Market Forecast: Stock Market Ends With Minimal Profits – What’s Coming Up on January 24
Market Forecast: Stock Market Ends With Minimal Profits – What’s Coming Up on January 24
The Indian stock market noticed a good development on January 23 as both of the key indices ended in the green. The Sensex increased by 115.39 points, or 0.15%, to end at 76,520.38 while the Nifty increased by 50 points, or 0.22%, to close at 23,205.35.
From the data above, it can be seen that around 2,017 stocks market went up while 1,780 stocks went down and 104 stocks did not change in value. UltraTech Cement, Grasim Industries, Wipro, Shriram Finance, and Eicher Motors were among the top gainers of the Nifty index. The biggest losers include, BPCL, Kotak Mahindra Bank, HCL Technologies, Power Grid Corp, and Reliance Industries.
Industry Analysis
The Nifty Midcap Index surged nearly 2% while Smallcap Index increased by 1%.
Gains of 1-2% were observed in Auto, Consumer Durables, IT, Media, Pharma, and Realty sectors.
However, the Oil & Gas and Private Bank indices registered losses and closed down suggesting some weakness in these sectors.
Insights from Specialists
As per Aditya Gaggar, the director at Progressive Shares. The previously mentioned midcap and smallcap segments have provided the necessary relief rally. Which has helped sustain momentum in the market. However, there was no buying which caused the indices to be bound by a range. The Nifty benefitted from the weekly expiry as it closed 50 points higher, supported by IT and Pharma stock purchases. Whereas banking stocks underperformed.
In Gaggar’s opinion, a positive divergence in the Relative Strength Index was noted which seems to have helped the market. To confirm a trend reversal, the Nifty will have to break through its key resistance level of 23,400. The ranges on the downside are suggestive that 23,000 is a strong support level.
As Prashanth Tapse, an Associate Director at Mehta Equities, pointed out. The market stayed range bound with various mixed signs throughout the session. The Telecom and IT indices were propelled by buying interest coming from the previously underperforming Telecom and Realty stocks. But these moves were neutralized towards the end. Furthermore, the continuous and sharp decline of the Indian rupee versus. The US dollar further lowers the sentiment in the investing community.
Moreover, the earnings that the companies have reported up to now is disheartening. Together with Indian Union Budget approaching, investors are likely to pick and choose stocks with a more cautious approach. Global market indicators will continue to play an important role in the short-term direction of the market.
Important Levels To Monitor
Resistance Level : 23400
Support Level : 23000
Expectations For January 24, 2023
From the perspective of the current situation. The market will most likely continue to be range bound, with some sector targeting buying. It is advisable for investors to be keenly observant of fluctuations in the global economy along with the budgetary meetings for 2025.
Disclaimer:
The views expressed in this article are solely those of the author and do not. In any way represent this website or the management. Any investment decisions should be made based on advice from a formally certified professional.
