Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Watch Live Now Nifty Banker 3.0 | Watch Day 12 Session today by Ashok Devanampriya now.
Budget 2023
Budget 2023

Trade setup for Friday: Top 15 things to know before Opening Bell

Technically, while the short-term uptrend is intact, markets are showing signs of tiredness as selling pressure is emerging from the highs, said Subash Gangadharan of HDFC Securities.

December 31, 2020 / 09:19 PM IST

The market failed to hold on to the 14,000 mark and closed the volatile session on a flat note on December 31, the expiry day for December futures and options contracts, but gained 15 percent for the year 2020.

The BSE Sensex rose 5.11 points to 47,751.33, while the Nifty50 was down 0.20 point at 13,981.80 and formed Doji kind of pattern on the daily charts as closing was near opening levels.

"Technically, while the short term uptrend is intact, markets are showing signs of tiredness as selling pressure is emerging from the highs. The moving averages on the intraday charts too have flattened indicating the short term uptrend is matured. Markets could therefore consolidate in a range for the next few sessions. Short term supports to watch for a trend reversal are at 13,864," Subash Gangadharan, Technical and Derivative Analyst at HDFC Securities told Moneycontrol.

Shrikant Chouhan, Executive Vice President - Equity Technical Research at Kotak Securities also feels the texture of charts clearly suggested the short term trend is still up but strong possibility of intraday correction is not ruled out if the index trades below 13,935.