January 30, 2024 / 09:10 AM IST
Sensex Today | Mandar Bhojane, Research Analyst at Choice Broking:
The benchmark Sensex and Nifty are likely to open flat on January 30 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 105 points.
During the previous trading session on January 29, Indian equity indices rebounded strongly, kicking off the Budget week with substantial gains. Both benchmark indices recorded nearly a 2 percent increase, driven by widespread buying across various sectors and strong performances by heavyweight stocks.
Analyzing the daily charts reveals that the Nifty has surpassed its previous swing high of 21,750, signaling a break in the downtrend by violating the lower top lower bottom formation. Looking ahead, the index could extend its pullback towards 21,950, with 21,850 to 22,000 posing as immediate resistance levels.
In the case of Bank Nifty, there is an ongoing retracement of the recent decline from 48,300 to 44,500. The pullback in the short term could persist until the range of 46,000 to 46,200. However, it’s essential to note that 45,110 serves as a crucial support level from a short-term perspective.
In terms of investor activity, Foreign Institutional Investors (FIIs) reversed their trend in the cash segment, turning net buyers and purchasing shares worth Rs 110.01 crore. Simultaneously, Domestic Institutional Investors (DIIs) were active buyers, acquiring stocks amounting to Rs 3,221.34 crore on January 29, according to provisional data from the NSE.
