Jan 24, 2024
Market Outlook: Nifty, Sensex end higher as traders eye US CPI inflation data for cues
Domestic equity indices NSE Nifty and BSE Sensex close their trading session in the green. Sensex gained 0.99% or 600 points to settle at 61,032. Nifty closed at 17,930, up 0.9%. The Nifty index witnessed strong buying momentum from the lower level and it surpassed the hurdle of 17900 on a closing basis. The index remains in a buy mode as long as it holds the support of 17700 on the downside. The momentum oscillator are in the strong buying zone which confirms the strength, said Rupak De, Senior Technical Analyst, LKP Securities.
Markets Decoded: US inflation data awaited
Low volumes on Nifty: Deepak Jasani, HDFC Securities
IT stocks in focus on hopes of cooling US inflation: Vinod Nair, Geojit Financial Services
Domestic indices edged higher, inspired by their global counterparts, as investors await the US inflation numbers today. The whammy over India’s retail inflation breaching the RBI’s tolerance level was cooled by WPI inflation easing to 4.73% in January. IT stocks were in focus as investors anticipated a slowdown in US inflation, which could result in favorable Fed policy.
Nifty Technical View: Reversal formation likely to continue
Nifty cleared short-term resistance: Shrikant Chouhan, Kotak Securities
Technically, after a gap up opening the market held the positive momentum and it also cleared the short term resistance of 17,900/61,000 which is broadly positive. We are of the view that, as long as the index is trading above 17,800/60,500 the reversal formation is likely to continue. above the same, the index could move up to 18,050-18,100/61,300-61,500. On the flip side, below 17,800/60,500 uptrend would be vulnerable. Below the same, the market could retest 17,700/60,200.
Nifty highest close since 24 January: Deepak Jasani, HDFC Securities
Nifty has closed at the highest since Jan 24. In the process it has formed a bullish ascending triangle type of pattern. It could now stay in the 17,824-18,027 band for the near term with an upward bias.
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