On January 17, the Indian market was seen trading in a range for the second consecutive day, but on the basis of buying in auto, power and realty stocks, it has managed to close above 18300. However, banking and pharma stocks kept the pressure in check, limiting the market’s gains.
Midcap, smallcap stocks were buying in today’s trading. Smallcap index closed at record high. At the same time, the auto index managed to close at the high level of 2 months. Cement, fertilizer stocks were up in today’s trade.
In today’s trade, 19 out of 30 stocks of Sensex rose while 34 out of 50 stocks of Nifty were up. On the other hand, 8 out of 12 stocks of Nifty Bank saw a fall. Rupee weakens by 9 paise to close at 74.24 against dollar today.
At the end of trading, the Sensex closed at 61,308.91 with a gain of 85.88 points, or 0.14 percent. On the other hand, Nifty closed at 18,308.10 with a gain of 52.35 points or 0.29 per cent. On the other hand, Nifty Bank closed at 38,216 level, down 154 points.
technical view
Chandan Tapadiya of Motilal Oswal Financial Services Lets say Nifty has formed a Bullish candle on Daily scalp and is forming higher highs since last 7 trading sessions. Now for Nifty to go above 18400-18600, one has to stay above 18250. At the same time, support is visible on the downside at the level of 18181-18081.
How could the market move on Tuesday?
Choice Broking’s Palak Kothari Lets say that from a technical perspective, the index has given a breakout above its previous swing high and has formed a bullish candle on the daily time frame which is indicating an upside rally in this counter. Along with this, Nifty is trading above the Ichimoku cloud, which is further strengthening it.
Nifty is trading above its 21 and 50-DMA with a positive cross over. Along with this, other technical indicators on the daily time frame are also giving positive signals, which is indicating that it will continue to be bullish. Support is visible at 18200 level of Nifty. On the top side is the resistance above 18380. If this resistance is broken, Nifty can move towards 18600-18500. On the other hand, there is support for Banknifty at 37800 while resistance is at 39000 on the upside.
BSE SME exchange has given many micro Rakesh Jhunjhunwala and Dolly Khanna to the market, 359 companies listed so far
Manish Hathiramani of Deen Dayal Investments Says that Nifty crossed the level of 18300 and closed strongly. Now it seems to be moving towards 18500. However, traders are advised to take fresh long positions without hesitation. At this point of time, buying on the downside seems to be the best strategy as the risk reward ratio is not looking favorable at the current level. Support is visible for Nifty at 18100 level.
Shrikant Chauhan of Kotak Securities Says that the level of 18225 will be very important for the traders who follow the trend, which should be kept an eye on. If Nifty manages to stay above this level, then it will see us moving towards 18375-18400. However, if Nifty slips below 18225 then a sharp intraday correction cannot be ruled out and we may see Nifty moving towards 18150-18100.
.