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The level of 13,700 is significant in terms of Fibonacci retracement support and a level of 50-Days SMA. A relief rally is more likely in the near term.

January 30, 2021 / 10:16 AM IST
 
 
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The Nifty/Sensex is diverging negatively on a daily chart and that would trigger further weakness. In the short term, the market is heading for 13,700 on the Nifty, and 46,500 levels on Sensex if it doesn’t stop at 13,900/47,300 levels.

On the higher side, 14,200/48,200 and 14,350/48,500 would be crucial resistance levels that should be utilised to reduce weak long positions.

As the market is falling vertically, we are of the view that ahead of the Union Budget, we should look for adding strong and selective stocks to our positional portfolio between 14,000 and 13,700 (47,500) levels.

The level of 13,700 is significant in terms of Fibonacci retracement support and a level of 50-Days SMA. A relief rally is more likely in the near term, however, the broader trend of the market would turn strong/positive if it crosses 14,750 levels again.