The Nifty moved down sharply; Nifty Bank has seen a modest decline; The Short-term Trend is sideways

NIFTY:

The NIFTY opened at 21775.75 with a gap up of just 38 points. For the first five minutes of trading, the index moved higher but soon found resistance and turned down. Prices have recorded its intraday high at 21813.05, moved down sharply, and formed a trading range in the afternoon session. That range eventually broke on the downside. The index fell further to record its intraday low at 21501.80 almost at the end and finally closed at 21528.80 near its intraday low with a loss of 215.50 points or 0.99% down. MEDIA, REALTY, and METAL outperformed and closed with marginal gains. FMCG underperformed and ended with a loss of 1.02% followed by PHARMA, FINANCIAL, and OIL GAS. The short-term trend is sideways now which was down before. The NIFTY faced resistance around 21800 and moved down. We have been tracking support around 21200. The long-term trend is down while the long-term momentum has turned up before reaching the weak zone. Both the momentums have aligned on the upside suggesting higher levels may be ahead,

BANK NIFTY:

The BANK NIFTY opened at 45481.50 without much of a gap. The index initially bounced up for the first five minutes of trading but found resistance just below 45700 and turned down after recording its intraday high at 45678.70. A Sharp decline came which found support around 45300 and the index started a consolidation process afterwards. That consolidation continued till the end, prices recorded its intraday low at 45206.05 and finally closed at 45319.55 with a loss of 180 points. PSU BANKS have outperformed, saw a sharp upside move, and finally ended with a gain of 0.96%. PVT BANKs have underperformed saw a mild downside move and ended with a loss of 0.33%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend changes to sideways which was down before. We have been tracking support around 44500 while resistance around 46500. The index has held the support levels, bounced up, and is now heading towards the resistance level.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on January 30 with Nifty around 21,500. At close, the Sensex was down 801.67 points or 1.11 percent at 71,139.90, and the Nifty was down 215.50 points or 0.99 percent at 21,522.10. About 1897 shares advanced, 1333 shares declined, and 68 shares unchanged.

• Bajaj Finserv Health, a wholly owned subsidiary of Bajaj Finserv, is acquiring 100 percent stake in Vidal Healthcare Services Pvt Ltd, a regulatory filing said on January 30. The acquisition has taken place at an enterprise value of Rs 325 crore and is expected to close in the fourth quarter of financial year 2023-24, a release stated.

• Life Insurance Corporation of India (LIC) crossed its issue price mark for the first time on January 30 after the central bank permitted the company to increase its stake in HDFC Bank. The issue price for LIC was between Rs 902-Rs 949 per share. The initial public offering was launched in May 2022 and was listed at a discount to the issue price at Rs 867 on the National Stock Exchange.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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