Mixed Global Cues Set to Impact Indian Stock Market Indices

Mixed Global Cues Set to Impact Indian Stock Market Indices

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

Mixed Global Cues Set to Impact Indian Stock Market Indices/MT_Print

Mixed Global Cues Set to Impact Indian Stock Market Indices

The Indian stock market indices, Sensex and Nifty 50, are poised for a choppy session on Wednesday following a sharp decline in the previous session and mixed global cues. While Gift Nifty indicates a potential gap-up start, uncertainties in global markets may influence the overall direction of the Indian benchmarks.

Nifty 50’s Bearish Trend Continues Amid Global Uncertainties

After steep losses on January 23, where the Nifty 50 formed a long bear candle, the short-term trend remains down. Analysts note the formation of a bearish pattern with lower tops and bottoms after a period of bullish chart patterns. The new lower top at 21,750 levels suggests potential further weakness, and the index could be on a trajectory to form a new lower bottom.

Bank Nifty Faces Dominant Bearish Trend with Selling Pressure

The Bank Nifty witnessed sustained selling pressure, leading to a significant decline of 2.26% and closing at 45,015. Analysts advocate a “sell on rise” strategy for Bank Nifty as long as it remains below the 45,500 resistance level. Immediate support is identified at 45,000-44,800, and a breach below this range may intensify selling pressure, potentially pushing the index towards the 44,000 mark.

Investors are advised to remain cautious amid global uncertainties and closely monitor key support and resistance levels to navigate the evolving market conditions.

VoM News Desk

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