Market outlookMarkets remained under selling pressure for the week ended January 21, 2021 amid weak global cues. Last week, the BSE Sensex closed at 59,037.18, down 2,185.85 points, or 3.57 per cent, while the Nifty closed at 17,617.2, down 638.55 points or 3.49 per cent. If we look at different sectors, BSE IT index declined by 6.5 percent, Telecom index by 5.8 percent, Nifty Pharma index declined by 2.8 percent. On the other hand, the power index of BSE saw a rise of 2.6 percent.
Now let’s take a look at the opinion of the veterans on the market move.
Ruchit Jain of 5paisa.com Says that the level of 17500 will be very important for Nifty this week. Nifty has support on this. If Nifty appears to move above 17700, then once again buying will be seen in the market and Nifty will once again be seen going towards 17900-18000. He further added that last week’s fall was a mild and short term decline. Now the market will see a boom once again before the budget.
The giant tiger of the Bonanza Portfolio It says that Nifty will have to give closing above 18000 to remain bullish further. On the downside, there is good support for it at 17500. Due to the weakness of the global market coupled with the uncertainty regarding the upcoming budget, the domestic market will remain volatile in the coming days.
Siddhant Khemka of Motilal Oswal Financial Services Says that Nifty has broken around 800 points from its recent pick. Technically Nifty is close to 17650 EMA on Daily Time Frame. Below this level Nifty will continue to have a downtrend in the near term. He further said that the weakness of the global market mixed results Heavy selling by FIIs has put pressure on the market.
Amol Athawale of Kotak Securities Says that Nifty has formed a long bearish bar reversal candle on the weekly chart, which is a sign of weakness in the market to continue in the short term. Apart from this, closing below the 20 Day SMA of Nifty is also a negative sign. Now support is visible for Nifty at 17500. If Nifty stays above it, then we can also see the level of 17775 then 17900-17950 after that. On the other hand, if Nifty slips below 17750, then the level of 17400-17300 can also be seen in it.
Ajit Mishra of Religare Broking It says that this week the market will first react to the results of 2 heavy bets Reliance Industries and ICICI Bank Bank. He has further said that weak global cues are taking their toll on the market sentiments at this time. Apart from this, heavy volatility in the market during the results season is troubling the investors. Looking at the index, for any good recovery, Nifty will have to stay above 17600. If Nifty fails to stay above 17600, then it may slip to the level of 17350. Investors are advised to hedge their positions and avoid widening their positions until the market stabilizes.
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Vinod Nair of Geojit Financial Services It is said that in this week there may be a lot of volatility in the domestic market. Because the eyes of the investors are on the announcements of the upcoming budget. Since the results so far have not given any enthusiasm in the market. Therefore, in the coming weeks, the market will keep an eye on the results for the next indications.
Rahul Sharma of Equity 99 Says that the market is broken about 1 percent today. With the close of the budget, the market may see further decline in the midst of profit-booking. Investors are getting a good opportunity to buy quality stocks this fall.
Talking on Bank Nifty, Rahul Sharma said that the level of 38180 will act as a strong support for Bank Nifty. If this support breaks, then Nifty can again drop us to 37950 and then to 37690. On the upside, a strong resistance is seen for Bank Nifty above 38325 and if this resistance breaks, then Nifty Bank can see us going towards 38450 and then 38580.
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