Market HIGHLIGHTS: Sensex tanks over 1500 pts, ends below 58000, Nifty gives up 17150; RIL, Infosys top drags

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Nifty Realty was the top sectoral loser, followed by Nifty Metal, Nifty Media, Nifty Consumer Durables, and Nifty IT

Share Market Today, Share Market HIGHLIGHTS
This week will be a truncated one as the Indian equity market will remain shut on 26 January 2022 on account of Republic Day.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 tumbled over 2.6 per cent on Monday, following weak global cues. Sensex tanked 1,546 points or 2.6 per cent to end at 57,492, while NSE Nifty declined 468 points or 2.7 per cent to settle at 17,149. All the 30 S&P BSE Sensex stocks ended in the deep sea of red, with Tata Steel, Bajaj Finance, Tech Mahindra, Wipro, RIL, Titan Company leading the pack of losers, down up to 6 per cent. On the sectoral front, all the Nifty sectoral indices ended in the negative territory, falling up to 5.23 per cent. Nifty Realty was the top sectoral loser, followed by Nifty Metal, Nifty Media, Nifty Consumer Durables, and Nifty IT. Bank Nifty fell nearly 2 per cent to finish trade at 36,948.

Live Updates
15:38 (IST) 24 Jan 2022
Sensex, Nifty crash over 2.5%; end lower for 5th day straight

BSE Sensex tanked 1,546 points or 2.6 per cent to end at 57,492, while NSE Nifty declined 468 points or 2.7 per cent to settle at 17,149

15:25 (IST) 24 Jan 2022
Zomato, Paytm, Nykaa, PB Fintech shares tank as bears run riot on Dalal Street; should you buy?

Zomato, Paytm, Nykaa, Policybazaar, and other new-age internet companies were witnessing some strong selling pressure on Dalal Street on Monday. Foreign investors pulling funds out, concern over faster than expected US Federal Reserve policy tightening, and a global sell-off in tech stocks is aiding the worst rout seen by these new-age platform companies since those got listed in recent quarters. While Paytm’s stock price has largely only seen bearish movement on Dalal Street, all others have had their fair share of bulls; but all witnessed heavy correction today.

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15:18 (IST) 24 Jan 2022
Nifty view

As per the data, Since Jan 2000 the nifty close below Weekly S2 pivot levels only 97 times out of 1152 weeks. S2 levels are 16952. Nifty made low of 16997.85. Max OI till yesterday was at 17000 levels. Today it is added further so far.

Chances are that we are near to lows. Before budget. Stop loss for the view is 16900 on closing basis.

~ Vishal Wagh, Head of Research, JM Financial

14:56 (IST) 24 Jan 2022
Why Sensex fell 2000 pts today: Nifty may hit 16800 if it closes below 17200; rate hike, inflation spook D-St

BSE Sensex and NSE Nifty 50 extended the sell-off to the fifth straight session on Monday on the back of weak global sentiment amid concerns over inflation and monetary policy tightening. Analysts say that rising oil prices, the monthly expiry of January month derivatives contract, and the run-up to the Union Budget 2022 have also induced choppiness in the markets. BSE Sensex crashed over 2,000 points or 3.5 to 56,984 on Monday, while Nifty 50 plunged over 500 points or 3.5 per cent to 16,998. Long term investors can look to enter the markets at these levels, an analyst said.

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14:03 (IST) 24 Jan 2022
India VIX soars

India VIX, the volatility gauge, was up 21.6% on Monday. The fear gauge regained 23 levels, the highest it has been in recent months.

13:52 (IST) 24 Jan 2022
What’s pulling down Sensex, Nifty?

