Indian Stock Market Faces Bearish Reversal After Eventful Weekend

Indian Stock Market Faces Bearish Reversal After Eventful Weekend

VoM News Desk | January 24, 2024 | 09:32 AM IST | Breaking News | Follow on Google News

Indian Stock Market Faces Bearish Reversal After Eventful Weekend/ANI

Indian Stock Market Faces Bearish Reversal After Eventful Weekend

The Indian stock market indices, Sensex and Nifty 50, witnessed a bearish reversal on Tuesday following an enthusiastic opening. Despite a sharp decline during the day, Pharma emerged as the only sector with a 1.7% gain. Other sectors, particularly media, suffered significant losses, with the Zee-Sony deal fallout contributing to a 13% decline in the media sector. Nifty Realty also fell by 5.3% due to weak results from Oberoi Realty.

Global Uncertainties Impact Indian Markets, Sectors Witness Selling Pressure

Global sentiments turned cautious after Fitch Group’s statement about the potential impact on South Asian economies amid rising hostilities in the Red Sea. India’s economic forecast faces significant risks due to prolonged disruptions. Sectors such as PSU Banks, Railways, and Power Utilities experienced profit booking after recent sharp run-ups.

Technical Outlook for Nifty 50 and Bank Nifty

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the short-term downtrend of Nifty 50, expecting further weakness. The crucial support zone to watch is around 20,950 to 20,850 levels. On the other hand, Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher, noted Bank Nifty’s plunge below the important 100-period MA, with a potential bearish outlook if it breaches the 46,600 level.

Day Trading Stocks Recommendations for Today

Sumeet Bagadia, Ganesh Dongre, Kunal Kamble, and Shiju Koothupalakkal provided recommendations for day trading:

1. Bajaj Auto (Buy): Target ₹7420, Stop loss ₹6930.
2. Zydus Lifesciences (Buy): Target ₹770, Stop loss ₹710.
3. SBI (Buy): Target ₹625, Stop loss ₹596.
4. BEL (Buy): Target ₹194, Stop loss ₹182.
5. ELGI Equipments (Buy): Target ₹590, Stop loss ₹550.
6. Chalet Hotels (Buy): Target ₹782, Stop loss ₹742.
7. LIC (Sell): Target ₹833, Stop loss ₹906.
8. HCL Tech Future (Sell): Target ₹1440, Stop loss ₹1587.

Investors are advised to closely monitor global developments and key support/resistance levels while navigating the current market conditions.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.