Indian benchmark indices ended flat on February 13, with Nifty closing above the 23,000 mark. At the close of trading, the Sensex declined by 32.11 points (0.04%) to settle at 76,138.97, while the Nifty dropped by 13.85 points (0.06%) to close at 23,031.40.
Market Overview
After demonstrating a sustainable upside bounce from the lower support of 22,800 levels on Wednesday, Nifty was unable to maintain its intraday gains on Thursday and ultimately closed lower by 13 points. The market opened on a positive note and surged in the early session; however, it failed to sustain above the resistance level of 23,200, resulting in a decline towards the session’s close.
A small red candle with a long upper shadow was formed on the daily chart, signaling weakness in the market’s upward momentum.
Technical Analysis
The short-term trend of Nifty remains positive, but there is a lack of strength to overcome immediate hurdles.
A decisive move above the 23,250 level is required to confirm a near-term bottom reversal pattern.
Immediate support is positioned at 22,800 levels.
Selling pressure on rebounds suggests that bears are still in control.
Global uncertainties, including risks of potential tariff wars, are contributing to market caution.
A stock-specific trading approach is recommended with a strong focus on risk management.
Market Movement
Markets remained volatile on the weekly expiry day, leading to a flat closing amid mixed cues.
The session started positively, but profit booking in select heavyweight stocks erased early gains.
The Pharma, Metal, and Realty sectors outperformed, while IT and FMCG sectors lagged.
Broader indices experienced choppy trade, with the small-cap index slipping nearly 0.4%.
Candlestick Pattern Analysis
On the daily chart, the Nifty Index formed consecutive Doji candlestick patterns:
Long Legged Doji followed by Gravestone Doji, signaling market uncertainty.
These patterns indicate a battle between buyers and sellers, with key resistance at 23,200 and support at 22,800.
A decisive movement above or below these levels is required for a clear market direction.
Market Sentiment
The initial optimism in the market, driven by easing domestic inflation data, was overshadowed by uncertain global cues and subdued corporate earnings.
A surge in Chinese technology stocks, fueled by increased interest in artificial intelligence, diverted Foreign Institutional Investors (FIIs) towards more attractive returns.
Market participants are monitoring the outcome of discussions between Donald Trump and Narendra Modi for potential trade and tariff concessions that could impact market trends.
Stock Performance
Top Gainers: Tata Steel, Sun Pharma, Bajaj Finance, Cipla, Bajaj Finserv.
Top Losers: Adani Enterprises, Hero MotoCorp, Adani Ports, Infosys, ONGC.
Sectoral Performance
Gainers: Media, Metal, Pharma, Realty (0.5%-1% increase).
Losers: Auto, FMCG, IT, Consumer Durables, PSU Bank (0.3%-1% decline).
Market Breadth
Advancing stocks: 1,781
Declining stocks: 2,010
Unchanged stocks: 127
Conclusion
Today's market witnessed an inverted V-shaped movement, with the Nifty testing the 23,200 resistance level before experiencing a sudden drop that erased early gains. The broader market showed a mixed trend, with midcaps holding steady while smallcaps declined.
Given the current volatility and persistent selling pressure on rebounds, investors are advised to focus on stock-specific trades and risk management strategies while awaiting clearer market direction.
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