Sensex plunged 671 points due to widespread selling, while Nifty approached 21,500. The PSU bank index witnessed a 2% decline.
Stock Market Nifty Chart Prediction.
In Stock Market Today, domestic equity benchmarks slipped by around 1% amid weak global cues, driven by pre-Q3 earnings season nervousness and profit booking. Key sectors like banks, financial services, and FMCG were major contributors to the decline.
closing bell, BSE Sensex and NSE Nifty50 dropped by up to 1%, settling at 71,355 and 21,511, respectively. Nifty Midcap 100 and Nifty Smallcap 100 indices also saw a 1% decline. India VIX, the fear gauge, rose by 7%, reaching approximately 13.5 levels.
Top performer on the Nifty included Adani Ports and SEZ, ONGC, HCLTech, Bajaj Finance and Bharti Airtel , while UPL, Tata Consumer Products, Divi’s Labs, HUL and Apollo Hospital were among the losers.
Stock Prediction for 09th Jan 2023
| STOCK | Good Above | Weak Below |
| CUMMINSIND | 2018 | 1980 |
| IBULHSGFIN | 218 | 215 |
| HAL | 3025 | 2998 |
| PEL | 938 | 928 |
Prediction For Tuesday NIFTY can go up if it goes above 21700 or down after the level of 21500 but all depends upon the Global cues.
Nifty closed near the support at 21,500, accompanied by a bearish engulfing candlestick pattern. This suggests a shift in market sentiment. A closing breach of 21,500 may lead Nifty to the next support at 21,200. Alternatively, holding the support at 21,500 could pave the way for a recovery towards 21,650, representing the immediate hurdle zone.
| Highest Call Writing at | 21700 (97.6 Lakhs) |
| Highest Put Writing at | 21500 (58.4 Lakhs) |
Nifty Support and Resistance
| Support | 21500, 21000 |
| Resistance | 21700, 21600 |
Bank Nifty Daily Chart Prediction
Prediction For Tuesday BANK NIFTY can go up if it goes above 49500 or down after the level of 47500 but it all depends upon the Global cues.
Bank Nifty bears returned strongly, breaking below the crucial 47700 support. Continuous trading below this level may lead to further declines, possibly reaching 47000. To resume an uptrend, the index must surpass the key resistance at 48300, targeting 50000.
| Highest Call Writing at | 49500 (40.2 Lakhs) |
| Highest Put Writing at | 47500 (24.3 Lakhs) |
Bank Nifty Support and Resistance
| Support | 47500, 46000 |
| Resistance | 49500, 48000 |
Also, check our Article on the most common Indicators used in Swing Trading.
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