- Everybody needs rest to reflect. The market does that by pulling back from highs. It tempers enthusiasm and makes the market healthy.
- Nifty lost 152 points today. Nifty is now down 2.5% from the highs.
- What got hammered today? Nifty Metal Index down 4.5% and Nifty Pharma down 3%.
- Year to Date YTD Nifty is now up 2.1%. BSE midcap is up 3.25% and BSE Smallcap is up 1.28%. Hmm…Small cap underperforming
- FIIs continue to be bullish on the Indian equity market. They have pumped in another 17500 crores this month. DIIs continue to be sellers with net selling of Rs. 12365 crores.
- 1 USD = 73.27 INR. There is a strong support at 72.95
- Reliance stock has underperformed now for more than four months. Where is the support for Reliance?
- The stocks run when they have to factor in a surprise. Accenture earnings on Dec 17th kickstarted a new bullish run in frontline IT stocks. Now they seem to be taking a pause/minor profit booking after a solid run.
- Tata Elxsi has been a giant breakout winner since it broke out in August above 1050. I covered it when the stock was at 1200 as the stock to chase
- If you don’t stay with your winners, you are not going to be able to pay for the losers. ~Michael Marcus
- Speaking of winners, Indiamart. The company comes out with brilliant set of numbers. I recommended the stock at 2250 in July 2020
- If you follow Price Action Momentum, this is the stock to keep an eye on.
- UPL: A month back the stock got hammered on whistleblower complaint and now somebody is buying the stock like crazy.
- Resistance matters. This is Zee
- Has the time finally come for this stock after so many twists and turns? The chart looks encouraging.
- Leadership theme: Healthcare Services.
- Interesting bullish Price Action move today in Philips Carbon, KEI Industries, and Aptech.
- A Clean Breakout to play economic recovery theme.
- If the markets were certain then there would be no markets. No one can give you a 100% guarantee of what market will do; all we know is what it can do.
- Analysts are always right. The problem is with market 🙂
Metropolis Healthcare details the HiTech acquisition 👇@AmeeraShah#StockMarket #Nifty
— Nigel D'Souza (@Nigel__DSouza) January 18, 2021
ChartSource: Chartalert.com [Indian Stocks]
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purposes. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers