Stock market: On January 21, amid selling across all sectors, Nifty remained around 23,000 and Indian benchmark indices closed with a weak trend. At the end of the trading session, Sensex closed at 75,838.36, down 1,235.08 points or 1.60 per cent, and Nifty closed at 23,024.65, down 320.10 points or 1.37 per cent. Today about 1019 shares rose, 2552 shares declined and there was no change in 79 shares.
Shares that suffered the most losses on Nifty included Trent, Adani Ports, NTPC, ICICI Bank and SBI. While the top gainers included Apollo Hospitals, BPCL, Tata Consumer, JSW Steel and Shriram Finance. BSE Midcap and Smallcap indices fell by 2-2 per cent. All sectoral indices closed in the red, in which consumer durables and realty indices fell by 4-4 per cent. Whereas Bank, Power, Telecom and Capital Goods declined by 2-2 percent.
Aditya Gaggar, Director, Progressive Shares It is said that today there was a lot of ups and downs in the market. The bears took control of the market. A sharp decline was seen in the mid and smallcap sectors due to which the index went down. However, there was a V-shaped recovery for a short while. Despite this, the index struggled to hold higher levels and faced further selling. Due to this, Nifty fell below the psychological support of 23,000 today. A slight recovery was seen in the last hour of trading. Finally Nifty closed at 23,024.65 with a fall of 320.10 points. All sectors closed in the red. In this, realty and energy were the biggest underperformers. Mid and smallcap indices fell more than 2 percent. They underperformed the benchmark.
Today Nifty broke its range and formed a big bearish candle. This indicates a strong bearish trend. This weakness is expected to continue going forward. Support is visible for Nifty at 22,800. This coincides with long-term trendline support. The immediate registration for this is around 23,140.
Prashant Tapse of Mehta Equities Says that the market was looking quite cautious in the last few trading sessions. Heavy selling was seen today on Tuesday. Investors now fear that Trump’s inaugural speech to protect America’s interests could harm the economic prospects of many countries, including India. Meanwhile, foreign investors continue to sell in India. Any further rise in US bond yields could extend this selloff in a big way.
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Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan Says that Nifty opened with gains today. However, it could not hold on to the upper levels and closed in the red by 320 points. On the daily chart, Nifty was consolidating in the range of 23100 – 23500 for the last six trading sessions. Today this range has been decisively broken downwards. This breakdown signals the beginning of the next phase of decline. On the downside, Nifty may fall further to 22670, which is the 38.2 percent Fibonacci retracement level of the rise from March 2023 low 16828 to September 2024 high 26277. On the upside, short term resistance is visible at 23280 – 23320.
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