F&O expiry: Nifty ends Jan series near 21,350; Sensex drops 360 pts

Stock market highlights on January 25, 2024: The frontlines were dragged by Tech M, Axis Bank, Bharti Airtel, HCL Tech, Kotak Bank, HDFC Bank, Wipro, Asian Paints

Closing Bell on January 25, 2024: Benchmark indices nursed losses Thursday, amid profit booking in large and mid-cap stocks, and monthly F&O expiry of the January derivatives series. 

The benchmark S&P BSE Sensex shed 360 points, or 0.51 per cent, to end at 70,701. The Nifty450, on the other hand, settled around the 21,350-mark at 21,353, down 101 points or 0.47 per cent.

The indices hit intraday lows of 70,319 and 21,247, respectively.

The frontlines were dragged by Tech M, Axis Bank, Bharti Airtel, HCL Tech, Kotak Bank, HDFC Bank, Wipro, Asian Paints, SBI, Sun Pharma, Tata Steel, and HDFC Bank. These shares were down in the range of 1.5 per cent to 6 per cent.

In the broader markets, the BSE MidCap index reversed gains and ended 0.36 per cent lower. The BSE SmallCap index, on the other hand, outshone peers with 0.54 per cent gains led by RITES, Oswal Greentech, Steel Exchange India, and RailTel. 

Among sectors, the Nifty IT index dropped 1.65 per cent, the Nifty Pharma 1.36 per cent each, and the Nifty Pharma 0.9 per cent. 

3:51 PM

Tech View :: 'Nifty consolidating between 21,520 and 21,220'

Nifty50

On the daily charts, we can observe that the counter trend rally faced resistance at the zone of 21,520 – 21,550. On the downside, 21,240 – 21,220 zone acted as a support zone where the 40-day moving average is placed.

Thus, the Nifty is consolidating within these two parameters. A breach of this range shall lead to a move in that direction.

The hourly momentum indicator has a positive crossover which is a buy signal and hence there can be a minor degree bounce up to 21,520 – 21,550 before it resumes next leg of the fall.

 

Bank Nifty

Bank Nifty has witnessed a sharp pullback from intraday lows though closed marginally in the red. On the hourly charts, we can observe that there is a positive divergence and a positive crossover which indicates loss of momentum on the downside and indicates that there can be a relief rally going ahead till 45,500- 45,700. On the downside, 44,600 – 44,500 is the crucial support zone.

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

3:43 PM

Currency check :: Rupee ends at 83.11/$ vs Wednesday's close of 83.13/$

3:42 PM

Broader markets :: SmallCap index outperforms peers, rises 0.5%

3:41 PM

Broader markets :: MidCap index erases gains, dips 0.36%

3:39 PM

NIFTY HEATMAP :: Tech M sinks 6% post Q3; Cipla, Airtel, LTIMindtree other drags

3:37 PM

CLOSING BELL :: Nifty ends near 21.350 amid selling in IT, pharma stocks

3:36 PM

CLOSING BELL :: Sensex resumes selling, ends 360 pts lower

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