“Market Update: Considerations for Trading Today – Nifty 50 and Sensex Decline by One Percent Each, Led by Reliance Industries (RIL), ITC, and Bajaj Finance. Following a Previous Surge of Almost Two Percent Each, the Domestic Market Experiences Widespread Selling Pressure with Most Sectoral Indices Closing in the Red. Investors Opt to Book Profits Ahead of the US Federal Reserve Policy Outcome Scheduled for Later Tonight (January 31).”
“The Nifty 50 index concluded 216 points, or 0.99 percent, down at 21,522.10, while the 30-share pack closed 802 points, or 1.11 percent, lower at 71,139.90. Only six stocks – Tata Motors, SBI, Hindustan Unilever, Power Grid, Tech Mahindra, and TCS – recorded gains. The BSE Midcap index also witnessed a decline of 0.53 percent, whereas the BSE Smallcap index defied the trend, finishing with a gain of 0.18 percent, after achieving a fresh all-time high of 45,213 in the preceding session.”
Market Outlook for Today:
Regarding the Nifty 50 outlook, Vaishali Parekh commented, “Nifty 50 faced significant resistance around the 21,750-21,800 levels, leading to a correction and stabilization around the crucial support zone of 21,500 during the intraday session.” She highlighted that the index’s critical support zone stands at 21,150, with a potential breakout upon breaching 21,800.
On Bank Nifty, Parekh noted, “Bank Nifty traded within a range during the intraday session, showing minimal erosion compared to the Nifty index, and concluded near the 45,350 zone.” She emphasized that the index would require a clear breach above 46,300 for further momentum.
Parekh also provided insights into today’s levels, stating, “Immediate support for Nifty is anticipated at 21,400, while resistance could be observed at the 21,700 level. Bank Nifty is expected to fluctuate within the daily range of 45,000 to 45,800.”
