Indian benchmark indices recorded a decline on January 9. Nifty fell below 23,550. At the end of the trading session, Sensex closed at 77,620.21, down 528.28 points or 0.68 per cent, and Nifty closed at 23,526.50, down 162.45 points or 0.69 per cent. Vinod Nair of Geojit Financial Services It is said that the Indian stock market also saw a decline like the Asian markets. Due to selling in US bonds, cautious sentiment prevailed among investors.
He further said that the 10-year treasury yield in America has seen the sharpest jump since April 2024. This has indicated that there is less hope for a rate cut by the Fed. Additionally, disappointing inflation data from China added pressure to the market. That suggests recent stimulus measures have failed to excite one of the world’s largest consumer markets.
Domestically, the FMCG sector performed better while other sectors declined. Only a slight improvement in third quarter earnings estimates is expected. We should avoid setting any big expectations.
Ajit Mishra of Religare Broking Says that correction continued in the market. Today a decline of more than 0.50 percent was recorded. After a flat start, Nifty continued its decline throughout the session and closed near the day’s low at 23,526.50. Most sectors closed in the red in sync with the benchmarks. In which realty, energy and IT were the sectors with the biggest decline. Mid and small cap index also saw a decline of 1 percent.
TCS results in early trade on Friday may decide the initial trend of the market. The overall trend of the market is bearish. In such a situation, traders are advised to use the intermittent surges in the index as selling opportunities. During results season, stock-specific action may be seen. Traders should make their strategy keeping these things in mind. For long trades, look for relatively strong sectors and themes. At the same time, for short positions, target the poorly performing segments.
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Hardik Matalia, Derivatives Analyst, Choice Broking Said that Nifty may get support at 23,600 and then 23,500 and 23,400. At upper levels, 23,800 is showing immediate resistance. After that the next resistances are visible at 23,900 and 24,000. At the same time, the charts of Bank Nifty indicate that it may get support at 49,400 and then 48,900 and 48,500. If the index moves further, the first registration will be at 50,000. After that the next registrations will be at 50,300 and 50,500.
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