The Nifty 50 ended the day at 23,707.90, posting a gain of 91.85 points or 0.39%, showcasing a steady recovery despite intraday volatility. The index touched an intraday high of 23,795.20 and a low of 23,637.80, reflecting cautious optimism among investors. Today’s performance indicates resilience in the market as traders balanced global cues and domestic economic factors. With the index edging closer to its recent highs, market participants will keenly watch economic data releases, global market trends, and sector-specific movements to assess tomorrow’s trading sentiment. The focus will likely remain on whether this positive momentum can carry forward into the new session.
| Open | 23,679.90 | High | 23,795.20 | Low | 23,637.80 |
| Prev close | 23,616.05 | 52-wk high | 26,277.35 | 52-wk low | 21,137.20 |
The market saw broad-based positivity today, with all sectoral indices closing in green except for the IT sector, which declined by 299 points or 0.68%. Midcap Nifty rose by 0.34%, while Nifty Smallcap 100 outperformed, climbing 248.20 points or 1.35%. Nifty showed a strong bounce back from its trendline support, indicating renewed buying interest at lower levels. This technical rebound suggests that Nifty could potentially rally towards 24,200 in the upcoming week, as traders continue to focus on key support and resistance levels.
Major factors affecting today’s market
Global cues were positive this morning, with NASDAQ, Asian, and European markets trading in the green, boosting investor sentiment. Nikkei surged by 800 points, and GIFT Nifty was 100 points higher, signaling a strong gap-up opening for Indian markets. Yesterday’s panic selling by retail investors had created a bearish tone, but Health Minister J.P. Nadda’s assurance that the HMBV virus is a 15-year-old strain and not similar to the coronavirus helped calm nerves. This statement restored market confidence, encouraging retail investors to trust the recovery and refrain from unnecessary panic.
Predictions for Tomorrow
The market will likely open positively tomorrow, with Nifty and Bank Nifty recovering after today’s widespread sell-off that pushed all sectors into the red. FIIs continue their relentless selling spree, sustaining the bearish trend and raising concerns among investors. The Nifty 50 approaches its nearest support level at 23,500, making it a critical zone for potential downside. Investors maintain a cautious stance as the broader market grapples with weak fundamentals and mounting selling pressure.
Indices may recover briefly, but individual stocks will likely continue their downward slide, exposing the market’s underlying weakness. FIIs’ persistent selling and the bearish momentum gripping the indices suggest any upward movement will remain short-lived. Traders and investors must stay vigilant and prioritize risk management as the market struggles to stabilize. The ongoing bearish trend compels caution as the guiding principle for tomorrow’s session.
Nifty 50 Support and Resistance Level
Nifty 50 finds its immediate support at 23,500, a crucial level that traders will monitor to gauge the index’s ability to halt the ongoing bearish trend. If the selling pressure intensifies, the next support lies at 23,350, which could act as a safety net before further downside. On the upside, Nifty faces resistance at 23,900, where profit-booking might emerge if the index manages to recover. A break above this level could push the index towards its next resistance at 24,200, which would signal a potential shift in market sentiment.
| Support 1 | Support 2 | Resistance 1 | Resistance 2 |
| 23500 | 23350 | 23900 | 24200 |
Nifty Bank Support and Resistance Level
Bank Nifty has immediate support at 49,750, a level that could provide temporary relief amid the bearish momentum. If this level fails, the next support at 49,600 will act as a key barrier to prevent further declines. On the resistance side, the index faces a challenge at 50,500, where a reversal could stall any recovery attempts. A sustained break above this level may lead Bank Nifty to test its next resistance at 50,900, providing an opportunity for traders to capitalise on bullish moves.
| Support 1 | Support 2 | Resistance 1 | Resistance 2 |
| 49750 | 49600 | 50500 | 50900 |
Overall Market outlook for Tomorrow
With global markets firmly in positive territory, initial cues suggest a stable opening for Indian markets. However, the recently released GDP growth data, which shows India’s GDP dipping to a four-year low of 6.4% in FY25 compared to 8.2% in the previous fiscal, might weigh on investor sentiment. This disappointing economic indicator could lead to a bearish market during the first session. That said, the broader market may attempt a recovery in the second half, driven by global optimism and potential buying at lower levels. Traders are likely to tread cautiously, balancing domestic concerns with positive global trends.
Read our other articles(IPO Insights)
- FII DII Selling Data, 27 January 2025
- FII DII Selling Data, 24 January 2025
- FII DII Selling Data, 23 January 2025
- FII DII Selling Data, 22 January 2025
- CLN Energy IPO GMP today – Apply or Not
Leave a Reply