Nifty:21522.1/-215.5/-0.99%;Candle:OF,Long day red; Bank Nifty:45367.75/-74.6/-0.16% Candle:OF,Short day red ; HB:OF,1449.doji
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long24%FutCash;-1971;Opt90%
OI data Nifty ( max pain W21600M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Maruti Suzuki India, Sun Pharmaceutical Industries, Shree Cement, Ambuja Cements, Bank of Baroda, Dabur India, Amara Raja Energy & Mobility, Adani Wilmar, Balaji Amines, Dixon Technologies, Fino Payments Bank, GMR Airports Infrastructure, Godrej Consumer Products, IRB Infrastructure Developers, Jindal Steel & Power, Jubilant FoodWorks, Jyothy Labs, Kalyan Jewellers India, Mankind Pharma, PVR Inox, and Suzlon Energy will be in focus ahead of December quarter earnings on January 31.
The NSE has added Zee Entertainment Enterprises to the F&O ban list for January 31.
Market wrap up(DWM,T,N,E): With the formation of Dark-Cloud-Cover pattern and bearish reversal pattern on the daily charts, the bears seem to be in action mode but overall, the market turned rangebound ahead of couple of key events (FOMC meet outcome and interim budget) as the Nifty 50 may take support at 21,400-21,300 area in case of further correction and on the higher side, it may face resistance at 21,700-21,800 zone, experts said. On January 30, the BSE Sensex dropped 802 points to 71,140 points, while the Nifty 50 declined 216 points to 21,522, after hitting the hurdle of 21,800. Technically, “the formation of Dark-Cloud-Cover pattern signals some more weaknesses for the short term,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities. He expects present weakness to be a buy-on-dips opportunity. “The market could be waiting for the clear direction ahead of key economic event of Union Budget 2024 on February 1. Immediate support is placed at 21,420 levels,” he said. During the day, prices encountered resistance around the 61.8 percent retracement level of the recent decline (between 22,124 and 21,137), placed around 21,750-21,800. “This level holds significant technical importance, and any upward movement towards it is likely to face selling pressure before the key budget announcement. A sustained trade beyond 21,750-21,800 could potentially shift the balance in favour of the bulls, opening the door to levels between 21,950 and 22,100,” The volatility climbed above 16 mark (ahead of key events) for the first time since March 16 last year, which seems to have created discomfort for bulls. The India VIX, a fear index, rose 3.65 percent to 16.10, from 15.68 level.