Bears continued to maintain strong hold in Indian markets as domestic markets are tracking cues and following their global peers. Inflation concerns and hawkish Fed appear to be the major reasons leading to pessimistic approach of investors. With the economy returning to normalcy, inflation, which has risen globally owing to supply chain issues, is expected to cool. Guarav Garg, Head of Research at CapitalVia Global Research

13:50 (IST) 24 Jan 2022
Nifty support at 17150 level

Technically, 17150 will be a critical support level which is a 61.8% retracement of the previous rally from 17410 to 18350; below this, we can expect Nifty to move towards its 200-DMA that may coincide with 16800 level. If Nifty manages to recover from the 16150 level then we can expect a pullback rally where 17600-17800 will be an immediate resistance area. The overall trend is bullish where we are seeing a period of correction and this may surprise us with a deeper cut but that will be a good buying opportunity. I have a bullish view on Banking, Capital goods, Real estate Infrastructure, and selective auto names. Parth Nyati, Founder, Tradingo

13:48 (IST) 24 Jan 2022
Support seen at 17,150-17,050

“Nifty has broken support of 17,380; next support seen at 17,150-17,050 zone. Expect markets to remain volatile till Fed meet/January expiry. 17,500 should now act as a resistance. Some consolidation is a must for any meaningful recovery to happen,” said Rahul Sharma, Director & Head – Research, JM Financial.

13:48 (IST) 24 Jan 2022
Trends show pre-budget sell-off follows post-budget rally

We are seeing a meaningful correction in the market and the intensity of selling is very high on the back of heavy FIIs' selling. There is risk-off sentiment across the globe amid fear of tightening by the US fed. We are underperforming today and the main reason is global weakness while another reason is some margin calls got triggered especially in new edge companies and that is causing a ripple effect. Anecdotally, Monday remains ugly in a weak market because lots of unwinding is seen by those who carry over the weekend in hope of recovery. If we look at the last three years' trend then we see a pre-budget sell-off on the back of global weakness then we see a post-budget rally however the long-term trend in the first quarter of any calendar year means January to March remains weak. The market is overreacting to US Fed tightening and we may see some short-covering after the Fed meeting outcome scheduled on this Wednesday. Parth Nyati, Founder, Tradingo

13:42 (IST) 24 Jan 2022
Good entry level for long term investors to enter Indian markets

Indian markets are under selling pressure due to weak global cues and domestic investors are in a wait and watch mode ahead of upcoming Union Budget 2022. FPIs are watching the US Federal Reserve decisions and geopolitical issues between Russia and Ukraine. Its a good entry level for long term investors to enter Indian markets in staggered manner. Kranthi Bathini, Director equity strategy, Wealthmills Securities

13:38 (IST) 24 Jan 2022
If Nifty closes below 17200, it may go down till 16800

With omicron covid cases possibly peaking which is a positive sign for the recovery of the economy. However, the selling pressure may continue till Thursday this week and if Nifty closes below 17200 then it may further go down till 16800 levels. Ravi Singh, VP & Head of Research, Share India Securities

13:37 (IST) 24 Jan 2022
Maintaining 17200 for Nifty; 56000-56500 for Sensex crucial

Markets are dragged down by inflation/rake hike worries; Fed speak this week will be important. However, given the ferocity of the down move, it also makes a good base for some pre-budged runup from here. In any case, maintaining 17200 for Nifty and 56000-56500 for Sensex will be crucial. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

13:36 (IST) 24 Jan 2022
Nifty support at 17200

Selloff has continued for the fifth day in a row; Nifty has lost over 1200 points from its 1800+ points of technical pullback. However, on the short term charts, the selling seems overdone and we may see some technical pullback even if there is no major change in the directional consensus. Nifty has strong support at 17200 in form of an trend line. This trendline begins from the top of 18600 and joins the subsequent lower top. It would be crucial to see if these supports are defended. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

13:35 (IST) 24 Jan 2022
New-age internet stocks tank

Shares of new-age internet giants such as Paytm, Zomato, Nykaa, were all deep in red on Monday. Global tech rout, foreign investors selling and premium valuations are among reasons aiding their fall.

13:34 (IST) 24 Jan 2022
Rate hike fears, inflation dent investor sentiment

Fear of rate hikes by all central banks and inflation are major worries at the given point in time. If inflation continues with current speed global market will come into recession. Pandemic is becoming history now as many countries have eased restrictions. This will give comfort to central banks to take action to control the liquidity flow. Vishal Wagh, Head of Research, Bonanza Portfolio

13:32 (IST) 24 Jan 2022
What’s dragging Sensex, Nifty?

(i) Foreign Institutional Investors (FIIs) pulling out money from the indian markets. Therefore, creating a selling pressure and driving the market down. (ii) Global inflation as crude oil prices have been shooting up from last few months which has shown negative effect on the financial markets.

