Stock market: On January 14, Indian equity indices closed with a positive trend and Nifty reached around 23,150. At the end of trading, Sensex closed 169.62 points or 0.22 per cent higher at 76,499.63 and Nifty closed 90.10 points or 0.39 per cent higher at 23,176.05. About 2752 shares advanced, 1049 shares declined and 103 shares remained unchanged.
Adani Enterprises, Adani Ports, NTPC, Hindalco and Shriram Finance were the biggest gainers on Nifty. While decline was recorded in HCL Tech, HUL, Apollo Hospitals, Titan Company and TCS.
Talking about sectoral indices, except IT and FMCG, all other indices closed in the green. A rise of 2 percent was recorded in BSE Midcap Index and 1.7 percent rise in Smallcap Index.
Aditya Gaggar, Director, Progressive Shares It is said that after continuous selling in the last few days, there was some relief in today’s business. Today the Indian stock markets started the trading session with a positive trend. However, in the absence of further upside, the market remained in a tight range and at the end of the trading session, Nifty closed at 23,176.05 with a slight gain of 90.10 points. Among sectors, PSU banks and metals were the best performers, while FMCG and IT declined. Strong recovery was seen in small and medium stocks. Due to which mid and small cap index increased by 2.45 percent and 1.98 percent. These indices have outperformed the benchmark indices today.
On the daily chart, the index has formed a bullish Harami candlestick as well as a gravestone doji. This is combined with a possible bullish divergence in the RSI. However, a strong close above 23,360 is required to confirm the resumption of uptrend. Immediate resistance for Nifty lies at 23,300, while the psychological level of 23,000 will act as strong support.
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Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan Says Nifty opened gap up today and consolidated during the day and closed in the green 90 points above. This was a relief rally after the sharp decline in the last few trading sessions. During trading, Nifty faced selling pressure from the 20 hour moving average located at 23277.
The downtrend is still intact and hence a minor degree pullback towards the resistance zone (23270 – 23300) should be considered as a selling opportunity. On the downside, it is expected that Nifty may fall towards 23000 –22670 in short term. At the same time, if it goes above 23340, short covering can be seen further.
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