Market Bounces
Nifty winners were Hindalco Industries, Dr Reddy’s Laboratories, Tata Steel, Power Grid Corporation, and HCL Technologies. Losers included ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life.
Midcap and Smallcap BSE indices gained about 2%.
In tumultuous trading on January 24, Indian benchmark indexes snapped a two-day losing run and erased part of the losses of prior sessions to end higher amid sector buying.
At closure, the Sensex was up 689.76 points or 0.98 percent at 71,060 while the Nifty was up 215.15 points or 1.01 percent at 21,454.
Despite a strong start, market fluctuated throughout the session, ending near day’s high amid last-hour buying.
Sectors and stocks
Nifty winners were Hindalco Industries, Dr Reddy’s Laboratories, Tata Steel, Power Grid Corporation, and HCL Technologies. Losers included ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life.
Auto, IT, capital goods, FMCG, metal, oil & gas, and electricity rose 1-2 percent.
The BSE Midcap and Smallcap indices rose about 2%.
The build-up was long for REC, PFC, and Zee Entertainment Enterprises, but brief for Oberoi Realty, Delta Corp, and Axis Bank.
Stocks like SAIL, Delta Corp, and Aditya Birla Fashion & Retail had volume spikes above 1400 percent.
BSE stocks like MTNL, AIA Engineering, Alembic Pharma, Andrew Yule, Borosil Renewable, Cummins India, HFCL, Hind Construction, IDBI Bank, IFB Industries, IFCI, Indus Towers, Lupin, Mishra Dhatu, Motilal Oswal, Puravankara, South Indian Bank, Sterling Wilson, Tube Investment, and Vaibhav Global reached their 52-week Click for the complete list.
January 25 outlook
After a shaky start, the Nifty was volatile all day. The index showed hints of reversal on the hourly chart. However, it closed below 21500 resistance. A decisive move above 21500 might boost the index. Downside support is 21400-21350. A breach above 21500 might push the index above 21700.
Markets recovered from Tuesday’s drop and rose about 1% amid turbulence. Initial sentiment was negative, but select heavyweights rebounded to stop the loss and assist the Nifty close in the green. While banking and realty ended weak, metal, energy, and IT performed strongly. The broader indices recovered and gained nearly 1.5 percent each.
Consolidation is possible as the banking index tested its 200 EMA on Wednesday. However, other crucial sectors would struggle to boost Nifty. We recommend stock-specific trading and maintaining positions on both sides.
| FII Sold | 3,115.39Â Â Cr |
| DII Bought | 214.40Â Cr |
as per last trading session
Indian Market Stocks
| Sensex | 689.76 | +0.98% | 71,060.31 |
| Nifty 50 | 215.15 | +1.01% | 21,453.95 |
| Bank Nifty | 67.35 | +0.15% | 45,082.40 |
Market Movers
| Hindalco | 23.75 4.39% | LTIMindtree | -672.60 -10.72% |
| Dr Reddys Labs | 227.70 4.01% | HDFC Bank | -51.35 -3.34% |
| Tata Steel | 5.05 3.88% | NTPC | -10.00 -3.23% |
| Power Grid Corp | 8.25 3.47% | Titan Company | -95.35 -2.49% |
| HCL Tech | 52.75 3.46% | Asian Paints | -78.45 -2.42% |
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Market Market Market Market Market
After a shaky start, the Nifty was volatile all day. The index showed hints of reversal on the hourly chart. However, it closed below 21500 resistance. A decisive move above 21500 might boost the index. Downside support is 21400-21350. A breach above 21500 might push the index above 21700.
Markets recovered from Tuesday’s drop and rose about 1% amid turbulence. Initial sentiment was negative, but select heavyweights rebounded to stop the loss and assist the Nifty close in the green. While banking and realty ended weak, metal, energy, and IT performed strongly. The broader indices recovered and gained nearly 1.5 percent each.
Consolidation is possible as the banking index tested its 200 EMA on Wednesday. However, other crucial sectors would struggle to boost Nifty. We recommend stock-specific trading and maintaining positions on both sides.
For Nifty, the immediate resistance is around 22,050 and support at 21,500 and 21,400, Nada added.For Bank Nifty 48,000 is a key obstacle, underlined by strong Call writing. A decisive breakout above the may unleash a rapid short-covering surge. Immediate support is at 47,200-47000, a break of which will probably prompt severe selling pressure, perhaps leading to a fall, he added.