(iii) Upcoming 5 state assembly elections and budget presentation is creating volatility in the market.

(iv) Fiscal tightening by various central banks

Ravi Singh, VP & Head of Research, Share India Securities

13:31 (IST) 24 Jan 2022
Sensex crashes 1400 pts, Nifty gives up 17200 level

BSE Sensex crashed over 1,400 points or 2.36 per cent to 57,620, while Nifty 50 index gave up 17200 levels in the bloodbath on D-Street

13:01 (IST) 24 Jan 2022
Rakesh Jhunjhunwala cuts stake in stock that rallied 47% in 1-yr; FPIs, funds add stake in his other share

Rakesh Jhunjhunwala has cut stake in Prakash Pipes stock in the December 2021 quarter, the latest shareholding data suggested. Prakash Pipes share price has soared 21 per cent so far in January 2022, and over 25 per cent in the last one month. It has rallied over 47 per cent in the last one year. Jhunjhunwala’s name didn’t appear in the list of shareholders released by Prakash Pipes on BSE, as companies don’t need to report the names of shareholders holding less than one per cent stake in the company. Trendlyne data shows Rakesh Jhunjhunwala’s holding in Prakash Pipes as ‘below 1%’ as of 31st December 2021.

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12:37 (IST) 24 Jan 2022
Nifty support at 16842-16955

Rising crude oil prices, sustained higher global inflation, higher expectations in terms of corporate earnings and expected hike in interest rates in 2022 are currently spooking global equities including India. Technically, 16842-16955 will act as a very strong support zone for Nifty. 17723 will act as strong resistance. BSE Sensex has strong support at 56543 with resistance at 59330. Pavitraa Shetty, Co-founder & Trainer, Tips2Trades

12:15 (IST) 24 Jan 2022
RIL, HDFC Bank, Infosys top S&P BSE Sensex drags

Stocks of Reliance Industries Ltd (RIL), Infosys, HDFC bank, Bajaj Finance among others contributed the most to the Sensex' 1100-pt fall

12:13 (IST) 24 Jan 2022
Titan, Tech Mahindra top Sensex laggards, down over 4% each

Titan Company, Tech Mahindra, Bajaj Finance were down over 4 per cent, each, on S&P BSE Sensex

12:11 (IST) 24 Jan 2022
Sensex crashes 1100 pts, Nifty gives up 17300

BSE Sensex crashed 1100 points or 1.8 per cent to 57,942, while Nifty 50 gave up 17,300 levels as bears dominated D-St in the noon deals

11:51 (IST) 24 Jan 2022
Vodafone Idea shares tumble over 5 per cent after Q3 loss widens

Shares of Vodafone Idea tumbled over 5 per cent in early trade on Monday after the company reported widening of its consolidated loss to Rs 7,230.9 crore for the third quarter ended December 2021. The telecom operator’s stock tanked 5.46 per cent to Rs 11.25 on the BSE. At the NSE, it tumbled 5.06 per cent to Rs 11.25.

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11:48 (IST) 24 Jan 2022
ICICI Bank share price shuns bearish D-Street momentum; improved asset quality keeps analysts bullish

ICICI Bank share price dodged bearish market sentiment on Monday morning days after the private sector lender reported its October-December quarterly earnings. Analysts have retained a bullish outlook and upgraded their target price for the scrip after the quarterly earnings showed strong business growth with robust asset quality. Despite being a leader in the private banking space, analysts across brokerage firms believe the stock is available at attractive valuations making them reiterate their positive stance on the stock. ICICI Bank stock price was up 1.7% on Monday to hit an intraday high of Rs 818.8 per share. 

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11:42 (IST) 24 Jan 2022
Crypto enthusiast Elon Musk annoyed with Twitter’s new NFT feature, sends three-word tweet

Billionaire and long time crypto enthusiast Elon Musk expressed his annoyance over a new Twitter feature that lets premium users flaunt their non-fungible token (NFT) purchases as their profile picture. Elon Musk commented on Twitter’s new feature for Twitter Blue users saying “this is annoying” along with a screenshot of Twitter’s announcement. Musk added that the social media giant is not spending its resources well.

