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Nifty scaled a new all-time high of 14,256 on January 7 but ended flat to negative by 8 points down at 14,137 with minor profit-booking in the last one hour of trade due to weekly expiry.

The broader markets continued their positive momentum as the Midcap index made a record high crossing its previous peak of January 2018.

Bank Nifty is lagging to cross its previous high placed at 32,615 which we believe would be achieved in the current month as the set up is positive.

The advance-decline in the derivatives segment remained strong with 122 advances and 17 declines for the current expiry month-to-date.

The focus now will be on the third-quarter results for FY21 starting from this week and we could see individual price performance with respect to the outcome and guidance from the companies.

Nifty will face resistance near 14,350 being the monthly pivot. Any decline below 13,950 will turn the monthly candle negative and we can expect sharp profit-booking in the index.