Technical View: Today, on 30 January (monthly F&O expiry day), in a Volatil session, the Nifty 50 index closed with a slight lead. The Nifty continued to grow in the third consecutive session amidst the purchase seen in oil and gas, pharma and realty shares. As expected, the US Federal Reserve kept the rates unchanged. After this, due to weak global signals, the index opened on the flat note but the purchase helped the Nifty cross 23,300 in Intrade. However, in the afternoon, the profit booking ended the entire day of the index. But in the last hour, it closed at the highest level of the day amidst strong recovery.
Today the Nifty rose 86.40 points or 0.37 percent to close at 23,249.50.
India Electronics, Hero MotoCorp, Bharti Airtel, Cipla, Power Grid Corp were involved in the major gainers stocks on the Nifty. While Tata Motors, Sriram Finance, Adani Enterprises, Bajaj Finserv, Adani Ports were included in the stocks.
The performance of broad indexes was weak with the end of the Nifty Midcap and Smallcap Indexes ended on a flat note.
Talking about sectoral indexes, auto, IT, media, consumer durables declined by 0.4-2 percent. While oil and gas, energy, pharma, FMCG, realty indexes increased by 0.5-1 percent.
How can the market be on Friday 31 January
Aditya Gaggar of Progressive Shares said “The word expiry is always with volatility. Today the index has seen volatility. It had a stable start before moving upwards. Classes were seen, however, in the last hour of the early fall in the afternoon, a strong recovery helped the index to close at 23,249.50 with a gain of 86.40 points. There were sectors showing realty and energy top performance.
Aditya Gaggar further said, “The index is out of its Flying Wage Formation. This situation is indicating a change in the momentum towards positivity. But the candlestick pattern is not as encouraging. We will wait for further confirmation by the index. Now we will wait for further confirmation. For, the zone of 23,350–23,400 will serve as resistance.
The bank Nifty Index also saw a high volatility session. After the positive start, the index hit the highest level of the day at 49,426.20. The index closed at 49,311.95 with a gain of 0.30 percent.
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