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market outlook: Ahead of Market: 12 things that will decide stock action on Friday


By Sabari Saran
NEW DELHI: Asian markets extended losses on Thursday, perpetuating the weak sentiment from the US tech rout. But mild gains in US stock at the opening tick later in the day held out promise for Friday’s session on Dalal Street, which was shut on Thursday for a public holiday.
Nifty slipped 1 per cent on Wednesday, and in the process, formed a Bearish Belt Hold pattern on the daily chart. Analysts said the 50-pack is facing a stiff hurdle on the higher side, especially in the 14,900-15,000 zone.
“Only a close above the 15,000 mark can activate the overall bullish stream. Otherwise, we may again see selling pressure at higher levels. Support can be seen near the 14,775-14,700 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities. ....

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Ahead of Market: 12 things that will decide stock action on Thursday


Ahead of Market: 12 things that will decide stock action on Thursday
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Gaurav Ratnaparkhi of Sharekhan said, On the daily chart, the Nifty has formed an Inside bar for which the breakout level on the upside is at 14,724. The overall structure shows that the benchmark index is preparing for the next leg of the recovery.
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Chandan Taparia of Motilal Oswal Securities said the index formed a high low with support at 14,500 level, but mostly traded inside a trading range.
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NEW DELHI: Nifty saw a gap-up opening on Wednesday and traded on a volatile note before ending slightly above its opening levels. The headline index formed an Inside Bar formation, similar to a Harami Cross pattern as Nifty formed an indecisive candle for the day. ....

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market outlook: Ahead of Market: 12 things that will decide stock action on Wednesday


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NEW DELHI: Nifty had a gap up opening on Tuesday, but it failed to sustain the gains and saw a sharp selloff, ending in the red. The headline index formed a long bearish candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, On the upside, there is a stiff resistance at 14,700 level and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.
Ajit Mishra, VP - Research at Religare Broking said, We believe volatility is likely to remain high for the markets in absence of any major positive trigger. Going forward, the updates on Covid-19 cases, vaccination and earnings announcements, especially from Nifty majors, would be key monitorables. We reiterate our cautious stance and suggest preferring hedged positions. ....

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