2021 11:33:06 AM

Below are Views On BSE Sensex touching 50,000 mark By Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

It is a momentous day for India's capital markets as the Sensex touched 50,000 on Jan 21. The gain of last 5,000 points has come in just 32 trading sessions. Expectations of turnaround in the economy post Covid vaccinations and continued FPI inflows have led to this kind of gains for Indian markets in a globally low interest scenario. Post the Forthcoming Union Budget we may witness a temporary brake to the uptrend and further upmoves from hereon will depend on the pace of economic and corporate earnings growth and the trajectory of inflation and interest rates in India  and the world.

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SEBI Registration number is INZ000171337

Religare Broking Limited

Published on 21/01/2021 11:32:26 AM

Nifty Outlook

Extending yesterday’s gains, the market continued its upward trend and gained nearly a percent. Supportive global cues led to a positive start which was further fuelled by the buying in index majors. Consequently, markets touched a new record high largely led by healthy buying in Auto and IT counters. On the benchmark front, the Nifty ended with gains of 0.9% at 14,645 levels. All the sectoral indices, except FMCG, ended in the green.

The recent buoyancy on the global front combined with the supportive local cues are helping the index to regain momentum. However, volatility is still high on the stock-specific front. Keeping all in mind, we feel it’s prudent to continue with hedged positions and prefer index majors over the others.

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Please refer disclaimer at https://www.religareonline.com/disclaimer   SEBI Registration number is INZ000174330

Enrich Commodities India Pvt.Ltd

Published on 21/01/2021 11:31:48 AM

Technical outlook

Nifty 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on current price action, once the same break above the current key resistance holding near 14670 (Near new historical high). The upside rally could be testing all the way up to whole new levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 14500. A slide to 14350-14200 is also a possibility if the price makes or break below the current support level.

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SEBI Registration number is INZ000078632

Enrich Commodities India Pvt.Ltd

Published on 21/01/2021 11:30:32 AM

NIFTY MORNING OUTLOOK

Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 14701.80 +42.05 points on indicating gap up opening for the NSE.

At the close in NSE, the Nifty 50 rose 0.85% to hit a new all-time high, while the BSE Sensex 30 index added 0.80%.

The biggest gainers of the session on the Nifty 50 were Tata Motors Ltd, which rose 6.28% or 16.25 points to trade at 274.90 at the close. Adani Port and Special Economic Zone Ltd added 4.84% or 25.80 points to end at 558.60 and Wipro Ltd was up 3.42% or 14.70 points to 444.95 in late trade.

Biggest losers included Shree Cements Ltd., which lost 1.82% or 444.50 points to trade at 23930.00 in late trade. Power Grid Corporation of India Ltd declined 1.75% or 3.50 points to end at 196.15 and NTPC Ltd shed 1.35% or 1.35 points to 98.30. The breadth, indicating the overall health of the market, 1498 rose and 1382 declined, while 146 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.25% to 73.010.

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SEBI Registration number is INZ000078632

Angel Broking Pvt Ltd

Published on 21/01/2021 11:29:47 AM

Nifty Bank Outlook - (32544)

The banking index too opened flat along with the benchmark index. However as the day progressed, we witnessed good buying momentum in Nifty; courtesy to some of the heavyweights like, RIL, HDFC, IT and Auto counters. The BANKNIFTY too extended its gains a bit; but relatively it underperformed the benchmark index.

For the major part of the day, BANKNIFTY remained in a consolidation mode to add nearly four tenths of a percent gains. Monday’s corrective move has completely been engulfed and markets are trading in a positive territory for the week. Yes, the sentiments across the globe continues to be optimistic and no negative development is as good as a positive trigger for the market. Hence, we are seeing good buying momentum in last couple of days.

However, for BANKNIFTY 32700-33000 remains to be a strong resistance and till the time it’s not crossed, 32700 – 32000 remains to be an immediate range. Let see how things pan out on the penultimate weekly expiry day. Traders are advised not to get carried away and should stay light on positions.

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Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf 
SEBI Registration number is INH000000164

Angel Broking Pvt Ltd

Published on 21/01/2021 11:29:36 AM

Sensex (49792) / Nifty (14645)

The Nifty index opened on a flat note and gradually moved higher during the day to register new highs. In just a couple of sessions, the index recovered all its losses of the recent correction and has ended the day tad below 14650. The index continued its previous day’s upmove yesterday supported mainly by the IT heavyweights. The Auto stocks and the heavyweight Reliance Industries too contributed and participated in the upmove.

Although, the Banking index consolidated in a range yesterday and relatively underperformed the Nifty as no significant momentum was seen in the private sector banking stocks. If we look at the recent chart of Nifty on the daily time-frame, it is seen that the 20-day EMA has acted as a support on intermediate declines and the index has continued its ‘Higher Top Higher Bottom’ structure. With last two days of upmove, this moving average support now coincides with Monday’s low of 14222 and thus, it now becomes a sacrosanct for the short term.

Apart from this, the Nifty Midcap index had seen some correction from its important level as per the retracement theory and hence, it would be crucial to see if this index surpasses its swing high with an ease. In case the midcap index does not break this hurdle, then we could see some volatility again in the short term and hence, traders should keep a close tab on this index.

Meanwhile, we continue with our advice for traders to keep focusing on stock specific moves and identify the sectors which are showing momentum on a given day. Traders should also avoid taking leverage positions at this juncture and focus on timely exits on the trading positions. The intraday supports in Nifty for the coming session are placed around 14535 and 14490 whereas resistances are seen around 14710 and 14770.

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Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf 
SEBI Registration number is INH000000164

GEPL Capital

Published on 21/01/2021 11:14:01 AM

Key Highlights:

* Nifty January Futures ended 75.15 points up @ 14645.15 with a premium of 0.45 point.

* Nifty futures open interest increased by 4.29 lakh shares with January series total open interest stands at 1.24 crore shares.

* Nifty 15000 call has highest OI, whereas 14000 put holds the highest OI and Banknifty 33000 call has highest OI and 29000 put has highest OI.

* Nifty 15000 call saw addition of 4.73 lakh shares in OI, whereas 14600 put saw addition of 4.89 lakh shares In OI.

* India VIX ended 5.90% down @ 21.55 against the previous close of 22.90

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SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer

GEPL Capital

Published on 21/01/2021 11:11:19 AM

BANKNIFTY SPOT: 32543.70 (0.37%)

DYNAMIC PARAMETER: Index formed Higher Top Higher Bottom pattern

TRADING ZONE: Resistance: 32718 (All Time High) / 33000 (Key Resistance)

Support: 32322 (Day Low ) / 32000 (Key Support)

VIEW: Bullish till above 31650 (3 Daily Low)

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SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer

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