In a volatile trading session, Sensex finished 303 points lower from the day’s high, while Nifty 50 managed to hold above 14,550 as both benchmarks closed the trading session. flat. Larger markets were too closed in the red, with the exception of Nifty Smallcap 50, which was up 0.12%. Among the Nifty sector indices, only Nifty Realty, Nifty Pharma and Nifty Financial Services ended the day with losses. The Nifty PSU Bank index rose 3.27%. Mahindra & Mahindra shares gained 6% while State Bank of India jumped 4.8%. India VIX volatility index gained 1.94% to end the day above 23 levels.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Indian stock indices were little changed on January 13 after a very volatile session. Asian stocks were mostly higher on Wednesday, following modest gains on Wall Street, as expectations that a vaccine will eventually win the battle against the coronavirus fueled hopes of a recovery, while oil prices peaked in ‘a year. Nifty saw the intraday volatility and the low lead-to-drop ratio on January 13th. The risks of abrupt and sudden sell-offs at high levels remain. You have to be careful and keep long positions under control and continue to take profits on trading and some investment positions. 14382-14432 is the crucial support group for the Nifty in the short term. “
Shrikant Chouhan, Executive Vice President, Technical Equity Research at Kotak Securities –
“The benchmarks experienced a volatile trading session near the 14650/49700 resistance level. We believe that the bulls are still in full control, but with the daily chart showing a temporary break near 14650/49700, therefore traders may prefer to take a cautious stance near the resistance level. Technically, the index is still holding higher and lower series. However, on the daily chart the shrewd / Sensex has formed a Hammer candlestick reversal formation, which suggests that there is a strong chance of a rapid intraday correction. are not excluded if it trades below 14435/49100. Below 14435/49100 the correction should continue to 14400-14300. / 49000-48650 on the other side, 14650/49700 would be the immediate hurdle for the bulls, above the same level as the index could go up to 14700-14735 / 49850-50000. “
Vinod Nair, Research Manager at Geojit Financial Services –
“Following positive global signals and lower inflation for December, the market opened with good gains. However, the profit reservation was triggered due to the 1.9% contraction in factory output, premium assessments and concerns about the upcoming union budget, wiping out any gains.
Rohit Singre, Senior Technical Analyst at LKP Securities –
“The index opened a day with a rising spread, but after achieving a high index, it witnessed the reserve of profit and closed a day with a slight loss at 14556, forming a kind of candle pattern. on the daily chart. The index has formed a good base near the 14500-14430 area, any breakout below said levels may emerge into more profit reservations so that buyers can use said levels as there is a stop loss level of track; A strong area of obstacles is formed near the 14650-14700 area where one can start to register profits. “
Manish Shah, Founder, Niftytriggers
“Nifty remains bullish and if we see Nifty moving above 14580-14590 we should expect a rally towards 14650 and above at 14750. Nifty’s support is at 14380-14360. Any refusal to 14380-14360 is a buying opportunity. Avoid selling in Nifty as a general thought process that Nifty is overbought. In strong trend, prices can stay high for a long time. The bottom current remains strong. Nifty reaching 15,000 before the January expiration is a separate possibility. “