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11:03 (IST) 24 Jan 2022
Aggressive investors can use correction in Zomato as buying opportunity for long-term

Zomato is witnessing a vertical fall and slipped below the low made on a listing day which is not a good sign for any counter. There is a risk-off situation across the globe amid fear of tightening by the US Fed where if we look at the trend then there is a sharp sell-off in growth stocks (new edge businesses) especially loss-making companies. Many new edge companies came out with unrealistic valuations amid euphoria in the market but we know that only a few companies will survive in the long run and I believe Zomato has the potential to perform in the long run. The recent price correction is leading to stock at a reasonable valuation where aggressive investors can use this correction as a buying opportunity with a long-term view. Santosh Meena, Head of Research, Swastika Investmart

10:56 (IST) 24 Jan 2022
ICICI Bank share price soars

ICICI Bank share price soared higher, dodging the bearish market sentiment on Monday morning. Shares hit an intraday high of Rs 818 per share.

10:39 (IST) 24 Jan 2022
Buy ICICI Bank ~ Kotak Securities

ICICI Bank delivered impressive performance across metrics with earnings growth of 25% yoy led by 15% yoy operating profit growth and a 27% yoy decline in provisions as stress levels have started to ease. Execution is good in almost all product categories with industry-leading operating metrics. Valuations are relatively attractive despite the strong outperformance. We maintain BUY with a Fair Value of Rs975 (from Rs900 earlier).

~ Kotak Securities

10:33 (IST) 24 Jan 2022
Reliance stock flat after strong Q3 results as Sensex dives over 1%; brokerages positive, check target price

Reliance Industries Ltd (RIL) share price traded flat with a negative bias on Monday morning while benchmark indices continued to remain under the firm grip of bears. Mukesh Ambani’s Reliance Industries reported a strong quarterly report card, where net profit shot up 41.5% on-year basis to clock in Rs 18,549 crore (including an exceptional gain). RIL’s total income rose 52% from the previous year to reach Rs 1.95 lakh crore. RIL share price hit an intraday high of Rs 2,504 per share, up 1% from the previous week’s closing, but fell flat minutes into the day’s trade. That outperformed benchmark indices BSE Sensex and NSE Nifty, which were down more than 1% each.

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10:24 (IST) 24 Jan 2022
Nifty to stage pullback at 17400

We expect Nifty to hold key support threshold of 17400 and stage a pullback. Hence use intraday dip towards 17438-17470 for creating long position for target of 17559.

~ ICICI Direct

10:16 (IST) 24 Jan 2022
Nifty may tank to 17200 if it remains below 17500

17500 was a level of support that the market has broken this morning. If we continue trading below this level, it can fall further and 17200 would be the next target or level of support for the Nifty. The resistance for the index is currently at 17800 and hence any rally up is an opportunity to short the markets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

10:14 (IST) 24 Jan 2022
Nifty may not breach 17400 support, use decline in Bank Nifty to accumulate quality stocks; RIL, SBI top bets

Going ahead, we do not expect the Nifty to breach the key support threshold of 17400 levels followed by meaningful bounce towards the psychological mark of 18000 levels. In the process, stock specific action would prevail amid earnings season.

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10:12 (IST) 24 Jan 2022
Zomato share price at record low, tanks over 17%

Zomato share price hits fresh all-time low of Rs 92.20 apiece, falling over 17% on BSE on Monday. The company reported losses of Rs 785.80 crore for first half of FY22 against the full year FY21 loss of Rs 812.82 crore.

10:07 (IST) 24 Jan 2022
Gold to remain bullish this week; check buy, sell zones

Gold prices in India have capped its downside compared to the fall in COMEX gold prices because of some relief from rupee depreciation. The Fed is the key factor to determine gold price trends as Covid worries are diminishing. Gold prices traded under pressure after the Fed announced hikes in key interest rates by 2023. We expect gold to remain bullish this week.

