Trading guide for Today:In the trading of Monday, January 24, the Indian markets saw a decline for the fifth consecutive day. In yesterday’s trade, there was a bigger fall in the Indian markets than other Asian markets. Nifty closed at 17,169 level, down 468 points in yesterday’s trade. At the same time, Sensex fell 1545 points and closed at 57,491 level. Similarly, Bank Nifty fell 626 points and closed at the level of 36,947.
After opening with weakness, the decline in the market was seen increasing. The upside recovery coming in intraday was seen to be used for sell on rise. Market experts say that this pattern is indicating that the market is reaching the peak of selling. Talking on what should be the trading strategy in the market for today, Nagaraj Shetti of HDFC Securities said that the near term trend of Nifty remains bearish. Nifty’s key support position and Selling Climax type candle pattern was formed in yesterday’s trade which is indicating bottom reversal in Nifty in the coming few sessions from around 16900-16800 key support level. If the bottom reversal is confirmed, then Nifty could see an upside bounce.
Malay Thakkar of GEPL Capital Talking on the market, said that Nifty saw heavy selling in Tuesday’s trade before the FOMC meet. Nifty closed yesterday with a big bearish candle on the daily time frame. Yesterday, Nifty touched a low of 16,998 in intraday. But it again found support at the psychological level of 17,000 and finally closed at 17,149 with a bounce back. With this, India VIX rose 20.84 percent to 22.83. This is a sign of uneasiness among investors ahead of the Budget and the FOMC meet.
He further said that the index has moved below key moving averages like 20 SMA (17,780), 50 SMA (17,485), 100 SMA (17,640). In such a situation, traders are advised to be cautious. If Nifty slips below 17,000, then this decline can go up to 16,700-16,750.
Today’s Top Intraday Calls In Which You Can Earn Strong Earnings Today Only
Sumeet Bagadia of Choice Broking Intraday Call
laps: Buy at current price, target Rs-1220-1230, stop loss Rs-1160
Cipla:Buy at current price, target -920 -930, stop loss – Rs 865
Intraday Call by Anuj Gupta of IIFL Securities
SBI: Buy – Rs.485, Target – Rs.525, Stop Loss – Rs.460
GAIL: Buy – Rs.135, Target Rs.-152, Stop Loss – Rs.124
.