Nifty 50, Sensex on January 30: What to expect in trade today

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,963 level as compared to the Nifty futures’ previous close of 21,875.

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On Monday, the domestic equity benchmark indices ended with sharp gains with the Nifty 50 closing above 21,700 level.

The Sensex rallied 1,240.90 points to close at 71,941.57, while the Nifty 50 ended 385.00 points, or 1.8%, higher at 21,737.60.

Nifty 50 formed a long bull candle on the daily chart that has broken above the immediate resistance of 21,500 levels (minor downtrend line) and closed higher. This pattern indicates a sharp upside reversal in the market post-down trend.

Also Read: Indian stock market: 5 key things that changed for market overnight – Gift Nifty to S&P 500 at record closing high

“Nifty is currently placed at the edge of another resistance at 21,750. The overall chart pattern suggests a possibility of an upside breakout of this hurdle too in the short term. The negative chart pattern like lower tops and bottoms is on the verge of negation, as Nifty moved above the previous lower top of 21,750 levels on Monday’s intraday session,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty 50 is positive and one may expect another decisive upside breakout of 21,750 – 21,800 levels in the short term.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction 

The Nifty 50 index shifted into a decisive upside breakout on Monday and closed the day higher by 385 points.

“The Nifty has surged above the dual resistances of 21,500 and 21,700. It successfully reclaimed the 20-day moving average (20DMA) after a few days of struggle. Furthermore, the recent upward movement has propelled the index above the critical moving average, indicating a positive trend for the short term,” said Rupak De, Senior Technical  Analyst, LKP Securities.

On the higher end, he believes, Nifty 50 is poised to potentially reach levels around 22,100 – 22,150. The support level is positioned at 21,550.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 30

Bank Nifty Prediction 

Bank Nifty index jumped 576 points to end at 45,442 on January 29.

“Bank Nifty rebounded after finding support at the 200-day moving average (200DMA) on the daily chart for the past two days. Despite this positive movement, the index has not completely overcome its challenges as it was unable to close above 45,500. Nevertheless, the oversold condition is expected to offer support over the short term,” said De.

According to him, a decisive breakthrough above 45,500 could potentially trigger a rally towards 46,000 and beyond. On the downside, immediate support is situated at 45,100 – 45,000.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 30 Jan 2024, 07:51 AM IST

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