Nifty hits the 15K milestone

Mumbai | Updated on February 05, 2021

Nifty, India’s key equity derivatives index, hit the key 15,000 mark in intra-day trading on Friday. The index closed at 14,924 with gains of 0.19 per cent or 28 points.

The upside momentum in markets continued for the fifth consecutive sessions post-Budget announcement. On the technical charts, analysts said the Nifty had sustained above the long-term trend line resistance around 14,800 levels and this could likely result in a further upside breakout.

“A similar negation of weekly reversal pattern occurred in the early part of October and November 2020 and the Nifty witnessed two weeks of sharp upside bounce during those negations. Hence, there is a possibility of further upside by next week,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

According to Shetti, the underlying short term trend of Nifty continues to be positive. “Present volatility and consolidation movement could eventually result in an upside breakout in the next few sessions. The next upside level to be watched is at 15475, Immediate support (on downside) is placed around 14,800-14,750 levels,” Shetti said.

RBI’s commentary was positive cue for the stock markets. Governor Shaktikanta Das said the RBI would continue with its accommodative stance (on interest rates) long as necessary to revive growth and mitigate the impact of Covid-19 on the economy, while ensuring that inflation remains within the target.

Published on February 05, 2021

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