OPEN APP
Home >Markets >Stock Markets >With Nifty breaching 14,900, analysts say support zone at 14,750-14800
Nifty fell to 14,854 at day's low
Nifty fell to 14,854 at day's low

With Nifty breaching 14,900, analysts say support zone at 14,750-14800

  • The rise in the US 10-year bond yield to reflects the markets' concern about a potential rise in inflation, say analysts

Indian markets are were choppy today with Nifty trading in the range of 15,010 to 14,854 . As of 11:14 am, the benchmark index was down 0.7% at 14,874 while Sensex was over 450 points lower at 50,422. Stock markets in India rose sharply in the first two weeks of February, driven by solid corporate earnings, Budget and strong foreign fund inflows.

However, markets have pared some of the gains since last week as concerns grew that valuation in certain cases are stretched, and some investors locked in profits in recent winners.

"15100-15150 was a short-term support that the index broke last week. We saw a quick slide of almost 200 points thereafter. Our next support is at 14800 and this would be a medium-term support for the markets. If we need to continue the bull streak, we should not break this level. If we do, the Nifty could slide to 14400," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Broader Asian stock markets were mixed as expectations for faster economic growth and inflation pushed US bond yields higher.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: "As the last week of trading in February begins, there are some negative signals and news. The rise in the US 10-year bond yield to reflects the markets' concern about a potential rise in inflation. The ultra-easy monetary policy along with the $1.9 trillion fiscal stimulus proposed by the Biden administration may trigger inflation, which has been conspicuous by its absence for long. Back home, the escalation in covid cases in Maharashtra is emerging as a cause of concern. These concerns have impacted FPI flows to the market which, though positive, appears to be slowing down. Clear trends on these concerns have to be watched."

Among the frontline stocks, ITC, HDFC, RIL, Axis Bank, and Maruti were down between 1.5% and 2.5%.

In a note , HDFC Securities said: "Nifty has corrected for four straight days after a sharp consistent rise seen over the past few weeks. The oscillators/indicators have now eased out of overbought region. A move above15030-15060 early this week could take the Nifty 15240 over the next few days. On falls, 14753-14900 could act as a good support in the near term."

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout