The move in the privatization candidate was spurred by a media report that Apollo Global and I Squared Capital have submitted bids to the government to buy a majority stake in the state-owned refiner.
The direction came after capital markets regulator Sebi said that certain members are providing a platform to their clients for buying and selling digital gold.
Analysts believe back-to-back indecisive candles do not bode well for the index and suggest any fall below the 16,600 level may trigger short-term weakness.
Nifty50 formed a pattern similar to a Doji candle on the daily scale, as it closed near its opening level and negated its higher high-low formations of the last three sessions.
The technical indicator RSI has turned below the 60 level after making a negative divergence, indicating a weakening uptrend that may first trigger minor profit booking before it resumes its uptrend.
Nifty50 formed a bearish candle on the daily scale, but continued to form higher highs and lows since the last three sessions.
While the surge in shares of oxygen suppliers like Refex Industries and Linde India may not indicate that a third wave is coming soon, the move is related to the preparation towards that eventuality.
It is possible that if the nascent global growth sustains and accelerates in 2022, earnings will catch up to justify lofty valuations. Even then, a sharp market correction is possible when the Fed begins normalization and bond yields rise. FIIs who are sitting on massive profits may turn into big sellers.
Under EASE 4.0, PSBs would offer new age 24x7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services, improving the reliability of technology platforms, and aligning internal processes in the state-run banks to deliver such services.
The Relative Strength Index (RSI) on the daily chart stood at 71.26 level. It remains neutral and does not show any divergence against the price. The RSI also remains mildly in the overbought zone.
Warning! Information Posting in this website is only for educational purpose. We are not responsible for losses incurred in Trading based on this information.