Benchmark indices closed with a fall of 1 per cent in today’s trading on January 18 due to profit-booking in the last trading hours. Nifty slipped below 18200 today. On the other hand, Sensex dived more than 500 points due to selling in almost all sectors.
The market opened with gains today but it lost all its gains amid weak global cues. Rising treasury yields in the US, concerns about the supply of crude oil due to drone attacks by Houthi rebels on the United Arab Emirates, and the subsequent surge in oil prices put the market on the forehead. Although the Sensex-Nifty looked to regain some of its lost gains in the afternoon trading session, profit-booking in the last hours of the trading session took the market closer to the low levels of the day.
At the end of trading, the Sensex closed at 60,754.86, down 554.05 points, or 0.90 per cent. On the other hand, Nifty closed at 18,113.05, down 195.05 points or 1.07 per cent.
TV18 Broadcast Q3 Results: Profit up 35% at Rs 312 cr, Revenue up 20%
technical view
Chandan Tapadiya of Motilal Oswal Financial Services says that Nifty formed a Bearish Engulfing Pattern on Daily Scale today and lost all gains of last 4 trading sessions. Now Nifty will have to stay above 18081 to move into the zone of 18,250 and 18,350. On the downside, support is visible at 18000 and 17900.
How can the market move on Wednesday
Sachin Gupta of Choice Broking says that from a technical point of view, Nifty has formed a Bearish Engulfing Pattern which is indicating some further downside in the index. Momentum indicators like RSI and Stochastic have moved out of overbought territory, which is an indication that the market may see a downside correction in the coming days. However, the overall structure of the market is bullish and the trend remains positive. In such a situation, in every fall, one should buy good stocks from a long-term perspective.
Reliance Retail buys 54% stake in Adverb Technologies for Rs 983 crore
At present, support is seen at 18000 and resistance at 18300 for Nifty. If Nifty manages to move above the resistance of 18300, then it can also see the level of 18500-18600. On the other hand, there is support for Bank Nifty at the level of 17800 and resistance at 18600.
Ajit Mishra of Religare Broking says that we may see further decline in Nifty. Now support is visible in the zone of 17,950-18,050 for Nifty. Generally, during the period of correction, there is a lot of volatility in the market. The season of results is also contributing to this ups and downs. Keeping this situation in mind, it can be a good decision to take some short positions. Keep an eye on corporate results and global cues to predict market movements.
.