On Tuesday 13 april 2021, the market saw a partial reversal of the speculative unwinding witnessed on Monday. The bulls regained the momentum in afternoon trade, as the see-saw battle between the virus and vaccine tilted towards the latter with the approval of a third vaccine with hope of many more to come. The Sensex advanced 660 points to close at 48544. The index traded in 852-point range during the day. The Nifty rose 194 points to 14504.
The
market witnessed some lackluster movement in the first half of the trading
session and an attempt to break the resistance level around the Nifty level of
14500. The short-term technical condition appears like a sideways consolidation
in the process. Sustaining above 14500 levels, the market to gain momentum,
leading to an upside projection till 14800 levels. The momentum indicators like
RSI, MACD to show divergence, indicating a likelihood of further consolidation
around the current market level.
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Resistance: 14600, 14700, 14800
Support: 14400, 14300, 14200
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