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Market outlook: Sensex-Nifty closed with a decline, know how they may move on January 20 – market outlook sensex-nifty closed with a decline know how they may move on January 20

Stock market: On January 17, Indian equity indices closed with a decline. Nifty has closed around 23,200. At the end of trading, Sensex closed at 76,619.33 with a fall of 423.49 points or 0.55 percent and Nifty closed at 23,203.20 with a fall of 108.60 points or 0.47 percent. Today about 1975 shares rose, 1797 shares declined and there was no change in 116 shares. Infosys, Axis Bank, Shriram Finance, Kotak Mahindra Bank and Wipro were among the biggest losers on Nifty. While gains were recorded in BPCL, Reliance Industries, Hindalco Industries, Nestle India and Hindalco Industries.

BSE Midcap and Smallcap indices closed flat. Talking about sectoral indices, IT and bank indices declined by 2-2 per cent. While Oil & Gas, Power, FMCG, PSU, Capital Goods, Realty and Metal indices gained up to 1 per cent.

Rupak Dey, Senior Technical Analyst, LKP Securities Says Nifty remained under bearish pressure in another trading session today. Sentiment remains weak as Nifty declined after facing resistance at key moving averages. This bearish sentiment may persist in the short term or as long as Nifty remains below 23,400. On the downside, Nifty may fall towards 23,000. A fall below 23,000 could trigger a bigger correction. On the contrary, there is a possibility of a strong resistance on the upside at 23,400.

Dollar vs Rupee: Rupee fell by 6 paise and closed at 86.61 against the dollar, weakness is expected to continue.

Ajit Mishra, SVP Research at Religare Broking It is said that there was a lot of ups and downs in the market even today. After three consecutive days of growth, there was a decline of about 0.50 percent today. Early weakness led by earnings reaction from IT and banking giants dragged the benchmark indices lower. However, buying in heavyweights like Reliance, ITC and LT helped limit the decline. The ongoing tussle between bulls and bears is an indication of mixed market sentiment. Recovery is being seen in selected leading stocks on rotation basis. However, continuous FII selling and a mixed start to the results season are keeping the market in check. Unless there are clear signs of reversal, it would be advisable to maintain a “sell on the rise” strategy in the index. During results season we should focus on stock-specific opportunities.

Disclaimer: The views expressed on Moneycontrol.com are the personal views of the experts. The website or management is not responsible for this. Money Control advises users to seek the advice of a certified expert before taking any investment decision.

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