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January 16, 2024 / 9:10am IST
Sensex Today | Mandar Borjane, Research Analyst, Choice Broking:
GIFT Nifty trends show that the benchmark Sensex and Nifty indices are expected to open marginally lower on January 16, with the broader index having a negative start with a decline of 51 points .
On January 15, the BSE Sensex rose 759 points to 73,328, led by gains in technology and banking stocks, along with Reliance Industries. Nifty 50 also witnessed a huge gain of 203 points, reaching 22,098 points after starting with a gap up. The daily time frame shows a bullish candlestick pattern with a long downside, suggesting buying interest at lower levels.
This pattern indicates bullish momentum for the index and there are expectations that Nifty could touch 22,300 in the coming sessions, especially considering the ongoing earnings season heading into the second week.
Currently, Nifty’s immediate support is 21,800 units. On the upside, we see resistance levels at 22,300 and 22,500. The overall chart pattern, coupled with market breadth and strong sectoral performance, suggests that the outlook for Nifty is good and could rise further.
Analyzing Bank Nifty on weekly charts reveals that it is close to a key support zone between 47,500 and 47,000 where potential buying interest is expected but it is poised to break out of the range. Masu. The hourly momentum indicator shows a positive crossover, indicating a buy signal. There is hope that the support zone will be maintained, leading to a resumption of the rally. As for the upside, the 48,900-49,200 level is likely to be the immediate hurdle in the short term.
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