The domestic market mirrored resilient global peers and extended earlier gains fueled by auto stocks. However, due to selling pressure in bank stocks, the indices anchored near the zero line. Benchmark Indian indices ended flat in the volatile session on Jan 24th. At the close, the Sensex was up 37 points to 60978 and the Nifty was down 0.20 points to 18118. Investors are in a wait and watch mode ahead of the next few weeks budget and hence are adopting a cautious stance. While valuations are still on the higher side, selective profit-taking could continue. Upcoming US federal policy will also be closely watched as any rate hike above expectations could trigger a major crash. Markets are consolidating between 17,800 and 18,300 and I see this as a corrective rise as I think markets have turned lower. Resistance for the Nifty is around 18,350, may extend a bit towards 18,400 but once 17,850 is broken down markets will move much lower. And Reliance isn't helping the bulls much. If the stock closed below Rs 2,400 I would say that is more negative for the Nifty.
Resistance: 18150, 18250, 18350
Support: 18050, 17950, 17850
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