Market wrap up(DWM,T,N,E):Relentless buying interest continued in the equity benchmarks for four consecutive days, rising more than 1 percent on January 31 and signaling optimism among market participants ahead of the Union Budget scheduled to be presented on February 1. In fact, the Nifty 50 also had a healthy start to the February series on Friday, surpassing short-term moving averages, and there was a strong resistance trendline breakout with above-average volumes. Hence, if the index continues its upward journey, the immediate hurdle zone on the higher side lies between 23,620 and 23,680 (200-day EMA, 50-day EMA), followed by 23,800-23,900 (trendline resistance and 100-day EMA) as the next resistance. However, in the case of a trend reversal, the immediate support may be at 23,300, followed by 23,000, which is considered crucial support, according to experts. The Nifty 50 recorded its biggest single-day gains since January 2 and formed a long bullish candlestick pattern on the daily charts. Additionally, with the index closing above the lower high of January 21 (23,426), there seems to be a reversal of the bearish pattern of lower tops-lower bottoms seen in the last month, indicating bullish development. The momentum indicator RSI (Relative Strength Index at 52.17) entered the upper band with a positive bias, while MACD (Moving Average Convergence Divergence) also showed a positive crossover but remained below the zero line. On the hourly charts, the index climbed above all key moving averages, with a positive bias in both RSI and MACD. On the weekly timeframe, the index closed above the 50-week EMA and formed a robust bullish candle that completely engulfed the previous two weeks’ candles, signaling positivity. The Bank Nifty also formed a bullish candlestick pattern on the daily charts, maintaining its upward trend and higher low formation for the fourth consecutive session. The index gained 0.6 percent and sustained above short-term moving averages (10, 20-day EMAs), while volumes remained above average for five consecutive days. On the weekly timeframe, the index surged 2.52 percent (its biggest weekly gain since the first week of December 2024) and formed a large bullish candle, engulfing the previous two weeks’ candles.
Market wrap up(DWM,T,N,E):The market continued its upward journey with a higher highs-higher lows formation for the third consecutive session, closing four-tenths of a percent higher with above-average volumes on January 30, the expiry day for monthly F&O contracts. The index tested the 20-day EMA and the mid-line of the Bollinger bands, which is at 23,300. Closing decisively above this level is expected to play a crucial role in further upward movement toward 23,400 (50-week EMA), followed by 23,600. However, as long as the index trades below this level, consolidation can’t be ruled out, with 23,000 acting as support, given the elevated VIX, experts said. The Bank Nifty also gained further momentum, especially since the gap-up opening on Tuesday, forming a bullish candle with a higher lows formation for the third straight session. The index closed above its short-term moving averages (10 and 20-day EMAs), rising 0.3 percent with above-average volumes. A lower high-lower low pattern will be negated if the index decisively crosses the 49,650 zone. On the weekly timeframe, the index formed a robust bullish candlestick pattern with a 2 percent rally, signaling a positive trend. The Nifty 50 formed a bullish candle for another session, especially after the Doji pattern formation on Tuesday, indicating that the market may be gaining strength ahead of the Union Budget to be presented on Saturday. The momentum indicators also showed a positive crossover, but the RSI (Relative Strength Index) at 45.9 remains in the lower band, and the MACD (Moving Average Convergence Divergence) is still below the zero line on the daily charts. However, on the hourly charts, both indicators showed good strength.
Market wrap up(DWM,T,N,E):The market gained more strength with the Nifty 50 rising 0.9 percent on January 29, a day before the expiry of January series derivative contracts due on January 30. The index climbed above the crucial 23,000 mark and closed above the 10-day EMA (23,134), but the trend is still in favour of bears due to the continuation of the lower tops-lower bottoms formation. The index needs to surpass and sustain above the 23,350-23,400 range to negate this lower top-lower bottom formation, as above it, 23,600-23,700 is expected to be a key hurdle (200-day and 50-day EMA). However, as long as it stays below 23,400, the consolidation may continue, with support at the 23,000-22,900 zone, according to experts. The Nifty 50 formed a bullish candlestick pattern on the daily charts with the continuation of the higher high-higher low formation for another session. But the trend is still in favour of bears, as the index traded in the lower band of the Bollinger bands and below the 20, 50, 100, and 200-day EMAs. Furthermore, the momentum indicators – the RSI (Relative Strength Index) showed a positive crossover but still in the lower band, and the MACD (Moving Average Convergence Divergence) remains below the zero line. Bulls appear supportive for the Bank Nifty, which continued its upward journey for the second consecutive session, forming a bullish candlestick pattern on the daily charts, while there has been above-average volume for the third consecutive session. The index stayed above the 10-day EMA for another session and tested the midline of the Bollinger bands intraday, which is a positive sign. However, the index is still below the 20, 50, 100, and 200-day EMAs and continues to show the lower high-lower low pattern, which can only be negated upon decisively surpassing the 49,650 zone on the higher side.