Buy Zone Near – 48000 for the target of 48300

Sell Zone Below – 47800 for the target of 47600 Ravi Singh

Vice President & Head of Research, Share India Securities

10:05 (IST) 24 Jan 2022
Union Budget 2022 expectations: Policy reforms, govt spending on infra development to boost economic recovery

The advent of new Covid variants and the associated uncertainties has kept the markets and the economies globally on edge. We hope that the Union Budget could bring about some confidence and stability in current volatile markets. With state elections lined up in over five states in 2022, we believe that a focus on job creation and investment-driven growth would be paramount. We see that asset monetization and higher disinvestment will continue to fund the development projects. To boost consumption, we expect an increase in the limit of standard deduction and home loan tax deductions. Overall, we believe that policy reforms and government spending on infrastructure development will boost economic recovery, giving ample opportunities to retail investors for growth. B Gopkumar, MD & CEO, Axis Securities

10:02 (IST) 24 Jan 2022
Nifty to trade in 17450-17800, if it remains above 17500

On Monday, Asian markets are trading in the red, with the Federal Reserve anticipated to affirm that it would soon begin draining the vast liquidity that has fueled recent growth stock gains. Our research suggests that the levels of 17500-17450 may act as important support levels in the market. If the market sustained above the levels of 17500, we can expect the market to trade in the range of 17450-17800. Gaurav Garg, Head of Research, CapitalVia Global Research

09:54 (IST) 24 Jan 2022
Gold trades higher on geopolitical tensions, increasing inflation concerns, sell-off in equities, pick up in ETF buying

COMEX gold trades marginally higher near $1835/oz after last week’s rally. Gold trades higher supported by geopolitical tensions relating to Russia, increasing inflation concerns, rising virus cases, sell-off in equities and pick up in ETF buying. However, weighing on price is higher bond yields and increased expectations of Fed’s monetary tightening. Gold has stalled near $1850/oz level and some correction is possible amid positioning ahead of Fed’s monetary policy meeting. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

09:44 (IST) 24 Jan 2022
US Fed meet, US advance GDP for Dec qtr to guide Indian Rupee movement

Following weaker sentiment, Indian equities could also feel the heat and are expected to remain on a negative note. The game-changer- FIIs have sold almost Rs 8,800 crore this month and likely to keep on selling further ahead of a heavier event like Fed meeting, Union budget, and state elections. Apart from the Fed meeting, US advance GDP for the quarter ending Dec-21 will be in focus this week for further guidance on Fed’s quantitative tightening. Overall, a faster-fed rate hike and a step towards balance sheet reduction could keep on hurting both- eastern and western equities. Thus, the US dollar index is likely to remain on a stronger foot from both sides- Fed’s hawkish stance and rising geopolitical tension. Amid this state of concern, the emerging market currencies except PBoC led stronger Yuan, will remain under pressure. Hence, the downside for the USDINR pair will remain restricted up to 74.20 levels and could regain momentum up to 75-75.20 levels. Amit Pabari, managing director, CR Forex Advisors

09:42 (IST) 24 Jan 2022
Indian stock markets fall in tandem with global markets

The trend in global stock markets has turned distinctly bearish. Last week S&P 500 and Nasdaq closed 8% and 15% below their all time highs. The sell-off in tech stocks has been brutal last week. European stocks too turned bearish. The heightened tensions in the Russia-Ukraine border is a major geopolitical concern. FIIs again turning big sellers is a major headwind. Investors have to move cautiously. An important feature of the tech sell-off is that bulk of the selling is happening in non-profitable tech stocks. This trend is impacting stocks like Zomato and Paytm in India too. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:30 (IST) 24 Jan 2022
Asian Paints tanks over 2%, top Sensex laggard

Asian Paints, Bajaj Finserv, Tech Mahindra, Wipro, Infosys, Titan Company, HCL tech were top Sensex laggards.

09:28 (IST) 24 Jan 2022
Reliance Industries, ICICI Bank, Maruti, Airtel top BSE Sensex gainers

Maruti Suzuki, ICICI Bank, Power Grid Corporation of India, IndusInd Bank, Reliance Industries, Bharti Airtel among others were top Sensex gainers

09:26 (IST) 24 Jan 2022
RIL share price up nearly 1% post Q3 results

Reliance Industries Ltd (RIL) share price gained nearly 1% to Rs 2,504 apiece on BSE on Monday, after the company reported 41 per cent on-year growth in profit in Q3FY22

09:24 (IST) 24 Jan 2022
RIL shows strong earnings traction across segments

RIL’s operating profits at Rs 297bn, stood marginally above our (~7%) and street estimates (~5%). The profitability improved on a sequential basis across segments. While O2C segment benefitted from an improved refining and petrochemical margins environment, which was partially offset by weaker petroleum/petrochemical demand sentiment; the profitability in Retail segment received a significant leg up from improved consumption sentiment during festive season. The digital services business, on one hand, benefitted from improved ARPU, but on the other hand suffered from net reduction in subscribers for 2nd consecutive quarter. We however believe that weeding out of inconsistent and low value customer stands in good stead in the longer run for JIO. Additionally, while petroleum consumption might remain tepid in 4QFY22 as well, due to Omicron spread, but is later slated to grow in sync with economic growth.  

