Momentum Up to Down Market

At the close, the Nifty 50 was at 18,118.30 down by 0.00%

The closing value of Nifty 50 on January 24, 2023. NSE Nifty 50 index started at a high and closed in the red with a 0% change and a closing value below 18120, it would indicate that the overall value of the index has decreased during the trading session and closed below 18120 level.

This was partially due to the weak global cues and the fact that the Indian market opened in the red. Also, weak macroeconomic data, such as the rising inflation.

Factors Contributing to Market down

The Nifty 50 index reaching resistance near 18,200 and forming a double top formation on intraday charts is generally considered a bearish signal. A double top formation is a technical analysis pattern that occurs when an index or stock price reaches a high level twice, but is unable to surpass that level on the second attempt.

This can be an indication that the upward momentum is losing strength and that a potential reversal or trend change may be on the horizon. Additionally, a small bearish candle is a bearish reversal pattern, which indicates that the stock or index is likely to move lower. All these factors combined suggest that the Nifty 50 index may experience further weakness in the short-term. It is important to note that technical analysis is one of many tools used to predict market movements and it’s important to consider other factors such as fundamental analysis, economic and political events.

Bank Nifty: Down by 0.21%

Bank Nifty opened in green, was down by 0.21 percent and closed in red at 42,733.45, that would indicate that overall value of the index has decreased during the trading session and closed at 42,733.45 level. Similarly, if BSE Sensex was up by 0.06 percent and closed in green at a high of 60,978.75, it would indicate that overall value of the index has increased during the trading session and closed at 60,978.75 level.

Sector performance can give insight into which industries or groups of companies are doing well or poorly in the market. The Nifty Auto index gaining 1.2% suggests that the companies in the automotive industry are performing well. On the other hand, the Nifty PSU Bank and Nifty Realty indices declining by up to 1.3% suggest that companies in those sectors are underperforming. The sectoral performance can be caused by a variety of factors such as economic conditions, regulatory changes, and company-specific events. It’s worth noting that these sectoral performances are based on a specific date and time, and the performance can change in the future based on various factors.

A rise in crude oil prices can have a negative impact on the economies of oil-importing countries such as India, as it increases the country’s import bill. This can put pressure on the country’s trade balance and currency. When oil prices are high, it can lead to inflation and slow down the economy. Additionally, when foreign investors are selling Indian equities, it can also put pressure on the markets and offset any gains that may have been made due to other factors. High valuations in markets are a indication of expensive stocks, which could be a reason for foreign investors to sell.

Advance Decline Ratio

Today, the advance-decline ratio was 0.65, and the market breadth was negative. The volatility index India Vix increased by 0.29 percent to settle at 13.66 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 867
Decliners – 1342
52Wk High –  35
52Wk Low – 53
High Band Hitters – 55
Low Band Hitters – 47
200d SMA – 17290
50d SMA – 18274
20d SMA – 18048

Top Gainers and Losers Stocks

The top gainers were Tata Motors (+3.33%), Maruti  (+3.31%), Bajaj Auto (+1.67%), Britannia (+1.55%), and HCL Technologies  (+1.35%).

The top losers were Axis Bank (-2.40%), Hindalco (-2.05%), Dr. Reddy (-2.05%), Power Grid (-1.87%), and SBI Life (-1.76%).

Top Gainers and Losers Sector

The top gainers sector were Auto (+1.28%), IT (+0.77%), Consumer Durables (+0.56%), Media (+0.41%), and FMCG (+0.14%).

The top losers sector were Realty (-1.01%), Pharma (-0.98%), Metal (-0.89%), and Oil & Gas (-0.39%).

The Nifty Midcap 50 was down by 0.63 percent, while the Nifty Small Cap 50 down by 0.20 percent on the day.

The Nifty Midcap 50 index currently closed at 8,733.45, while the Nifty Small Cap 50 index currently closed at 4,302.60.

SECTORS – NOTABLE ACTION
REALTY -1.01%
PHARMA -0.98%
METAL -0.89%
AUTO +1.28%
IT +0.77%
CONSUMER DURABLES +0.56%

Stocks Ban List

(SEBI) F&O ban list (PVR open at 1631.10 and close at 1681.95 ), (L&TFH open at 93.65 and close at 90.60), and (DELTACORP open at 205.00 and close at 211.45), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned PVR, L&TFH, and DELTACORP, from trading in the futures and options (F&O) segment of the stock exchange.

IBULHSGFIN, SAIL, IDEA, PNB, and NATIONALUM possible entrance in the ban list.

L&TFH and DELTACORP are in the possibilities of exit from ban list.

MANAPPURAM, GNFC and IBULHSGFIN exited from ban list.

Daily Pivots

Nifty trading range has been within the 18060 to 18200 range.

Read previous -Daily Insights- here
Swing High Market
Nifty – Weekend High!
Market Closes in Red

This article is only for educational purposes and is not an investment advice.