Daily Markets - Jan 15, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: Arizona, USA)
Indian Benchmark equity indices ended lower on the back of profit booking on Jan 15 amid weak global cues. The Nifty kept falling since opening with small bounces in between and made a bottom at 1415 Hrs. A late feeble recovery ensued. At close the Nifty was down 161.90 points or 1.11% at 14,433.70. Nifty closed the week with a gain of 0.6%.
Volumes on the NSE were higher than the previous session. Among sectors, all of them ended in the red with IT, PSU Bank and Pharma falling the most. Advance decline ratio was severely negative.
Asian shares tripped lower in afternoon trade on Friday, reversing earlier gains as rising COVID-19 cases in China reinforced investor concerns over the prospects for a global economic recovery. European stock markets traded lower Friday, with investors weighing increased Covid-related restrictions with the announcement of additional U.S. stimulus.
U.K.'s Office for National Statistics reported that the country's economy shrank 2.6% in November, after six straight months of growth since lockdowns in the spring. But that was less than the 4% drop forecast.
The Nifty has given the first signs of reversing after a steep rise. Advance decline ratio has also raised concerns over the last few days of possibility of a formation of a short term top. 14563-14256 are the resistance/supports for the Nifty in the near term.