Nifty:21238.8/-333/-1.54%;Candle:OGU,Long day red; Bank Nifty:45015.05/-1043.15/2.26% Candle:OGU,Long day red ; HB:OGU,Long day red,1430,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long47%FutCash;-3115;Opt97%
OI data Nifty ( max pain W21350M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Bajaj Auto, Tata Steel, Tech Mahindra, TVS Motor Company, Canara Bank, DLF, Indian Oil Corporation, Aarti Drugs, Balkrishna Industries, Bharat Dynamics, CARE Ratings, Container Corporation of India, Dalmia Bharat, DCB Bank, Exide Industries, Indian Bank, Motilal Oswal Financial Services, PNB Housing Finance, RailTel Corporation of India, UCO Bank, and Ujjivan Small Finance Bank will be in focus ahead of quarterly earnings on January 24.
A total of 5 stocks are in the F&O ban list for January 24. The NSE has retained Balrampur Chini Mills, IRCTC, National Aluminium Company, Oracle Financial Services Software, and RBL Bank to the said list. Aditya Birla Fashion & Retail, Delta Corp, Indian Energy Exchange, Polycab India, SAIL and Zee Entertainment Enterprises were removed from the said list.
Market wrap up(DWM,T,N,E):After a severe correction of 1.5 percent on January 23, the market may make an attempt to bounce back in the coming session, but sustaining of higher levels is a key to watch out given the bears being in a strong position and the continuity of lower highs, lower lows formation on the daily charts. Hence, in case of bounce back, 21,300-21,500 are the levels to watch, whereas 21,200 may act as an immediate support followed by 21,000 as a key support, experts said. On January 23, the BSE Sensex plunged 1,053 points to 70,371, while the Nifty 50 tanked 333 points to 21,239 and formed a big bearish candlestick pattern on the daily charts with strong volumes. This was a confirmation to bearish trend reversal as the index had formed Bearish Engulfing kind of candlestick pattern on the daily charts in previous session.
On January 23, the BSE Sensex plunged 1,053 points to 70,371, while the Nifty 50 tanked 333 points to 21,239 and formed a big bearish candlestick pattern on the daily charts with strong volumes. This was a confirmation to bearish trend reversal as the index had formed Bearish Engulfing kind of candlestick pattern on the daily charts in previous session.
Most sectors, barring pharma and healthcare, caught in bear trap. “Currently, bears are firmly in control, as any minor bounce-back is met with selling pressure. When viewed on a larger scale, a ‘Head and Shoulders’ formation, further confirming a bearish trend, is evident. This scenario does not bode well for the bulls and suggests potential challenges in the near term,” said Rajesh Bhosale, technical analyst at Angel One. He feels the critical support to monitor before the monthly expiry is anticipated around the psychological 21,000 level, coinciding with the key 50-SMA (simple moving average). Considering the above-mentioned pattern target, the Nifty may decline towards levels between 20,800 and 20,600 in the near term, he said. On the flip side, he feels any minor recovery is likely to face resistance around the 21,400-21,550 levels. Rupak De, senior technical analyst, LKP Securities, too feels, looking ahead, the market may continue to be a “sell on rise” scenario as long as it remains below 21,500. The broader markets fell more than the benchmarks as the Nifty Midcap 100 and Smallcap 100 indices corrected around 3 percent each on disappointing breadth. About six shares declined against one rising share on the NSE.
