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Sunday, January 23, 2022

Taking Stock | Today the market has been flat, know how its move may be next week

Indian markets today closed flat amid volatility. The market had given a gap down opening. As the trading day progressed, there was a good recovery in the market till noon and finally the market closed almost flat at yesterday’s level.

The market started on a weak note today due to cues from the global market, US PPI data and increase in jobless claims in the US. Along with this, the rising cases of corona and the downgrading of India’s GDP growth by the UN showed an impact in the market in early trade.

The Sensex opened today at the level of 195 points 61,040.32. Sentiment remained negative in the first half of the trading day and Sensex fell 478 points to reach 60,757.03 in intraday but after lunch the market was once again revolving and Sensex recovered from the whole day’s fall by 568 points from the day’s low. Jumped up to reach an intraday high of 61,324.59 and closed at 61,223, down 12.2 points at the end of trading.

Similarly, the NSE Nifty opened today at 18,185 with a loss of 72.8 points. In intraday, it fell 138.15 points to a low of 18,119.65. It showed recovery after noon and touched an intraday high of 18,286.95, rising 167.3 points from lower levels. At the end of trading, with a slight decline of 2.05 points, it closed at 18,255.75.

Chandan Tapadiya of Motilal Oswal Financial Services says that Nifty opened with a fall today. Consolidation was seen in the initial half of the trading session. It rejected the higher loss formation of its last 5 trading days but saw a strong recovery in the last round of the trading session.

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Due to the increasing cases of corona in America, with negative trends coming from Wall Street, the Asian market also looked weak.

Chandan Tapadia further said that Nifty has formed a small Bullish candle on Daily scalp and is forming Higher Highs of last 6 trading sessions. It has also formed a bullish candle on the weekly frame and has remained bullish for the last 3 weeks. Now Nifty will have to stay above 18,081 to move towards 18,400 while it will have to move towards 18,181 and 18000 zone for the downside.

Ajit Mishra of Religare Broking says that today the market saw volatility throughout the day and finally it closed flat. The market started on a weak note due to weak global cues. However, it got good recovery in the market.

Next week the market first gave its reaction on the results of HCL Technologies and HDFC Bank in early trading on Monday. We may see more consolidation in the index now. However, its trend will continue to be more positive. Market participants should stick to the strategy of buying on the downside and focus on such sectors which are seen to be in sync with the benchmark index.

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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