Monday, 26 February 2024
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Strong global cues help Nifty and Sensex rise, but analysts caution

  • After three days of losses, the Indian equity benchmark, the Sensex, recovered on today.
  • The BSE midcap and smallcap indices recorded increases of around one percent.
  • The 20-week moving average and the Bank Nifty have both achieved the 161.82% Fibonacci extension level at 45,768, respectively.

After three days of losses, the Indian equity benchmark, the Sensex, recovered on January 19. The gains were led by IT and banking firms. All of the Nifty sectoral indexes were up, with IT, energy, metal, bank, and infrastructure companies leading the way.

The BSE midcap and smallcap indices recorded increases of around one percent. Up to 0.6% increases were also seen in Nifty PSU Bank, FMCG, auto, and pharmaceuticals.

Sensex and Nifty

Amid an uncertain global climate, the market is anticipated to consolidate in a range with little upside. On January 19, major Nifty players including Reliance, HUL, and Ultratech will release their financial results, which might move the index in either direction.

The last two days have seen Foreign Institutional Investors (FIIs) dump shares worth Rs 20,480 crore, reigniting a tug-of-war between foreign and domestic investors. This is partially caused by the US bond market’s increasing rates as well as the Indian stock market’s high valuation.

The Nifty has retreated from the 21,820–21,300 support zone, and this decline is probably going to continue throughout the course of the upcoming trading sessions. The critical support zone is 21,350–21,300, while the immediate hurdle zone is 21,550–21,570.

The 20-week moving average and the Bank Nifty have both achieved the 161.82% Fibonacci extension level at 45,768, respectively. This index level will be maintained as long as the recovery persists.

SVP of Technical Research at Religare Broking, Ajit Mishra, reaffirmed the recommendation to cut positions when the trend is rising and to hold off till it stabilizes.

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