HDFC Securities says 14382-14432 is the crucial support band for the Nifty in the near term.

HDFC Securities highlights that Indian equity Benchmark indices ended little changed on Jan 13 after a highly volatile session. Nifty opened the gap up, rose initially and later ran into gradual profit taking. Post 1250 Hrs a steeper selloff (probably basket selling by an institution) followed. However due to lack of followup selling, markets recovered to close almost flat at the end of the day. At close, the Nifty was up 1.40 points or 0.01% at 14564.90.
 
Volumes on the NSE were very high signaling high FPI participation. Among sectors, PSU Bank, Bank Nifty and Auto were the main gainers while Pharma was the main loser. Broader markets underperformed in today's session. The Midcap index ended 0.6% lower while the Smallcap index fell 0.2%.
 

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Asian stocks mostly rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while oil prices touched a one-year high. European stocks fought for traction on Wednesday, as investor focus remained on COVID-19 vaccines and rising infections across the region.
 
Nifty saw intra day volatility and poor advance decline ratio on Jan 13. Risks of sharp and sudden selloffs at high levels remain. One needs to be careful and keep long positions under control and keep taking profits on trading and some investment positions. 14382-14432 is the crucial support band for the Nifty in the near term.
 
Nifty witnessed high volatility on Wednesday at the new high of 14653 and closed the day on a flat note. Nifty opened on a positive note, made an attempt to move up in the early part of the session. A gradual higher level weakness has started amidst a range movement from the all time high and the weakness got intensified in the afternoon session. A smart upside recovery has emerged from the day's low in the mid to later part and Nifty erased the entire intraday loss towards the end to close flat.
 
The overall market breadth has turned negative, with Advance: Decline ratio closing at 634:1258 and neutral at 82. The negative market breadth was mainly due to the weakness in the broad market indices of NSE like midcap 100 and small cap 100 by around 0.60% and 0.18% respectively.
 
The banking sector stood firm today and outperformed the benchmark index. After showing an upside bounce of previous few sessions minor decline on Tuesday, the Bank Nifty has recovered smartly on Wednesday from an intraday weakness and closed higher. The new all time high was registered at 32683 on Wednesday. Hence one may expect further upmove in the banking sector in the coming sessions. The upside levels to be watched at 33000 in the next few sessions.
 
Conclusion: Though, the market witnessed higher level weakness on Wednesday, still there is no indication of a reversal pattern forming at the new highs. Hence, there is a possibility of further upmove amidst a range movement in the next 1-2 sessions. Upper levels of 14655 is going to be a short term resistance and lower 14450 is expected to be an immediate support for the market.