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Technical View: Nifty forms bearish candle, all eyes on budget

Traders should remain neutral on the budget day without a directional bet and it would be prudent to wait for more clarity.

January 29, 2021 / 05:40 PM IST

The Nifty 50 started off the February series on a weak note and fell for the sixth consecutive session on January 29, as traders remained cautious in the penultimate session ahead of the budget that will be presented on February 1. Auto, FMCG, IT, metal and pharma stocks pulled the market down.

After opening higher at 13,946.60, the Nifty hit an intraday high of 13,966.85 in the early trade but wiped out those gains and remained volatile for the rest of the day. The index settled at 13,634.60, down 182.90 points, or 1.32 percent, and slipped 7.6 percent from the record high levels in six straight sessions.

The index formed a long bearish candle on the daily and weekly charts as the closing was lower than the opening level. The index lost 5.1 percent during the week. Experts expect further correction towards 13,200 if it fails to hold on to 13,720.

Traders should remain neutral on the budget day and wait for more clarity, Mohammad said.