Nifty 21Jan’21: Excuse me … what just happened today?

Well … the Nifty50 index decided to cool off a bit amidst all the celebrations attached to cousin Sensex’s 50k mark. I guess no trader would have expected the volatility which was experienced - losing over 250 points from the day’s high and then bouncing back 120 points. Shaken and stirred, I guess market participants will be a little cautious until a new high is achieved. On the downside, a break below 14,500 is very likely to trigger weakness and in such a case an immediate level of (14,380-14,400) can be watched, but a more meaningful support will be (14,100-14,250) zone. Strategically I feel one should pay more attention on one’s risk management now rather than market’s direction.


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