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India Pre Market News : 21 Jan 2021

STOCKS Equities are regaining momentum as the sentiment is getting a boost as Biden has sworn in as the new US President. Dow, Sensex and Nifty are looking bullish. Dow can test 31500. Nifty can move up to 14800-15000 while the Sensex can target 50300-51000. DAX and Nikkei can consolidate sideways within their current uptrend. Shanghai is attempting to break above the crucial level of 3600 which if confirmed will be very bullish from a long-term perspective. Looks like the corrective could get delayed further. Dow (31188.38, +257.86, +0.83%) risen sharply above 31000 thereby bringing back the chances of seeing 31300-31500 on the upside into the picture. We expect a reversal from 31500. However, a break above 31500 can see the rally extending upto 32000 even. We will have to wait and watch whether the reversal is happening from 31500 or 32000. DAX (13921.37, +106.31, +0.77%) is attempting to bounce but seems to lack momentum. View remains the same. A consolidation between 13600 and 14000/14100 is possible in the near-term and while below 14100, the bias is bearish to break 13600 and fall to 13200. In case if DAX manages to break above 14100, an extended rise to 14500 can be seen before a reversal happens. Nikkei (28732.54, +209.28, +0.73%) remains higher and stable. As mentioned yesterday, a sideways range of 28000-29000 can be seen in the near-term. Also, we reiterate that a strong break below 28000 is needed to come under more selling pressure and confirm a reversal to

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