Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 24 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday tracking positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,303 level, a premium of nearly 40 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market ended higher, with the benchmark Nifty 50 closing above 23,200 level.

The Sensex rose 115.39 points, or 0.15%, to close at 76,520.38, while the Nifty 50 settled 50.00 points, or 0.22%, higher at 23,205.35.

Nifty 50 formed a small positive candle on the daily chart with minor upper shadow.

“Technically, this market action signals a gradual follow-through upmove in the market amidst range movement. The bearish lower tops and bottoms is intact and the current pullback rally could possibly open another lower top formation in the short term. The broader high low range remains intact around 23,400 – 23,000 levels. Having bounced back from the lower range, the Nifty could move up gradually towards the upper range of 23,400 levels in the near term,’ said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, a decisive move above 23,400 levels could open renewed buying enthusiasm in the market and immediate support is placed at 23,000 levels.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Nifty OI Data

Nifty Open Interest (OI) data indicates the highest OI on the call side at the 23,300 and 23,500 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,000 and 22,800 strike prices, marking these as key support levels, said Hardik Matalia, Derivative Analyst at Choice Broking.

Sensex Prediction

Sensex continued its positive momentum on Thursday and ended up by 115 points above the 76,500 level.

“Technically, after a muted open, the market held positive momentum throughout the day. It also formed a reversal formation on the daily charts, which supports a further uptrend from the current levels. We are of the view that as long as Sensex is trading above 76,200, the pullback formation is likely to continue,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the higher side, the Sensex could bounce back to the 77,000 – 77,100 range. On the other hand, if it falls below 76,200, the sentiment could change, and the Sensex may retest levels of 76,000 – 75,700.

Nifty 50 Prediction

Nifty 50 continued with minor upmove with range bound action on January 23 and closed the day higher by 50 points.

“Nifty 50 failed to break above the 50 EMA (Exponential Moving Average) on the hourly chart, indicating selling pressure at higher levels. The bearish trend is likely to persist as long as the index stays below 23,400. On the downside, support levels are observed at 23,150 and 23,000,” said Rupak De, Senior Technical Analyst at LKP Securities.

According to Om Mehra, Technical analyst, SAMCO Securities, Nifty’s recovery follows the Hammer candlestick formation at the critical support zone near 23,000, reflecting a potential reversal signal.

“This recovery in Nifty 50 was further supported by a double-bottom formation on the hourly chart, highlighting an emerging bullish setup. However, a decisive breakout and sustained move above 23,400 would be pivotal to confirm a shift in trend from bearish to bullish. The index is currently hovering near its 9 EMA. The daily RSI is recovering from lower levels, though it remains tilted to the downside,” Mehra said.

The advance-decline ratio is gradually improving, indicating an emerging balance. The support remains at the 23,000 level. The India VIX, the fear gauge, settled at 16.69, and a dip below the 16 mark could provide the much-needed tailwind for bullish momentum to strengthen, he added.

VLA Ambala, Co-Founder of Stock Market Today, expects the market to remain sideways to bearish in the short term, with heightened volatility anticipated ahead of the budget, as indicated by a potential surge in the India VIX.

“In this situation, I suggest investors hedge their portfolios and set a long-term view of 2 to 3 years. The Nifty 50 could expect a support level between 23,200 and 23,120 and resistance near 23,405 and 23,520,” Ambala said.

Bank Nifty Prediction

Bank Nifty index closed Thursday’s session at 48,589, slipping 135.40 points, or 0.28%, as the index failed to capitalize on the previous session’s Dragonfly Doji formation.

“Bank Nifty is hovering near its 9 EMA, with the daily RSI showing some recovery from lower levels but still leaning toward the downside. On the hourly chart, Nifty Bank is positioned near the middle Bollinger Band, reflecting its non-directional stance. A breakout above 48,750 could open the door for further upside, while a fall below 48,250 may indicate a bearish shift,” said Om Mehra.

The index appears poised for range-bound movement in the near term, with the potential for volatility on both sides as it awaits clear directional cues, he added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.