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January 21, 2021
× The bullish momentum for the stock markets will continue on Thursday too, as the global cues and Asian markets indicate positive beginning. The SGX Nifty, which is currently ruling at 14,705, is pointing a gap-up of opening of about 50 points for Nifty50. The January futures of Nifty50 closed on Wednesday at 14,645.
All eyes are on the BSE Sensex, as it is tantalising close to 50,000 historical mark.
Overnight, the Dow Jones Industrial Average rose 257.86 points, or 0.83 per cent, to 31,188.38, the S&P 500 gained 52.94 points, or 1.39 per cent, to 3,851.85 and the Nasdaq Composite added 260.07 points, or 1.97 per cent, to 13,457.25.
Benchmarks of Japan, Nikkei, Taiwan, Korea, Jakarta, China and Australia are ruling firm in early trade on Thursday.
NEW DELHI: Nifty formed a fresh lifetime high in the intraday trade and formed a bullish candle on the daily chart.
Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments said, “We should now be headed to 14,800-14,900. Good support has been created at 14,200. Keeping that as a stop level, traders can time their long positions in the Nifty. A buy on dips strategy would be a prudent approach.
“An optimistic western market aided the Indian market to touch lifetime highs with new buying in segments like auto, IT and PSU bank. So far, the Q3 results are better than forecasted and this has led to continued buying across sectors. Ahead of Joe Biden’s inauguration as President, the US market is in an upbeat mood with high expectations of a big US stimulus, said Vinod Nair, Head of Research, Geojit Financial Services.