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Daily Markets - Jan 21, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-01-21 05:15:53 (Time Zone: Arizona, USA)


Indian equity benchmark indices failed to hold on to higher intraday levels and ended with losses on January 21 led by weekly F&O expiry and nervousness spreading ahead of Union Budget due on Feb 01. Sensex hit an all-time high of 50,184.01 in intraday trade. At close, the Nifty was at 14,590.35, down 54 points or 0.37 percent.

Volumes on the NSE were up again after a few days of soft volumes. Among sectors, Nifty PSU Bank, Realty, Metal, Media, Pharma, Bank fell the most. Broader markets too fell more than the Nifty with the midcap index falling 1.2% while the smallcap index declined 0.6%.

Asian markets experienced a post-Inauguration Day jump Thursday due to optimism over new U.S. President Joe Biden's plan to push his $1.9 trillion pandemic economic rescue plan through Congress. European markets were trading flat even as the markets aren't expecting any changes from the European Central Bank decision due at 7:45 a.m. Eastern time with attention turning to the press conference with ECB President Christine Lagarde.

Nifty has shown signs of profit taking after such a rise. Technically it has formed a Dark Cloud Cover on daily charts, showing possibility of follow on selling. The steepness of selling in the afternoon suggests that the Nifty could keep running into resistance/profit taking over the next few sessions.


Source: Equity Bulls

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