Markets tumbled as investors liquidated their positions on the final day of F&O expiry. Traders also liquidated their position ahead of Adani Enterprises' FPO, while the migration from T2 to T1 settlement from Friday also resulted in some offloading. Benchmark indices closed lower on Jan. 25 with Nifty at around 17,900. At the close, the Sensex was down 773 points or 1.27% to 60205 and the Nifty was down 226 points or 1.25% to 17892. Approximately 1106 stocks are up, 2310 stocks are down, and 129 stocks are flat. While trading sentiment may remain volatile, next week's budget and US Fed meeting could fuel strong sideways movement in the coming meetings. Technically, the market corrected sharply after a double top. On the daily charts, the Nifty formed a long bearish candle and closed below the 18000 level, which is largely negative. As long as the index trades below 18,000 the weak sentiment is likely to continue and below that the index could retest the 17,800 level. Any further downtrend could drag the index to 17,700. On the other hand, above 18,000, the index could rise to 18050-18100.
Resistance: 18200, 18300, 18400
Support: 18100, 18000, 17900
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