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Daily Markets - Jan 18, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-01-18 07:34:32 (Time Zone: Arizona, USA)


Indian equity benchmark indices witnessed profit taking for the second consecutive day on January 18 on the back of soft global markets. A second round of fall post 1410 Hrs took the Nifty down to close almost at its intra-day lows - the average value of the last half hour however was higher. At close, the Nifty was down 152.40 points or 1.06% at 14,281.30.

Volumes on the Nifty were in line with those of the previous two days. Among sectors, Metals, Pharma, PSU Bank, Media, Auto and Realty fell the most. Broader markets performed worse than the Nifty with smallcap and midcap indices down almost 1.8-2.1%.

Shares fell Monday across most of Asia following a fall on Wall Street, but benchmarks in Hong Kong and Shanghai rose after data showed the Chinese economy grew a solid 2.3% in 2020. European equity markets struggled for direction on Monday as strong economic data from China competed with concerns over a double-dip recession in the UK and the eurozone.

The near term downtrend in the Nifty has gained momentum on Jan 18 even as the stocks (more so in small and midcap categories) seemed to have run out of steam. In the process the upgap made on Jan 11 has been filled. US markets are closed for Martin Luther King holiday on Monday. Hence our markets may not get any overnight cues from there. On the Nifty 14040-14215 band is the next support area. On rises 14358 could act as a resistance.


Source: Equity Bulls

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