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.
