Technical View: The Nifty 50 index closed higher for the second consecutive session on January 23. The market managed to close higher amid buying in all sectors except Oil & Gas and Financial sectors. Today the index opened with a decline. But the fall ended in the early hours and as the day progressed the index rose above 23,250. However, light profit-booking erased some of the intraday gains. But the index managed to close comfortably above 23,200.
UltraTech Cement, Grasim Industries, Wipro, Shriram Finance, Eicher Motors were the top gainers stocks in Nifty in the market today. While BPCL, Kotak Mahindra Bank, HCL Technologies, Power Grid Corp, Reliance Industries were the top losers stocks.
Dealers made bumper buying in two stocks of Pharma and PSU sector today for quick earning, know how much both the stocks will rise.
The Nifty Midcap index rose nearly 2 percent and the Smallcap index rose 1 percent.
Among sectoral indices, Auto, Consumer Durables, IT, Media, Pharma Realty were up 1-2 percent. On the other hand, Oil & Gas and Private Bank indices closed in the red.
How could the market move on Friday 24th January?
“Nifty witnessed a steady day of trading today. It opened marginally lower. However, it recovered and managed to close in the green, up 50 points. On the daily chart, we can see that Nifty is at 23,420. Jatin Gedia of Mirae Asset Sharekhan said, “There has been a contraction in the Bollinger Bands for the last three sessions, which further indicates rangebound price action. Giving a signal.”
He further added, “There has been a positive crossover in the daily and hourly momentum indicators indicating a buy signal. However, the prices are not showing the corresponding strength. Thus, a decisive range is required for a move in either direction.” A breakout is required. Till then the index is likely to continue with rangebound price action.”
In a rangebound session, the Bank Nifty index ended marginally lower at 48,589.
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