Today’s market analysis showed a mixed performance across indices, with the NIFTY 50 and SENSEX gaining modestly, while the NIFTY IT sector faced a notable decline. The broader market witnessed slight fluctuations, with a slight positive bias in small-cap stocks. The NIFTY 50 saw a rise of 86.40 points, while the NIFTY IT sector dropped by 487.85 points, reflecting challenges within the technology space. Investors are cautious, with sectors like banking and power showing some strength amid the overall market sentiment.
Overview of Contents
Index Performance
| Index | Price | Change | % Change |
|---|---|---|---|
| NIFTY 50 | 23,249.50 | 86.40 | 0.37 |
| SENSEX | 76,759.81 | 226.85 | 0.30 |
| NIFTY BANK | 49,311.95 | 146.00 | 0.30 |
| NIFTY IT | 42,426.65 | -487.85 | -1.14 |
| BSE SMALLCAP | 49,059.17 | 8.60 | 0.02 |
Top Gainers
| Company | Current | % Gain |
|---|---|---|
| Bharat Elec | 278.75 | 4.32 |
| Power Grid Corp | 295.35 | 2.61 |
| Hero Motocorp | 4,177.80 | 2.59 |
| Bharti Airtel | 1,640.75 | 2.52 |
| Cipla | 1,457.45 | 2.35 |
Top Losers
| Company | Current | % Loss |
|---|---|---|
| Tata Motors | 696.85 | -1.05 |
| Adani Enterprises | 2,252.60 | -2.85 |
| Shriram Finance | 538.30 | -2.75 |
| Bajaj Finserv | 1,745.20 | -2.52 |
| Adani Ports | 1,077.05 | -1.81 |
Nifty 50 Technical Analaysis
The Nifty 50 index is currently facing significant resistance between 23,260–23,300, with further hurdles at 23,350–23,400. For bulls to gain control, the index must break through these levels, but until then, consolidation seems likely, with support at 23,000. Despite a positive uptick on January 29, with the Nifty 50 closing at 23,163, up 206 points (0.90%), the overall market sentiment remains largely bearish, especially with the VIX rising to 18.64. The index remains below the crucial 200-day EMA, indicating continued bearish pressure, and the inability to sustain above the 12-day EMA highlights the downtrend. For now, the Nifty 50 faces resistance at 23,340 and 23,500, with key support levels at 23,080 and 23,000.
Bank Nifty Analysis
The Bank Nifty index has shown a positive bias in recent sessions, with a potential upward move toward 49,700. The addition of open interest at the 49,000 strike Put option suggests strong support at that level, which is likely to hold during the monthly expiry. Bank Nifty closed at 49,166, up 299 points (0.61%) on January 29, showing strong market breadth. If the index holds above the low of 48,450, it could target higher levels around 49,500 and 50,000. The overall technical structure remains positive, and a buy-on-dips strategy is recommended for banking stocks, with strong support at 48,500 and resistance at 49,600 and 49,700. A sustained move above 49,800 could trigger further upside potential.