Closing Bell: Indian frontline indices S&P BSE Sensex and NSE Nifty50 ended the week on a high note, breaking away their three-day losing streak. While Sensex ended at 60,261.18, up by 303 points or 0.51 per cent, the broader market Nifty50 settled at 17,956.60, up by 98.40 points or 0.55 per cent. Banking gauge Nifty Bank finished at 42,371.25, up 289 points or 0.69 per cent.  

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In the 50-stock Nifty50, 37 stocks advanced with Adani Enterprises, IndusInd Bank, Tata Steel, Eicher Motors and Infosys ending up as top gainers while Titan Company, SBI Life, Apollo Hospitals, Nestle India and Larsen & Toubro closing the session as top losers. 

Source: NSE

Source: NSE

Out of 15 Nifty sectoral indices, 11 closed in the green with banks and financial services stocks, metals and IT stocks witnessing a buying action. The top performing Index was NIfty PSU Bank (+1.35 per cent), Nifty Metal (+1.27 per cent) and Nifty IT (+0.74 per cent). The worst performers was Nifty Consumer Durables (-1.03 per cent). Minor losses were seen in Nifty Pharma and Nifty FMCG sectors.

Rupee falls 4 paise to close at 81.34 (provisional) against US dollar.

“Market session was once again marked with volatility as indices gyrated sharply intra-day before managing to end in positive territory. Reports of cooling inflation and rise in November growth failed to enthuse investors, as higher valuations remain a major concern. Despite improved domestic economic readings, FPI outflows have continued, which has been a major dampener for local traders," Amol Athawale, Deputy Vice President - Technical Research at Kotak Securities said.

"Technically, on weekly charts the Nifty has formed a long legged Doji candlestick formation. For the next few trading sessions, the 100 day SMA (Simple Moving Average) or 17900 would act as sacrosanct support levels. A pullback formation above the same could drive the index to 20 day SMA or 18075. Further upside may also continue which could lift the index till 18200. On the other hand, a fresh round of selling is possible only after the dismissal of 17800 and below the same, the index could slip till 17650-17600,” he added.

Meanwhie, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said that in the week gone by, Nifty50 witnessed sharp swings in both the directions and ultimately posted a positive weekly close. "It has formed a Doji pattern on the weekly chart. For the last few weeks, the index is trading above the 20 WMA, which has resulted in a Triangle pattern formation on the daily chart. After a recent base formation near the lower end of the pattern, the Nifty witnessed smart recovery on January 13. Going ahead, 18000-18050 will be the key area beyond which the index will be set for a larger up move. On the downside, 17800 will continue to provide cushion for the index," he further said. 

Meanwhile, Gold Futures hit their lifetime high of Rs 56,245 today breaking a previous high of Rs 56,191 it hit in September 2023. Analyst Anuj Gupta is bullish on yellow metal futures and recommends a buy on February futures at Rs 56,000 per 10 gram. He puts the stop loss at Rs 55,750 with a price target of Rs 56,500.

Gupta is Vice President (VP), Commodity and Currency Research at IIFL Securities.

 

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)