HDFC Securities says immediate support is placed at 14460 levels on Nifty

HDFC Securities says Indian equity benchmark indices ended little higher after another volatile session on Jan 14. The Nifty opened flat, and fell in the initial minutes of trade. After making a bottom at 945 am, it gradually rose through the day to close minorly in the positive. At close the NSE Nifty 50 index ended just below the mark of 14,600 and ended 0.2% at 14,595.
 
Volumes on the NSE were sharply lower than that in the previous 2-3 days suggesting lower participation from FPIs. Among sectors, FMCG, Pharma rose the most, while Metals, IT were the main losers.
 

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Inflation in India, as measured by the Wholesale Price Index, stood at 1.22% in December compared with 1.55% in November. It fell to the lowest in four months as a decline in prices of food articles offset an increase for manufactured products.
 
Asian equities made early trading gains on Thursday after a mixed session Wall Street buoyed by expectations of a U.S. stimulus package even as political events in Washington culminated in the impeachment of President Donald Trump. European stocks rose for a third straight session on Thursday as hopes of substantial fiscal stimulus from the incoming U.S. administration and positive data out of China boosted sentiment.
 
Nifty has entered a consolidation phase. However it still does not end at or near the intra day low. 14432-14653 seems to be the range beyond which the trend could accelerate in that direction.
 
After witnessing a high volatility on Wednesday, Nifty shifted into a minor upmove with range bound action on Thursday and closed the day higher by 30 points. After opening on a negative note, Nifty slipped further soon after the opening. A sustainable upside recovery has emerged from the day's low of 14471, the market erased intraday loss in the early -mid part and sustained with minor gains towards the end.
 
Conclusion: The underlying trend of Nifty remains range bound with positive bias. There is a possibility of further upside and new high formation above 14653 levels in the next couple of sessions, but one needs to be cautious about sharp profit booking from the new highs in the next 1-2 sessions. Immediate support is placed at 14460 levels.