~ Yes Securities

09:24 (IST) 24 Jan 2022
Sensex below 59000, Nifty gives up 17600

BSE Sensex was down 250 points or 0.4 per cent at 58,804, while NSE's Nifty gave up 17,600

09:22 (IST) 24 Jan 2022
Nifty may regain 18000 if it breaches 17777, eyes on US Fed, Union Budget; check top stocks to buy

Equity benchmark Index completed their biggest weekly decline since November, as concerns about policy moves by U.S. Federal Reserve, a spike in US Bond Yield and a rally in crude oil prices dented investors’ appetite for riskier emerging-market assets. Moreover, continued FII selling and mixed bag on corporate earnings dampened the market sentiment. Sensex dropped 2186 points or 3.6% to close at 59,037 against the previous week while Nifty also fell 639 points or 3.5% to close at 17617. Global markets declined sharply – Nasdaq shed over 7% while UK, Germany, Japan, Australia Index fell 3-5%.

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09:08 (IST) 24 Jan 2022
Nifty trades at 17600 in pre-opening session

BSE Sensex was up 50 points at 59,120, while the Nifty 50 index was down 15 points at 17600 in pre-opening session on Monday

08:54 (IST) 24 Jan 2022
Nifty below 17500 may fall up to 17000, deploy Iron Butterfly strategy; Bank Nifty may hit 38600 this week

The strategy which we are suggesting for the week with expiry schedule at 27th January 2022 is a Neutral strategy called as Iron Butterfly, which involves selling of one lot of Nifty 17,600 Call @ 156 and selling of one lot of Nifty 17,600 Put @ 137 and simultaneously buying one lot of 17,900 call @ 42 & buying one lot of 17,300 put @ 50. Both risk and reward in this strategy are limited and the gains in the strategy will be accrued between two break even points i.e 17,800 on upside and 17,400 on downside. The assumption for the said strategy is that, Nifty in this monthly expiry is likely to remain in the range of 17,800 to 17,400 hence the maximum profit of Rs 10,050 will happen if the Nifty closes at 17,600.

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08:28 (IST) 24 Jan 2022
Buy these two stocks for gains, Nifty may find support in 17480-17360 range

It was a bear-dominated week for the benchmark index where four out of five trading days closed in a red and formed a three-black crow bearish candlestick pattern on the daily time frame. On Friday, January 21, Nifty recovered 50 per cent of its fall and formed a long leg Doji candlestick pattern on the daily interval. In the past four weeks, Nifty50 rallied almost 2100 points and in the recent week, we witnessed a fall of almost 750 points which is 38.20 per cent retracement of the rally which started from 16400 levels till 18350 levels. 

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08:22 (IST) 24 Jan 2022
Nifty support range 17500-17400 this week

Taking a glance at the daily time frame chart, we can see Nifty retracing almost by 50% of the recent rally and saw some respite after nearing the ’89-day EMA’. Hence, for this week, 17500 – 17400 should be considered as crucial supports. Although the global picture is not good, we still would like to back our inclination towards some relief move. If any recovery has to happen there would not be better levels than this. On the upside, first sign of strength would start above 17800 and then we can reclaim the 18000 terrain ahead of the budget itself. First couple of sessions would be important for market as it will set the tone ahead of the mega event. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

08:20 (IST) 24 Jan 2022
17650 an important level for Nifty in short term

Although we were seeing 18350 as a mild hurdle, we did not expect Nifty to come off at such velocity. In fact after breaching 18100, we did anticipate further decline towards 17800. But whatever happened in last couple of sessions to even test 17500, has surprised us unpleasantly to some extent. Now with reference to our intra-week commentary, we have been mentioning how 17650 is important in a short term and the real damage of the recent upward trend would start below it. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

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