Sensex zooms 690 pts, Nifty tops 21,450; broader indices gain nearly 2%

Stock market highlights on January 24, 2024: The pockets that helped the markets end higher were metals, PSU banks, pharma, and FMCG stocks

Closing Bell on January 24, 2024: Equity markets see-sawed in trade on Wednesday as investors juggled between 'buy the dip' and 'sell the rally' approaches.  The pockets that helped the markets end higher were metals, PSU banks, pharma, and FMCG stocks.

The S&P BSE Sensex settled 690 points, or 0.98 per cent, higher at 71,060. It hit an intraday high of 71,150 and a low of 70,002. The NSE Nifty50, on the other hand, ended at 21,454, up 215 points or 1 per cent. It swung in a range of 292 points. 

In the broader markets, the BSE MidCap and SmallCap indices advanced 1.7 per cent each. 

3:55 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty has held on the 40-day average which was placed at 21,234. Going ahead, we expect Nifty to face resistance in zone 21,500 – 21,520 where the key hourly moving averages are placed.

Traders should look for signs of weakness around the resistance zone before initiating shorts as there is a possibility of a deeper retracement till 21,780 – 21,800 where the hourly upper Bollinger band is placed.

The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, price and momentum indicator are providing divergent signals which can lead to high intraday volatility.

On the downside, 21,250 – 21,220 shall act as a crucial support zone from short term perspective while 21,500 – 21,520 is the immediate hurdle zone from short term perspective.

 

Bank Nifty

Bank Nifty also opened gap down and thereafter consolidated for the day closing marginally in the green.

We expect the consolidation to continue going ahead in the range 44,500 – 45,750. Minor degree pullback towards 45,460 – 45,810 should be used as a selling opportunity. On the downside, we expect the Bank Nifty to drift towards 44,500 – 44,400 from short term perspective. 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:52 PM

Comment :: 'Positive sentiment was reinforced after PBOC's 0.5% cut in reserve ratio'

The market rebounded from yesterday's sell-off taking cues from global peers.

The sentiment was reinforced by the PBOC's 0.5% cut in reserve ratio to boost growth and financial liquidity.

However, overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:49 PM

Comment :: 'Traders should continue with a stock-specific approach'

The banking index tested its long term moving average (200-EMA) on Wednesday so we can’t rule out some consolidation. However, it would be tough for other key sectors to trigger any meaningful recovery in Nifty. We thus feel traders should continue with a stock-specific trading approach and maintain positions on both sides.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:47 PM

Currency check :: Rupee ends at 83.13/$

3:45 PM

Sectoral trends :: Media, Metal indices soar 3% each, PSB index 2%

3:44 PM

Broader markets :: Mid, SmallCap indices surge 1.7% each

3:41 PM

NIFTY HEATMAP :: 42 of 50 index stocks rally led by Hindalco, Dr Reddy's, Tata Steel

3:38 PM

CLOSING BELL :: Nifty ends atop 21,450

3:36 PM

CLOSING BELL :: Sensex snaps 2-day losing run, rallies 690 pts

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