Stocks removed from F&O ban: IndiaMART InterMESH, Manappuram Finance, Mahanagar Gas, Punjab National Bank
Market wrap up(DWM,T,N,E):The Nifty 50 recovered some of its previous day’s losses and closed six-tenths of a percent higher on January 28, but could not sustain above the 23,000 mark, a crucial hurdle, given the caution ahead of the Budget. If the index manages to sustain above 23,000 amid overall bearish sentiment and elevated volatility, the upward journey toward 23,100 and then 23,300 could be possible. However, if it fails to hold above this level, the 22,800-22,750 range could act as a support zone. A break below this could drive the index down to 22,600, experts said. The Nifty 50 formed a Doji candlestick pattern on the daily charts with above-average volumes, indicating indecision among bulls and bears, though there was a higher high-higher low formation. The index still traded below all key moving averages (10, 20, 50, 100, and 200-day EMAs), and the momentum indicators remained in negative territory. The Bank Nifty saw a gap-up opening and formed a bullish candlestick pattern with a long upper wick and small lower shadow on the daily timeframe, indicating selling pressure at higher levels. The index moved closer to the midline of the Bollinger Bands intraday and closed 1.67 percent higher with significant volumes for another session. Overall, sentiment still remains bearish with negativity in momentum indicators, and the index traded below the 20, 50, 100, and 200-day EMAs.
Stocks retained in F&O ban: IndiaMART InterMESH, Manappuram Finance, Mahanagar Gas, Punjab National Bank
Stocks removed from F&O ban: Aditya Birla Fashion & Retail, Bandhan Bank, Can Fin Homes, Dixon Technologies, L&T Finance
Market wrap up(DWM,T,N,E):The Nifty 50 fell decisively below 23,000 (for the first time since June 2024), breaking the strong support seen in the past two weeks, as well as experiencing a trendline breakdown on January 27. This shift signaled a strengthening of the bears, especially with the market approaching the Budget event. Additionally, the subdued market breadth and rising VIX further weakened sentiment. As long as the index remains below 23,000, the bears may stay active, potentially driving the index down to the 22,500 zone. However, in the event of a bounce back, the 22,900-23,000 range is expected to serve as immediate resistance, followed by 23,200, according to experts. The Nifty 50 formed a bearish candlestick pattern on the daily charts and has consistently traded well below all key moving averages (10, 20, 50, 100, and 200-day EMAs), signaling weakness. Momentum indicators also show a negative bias, with the RSI (Relative Strength Index) at 33.77, in the lower band, and the MACD (Moving Average Convergence Divergence) positioned well below the zero line. The Bank Nifty has also broken its support trendline, falling by 0.6 percent with above-average volumes. The index formed a bullish candlestick pattern with a long upper shadow on the daily timeframe, indicating a lack of buying interest at higher levels. Overall, the trend remains in favour of the bears as the index has remained well below all key moving averages, with negative momentum indicators.
Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Bandhan Bank, Can Fin Homes, Dixon Technologies, IndiaMART InterMESH, L&T Finance, Manappuram Finance, Mahanagar Gas, Punjab National Bank
Stocks removed from F&O ban: Nil
Market wrap up(DWM,T,N,E):The benchmark Nifty 50 had remained within a 23,000-23,400 range for another week ending January 24, closing Friday as well as the week half a percent down, with the formation of a bearish candlestick pattern. Volatility is likely to increase as the market approaches the monthly F&O expiry and the Union Budget next week. Overall, the trend remains negative. Consolidation is expected, and if the index breaks the lower range, a fall toward 22,800-22,600 could be possible. However, a decisive breakout above 23,400 could drive the index toward the 23,600-24,000 zone, according to experts. The Nifty 50 formed a bearish candlestick pattern with a long upper shadow on the daily charts, indicating a lack of buying interest at higher levels. The index has sustained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with negative momentum indicators signaling bearish sentiment. However, it has been sustaining above the downward-sloping support trendline for the last three days. he Bank Nifty extended its downtrend for another session, falling half a percent and forming a bearish candlestick pattern with an upper shadow on the daily timeframe, indicating selling pressure at higher levels. The trend remains in favour of bears, as the banking index traded below all key moving averages, and the momentum indicators suggest a negative outlook.
Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Bandhan Bank, Can Fin Homes, Dixon Technologies, IndiaMART InterMESH, L&T Finance, Manappuram Finance, Mahanagar Gas, Punjab National Bank
Stocks removed from F&O ban: RBL Bank
Market wrap up(DWM,T,N,E):The Nifty 50 extended gains amid range-bound trade, rising 0.2 percent on January 23, but has still been broadly moving in the range of 23,000-23,400 since last week. The overall sentiment remains bearish, with a continuation of lower tops and lower bottoms on the daily charts, and the index is trading below all key moving averages. Hence, the consolidation may persist until the index gives a strong close above 23,400, with support at 23,000. A break of this support could drag it down toward the 22,800 level, according to experts. The Nifty 50 formed a bullish candlestick pattern with a minor upper shadow on the daily charts, still holding onto the downward-sloping support trendline. However, it remained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with a negative bias in the momentum indicators, signaling a weak bias. The Bank Nifty underperformed the benchmark Nifty 50, falling 0.3 percent, and formed a bearish candlestick pattern on the daily timeframe. It is sustaining below all key moving averages and in the lower band of the Bollinger Bands, signaling weakness. The momentum indicators also show a negative trend.
