January 16, 2024 / 09:10 AM IST
Sensex Today | Mandar Bhojane, Research Analyst at Choice Broking:
The benchmark Sensex and Nifty indices are expected to open marginally lower on January 16, as per trends in the GIFT Nifty, indicating a negative start for the broader index with a loss of 51 points.
On January 15, the BSE Sensex surged 759 points to 73,328, driven by gains in technology and bank stocks along with Reliance Industries. The Nifty 50 also saw a significant increase of 203 points, reaching 22,098 after opening with a gap-up. The daily timeframe showcased a bullish candlestick pattern with a long lower shadow, suggesting buying interest at lower levels.
This pattern indicates a bullish momentum in the index, and there is anticipation that the Nifty could reach 22,300 in the coming sessions, particularly with the ongoing earnings season progressing into the second week.
Currently, the immediate support for the Nifty is at the 21,800 level. On the upside, resistance levels are identified at 22,300 and 22,500. The overall chart pattern, combined with positive market breadth and sectoral performance, suggests a favorable outlook for the Nifty, with the potential for further upward movement.
Analyzing the Bank Nifty on the weekly chart reveals its readiness for a breakout of the range, though it is approaching a crucial support zone between 47,500 and 47,000, where potential buying interest is expected. The hourly momentum indicator has signaled a positive crossover, indicating a buy signal. There is an expectation that the support zone will hold, leading to a resumption of an upward movement. On the upside, the levels of 48,900-49,200 are likely to act as immediate hurdles from a short-term perspective.