Gift Nifty:% FII Long18%FutCash;-4026;Opt99% DII:3640
OI data Nifty ( max pain WM)
OI data Bank Nifty (max pain W M)
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Stocks added to F&O ban: IndiaMART InterMESH, Punjab National Bank
Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Bandhan Bank, Can Fin Homes, Dixon Technologies, L&T Finance, Manappuram Finance, Mahanagar Gas, RBL Bank
Stocks removed from F&O ban: Angel One, Kalyan Jewellers
Market wrap up(DWM,T,N,E):The Nifty 50 bounced back after a day of steep correction, rising 0.6 percent on January 22. However, considering the deterioration in market breadth and sharp selling pressure in the broader markets, along with the continuation of the lower tops-lower bottoms formation, there is an indication of weakness. The Nifty 50 seems to be in the broader range of 23,000–23,400 levels. Hence, if the index decisively breaks the upper range, renewed buying interest could lift the index toward 23,600. Conversely, breaking the lower range could take the index down toward 22,800, which is the near-term target on the downside, according to experts. The Nifty 50 formed a small bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating buying interest at lower levels. The index also defended the downward sloping support trendline for another session, which is a positive sign. However, the overall trend remains under the control of bears, given that the index is trading below all key moving averages with a negative bias in momentum indicators. The Bank Nifty recovered 650 points from the day’s low to close with a gain of 153 points, forming a small-bodied bullish candlestick pattern with a long lower shadow, resembling a Dragonfly Doji-like candlestick pattern on the daily timeframe. This is a trend reversal pattern, raising the possibility of an upward trend. Furthermore, the index also defended the upward sloping support trendline on a closing basis, which is another positive sign. Still, the overall sentiment remains negative, as the index traded well below all key moving averages.
Stocks added to F&O ban: Dixon Technologies, Mahanagar Gas
Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Angel One, Bandhan Bank, Can Fin Homes, Kalyan Jewellers, L&T Finance, Manappuram Finance, RBL Bank
Stocks removed from F&O ban: Nil
Market wrap up(DWM,T,N,E):The Nifty 50 nosedived sharply and erased all its previous day’s gains, correcting by 1.4 percent on January 21 and forming a long Bearish Engulfing candlestick pattern on the daily charts, testing the downward-sloping support trendline intraday, indicating weakness. The index has broken its 23,400-23,050 range on the lower side and closed at 23,025. Hence, if the index fails to defend the 23,000 level in the upcoming sessions on a closing basis, the selling pressure may extend towards 22,800, the immediate support, followed by 22,600 as the next support. However, on the higher side, 23,200-23,300 is the hurdle zone, according to experts. The Nifty 50 formed a long bearish candle, engulfing the narrow-range movement of the last six sessions on the downside, with above-average volumes, indicating that bears hold strong control over the market. The momentum indicators—RSI (Relative Strength Index at 35.37)—remained in the lower band, and MACD (Moving Average Convergence Divergence) stayed below the zero line. The index traded near the lower band of Bollinger Bands and well below all key moving averages, indicating a negative trend. The Bank Nifty also formed a bearish engulfing-like candlestick pattern on the daily timeframe, sustaining below all key moving averages, indicating weakness. However, it took support at the upward-sloping support trendline adjoining the lows of January 13 and 17, which is a bit positive. The momentum indicators remained in the negative terrain.
Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Angel One, Bandhan Bank, Can Fin Homes, Kalyan Jewellers, L&T Finance, Manappuram Finance, RBL Bank
Stocks removed from F&O ban: Aarti Industries, Hindustan Copper
Market wrap up(DWM,T,N,E):The Nifty 50 remained rangebound, though it rebounded and recouped the previous day’s losses to end with a 0.6 percent gain on January 20, accompanied by above-average volumes. The daily charts indicated buying interest at lower levels, but volatility remained elevated, signaling caution for bulls. The Nifty 50 consistently faced resistance in the 23,350-23,400 zone. If the index manages to close and sustain above this zone, an upward journey towards 23,600 is possible in the upcoming sessions. However, as long as it trades below this zone, the consolidation may continue, with immediate support at 23,100, according to experts. The Nifty 50 formed a bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating buying interest at lower levels. The index reached closer to the 10-day EMA but sustained below all key moving averages. The momentum indicator RSI (Relative Strength Index) at 41.3 showed a positive crossover but remained in the lower band, while the MACD (Moving Average Convergence Divergence) remained below the zero line. The Bank Nifty reported a bullish candlestick pattern on the daily timeframe with above-average volumes, closing above the 10-day EMA with a 1.67 percent gain. There was also a higher high-higher low formation. The momentum indicator RSI (42.6) showed a positive crossover but remained in the lower band, and the MACD also sustained below the zero line. Hence, consolidation may continue until the banking index gives a strong close above all key moving averages (20, 50, 100, and 200-day EMAs).
