In today’s stock market, Nifty experienced a dip, and closed below 22,050 while Sensex dropped by 199 points; the IT sector faces a decline, while the metals sector shows strength.
Stock Market Nifty Chart Prediction.
Benchmark indices ended a five-day winning streak, closing lower in a volatile session on January 16. The Sensex dropped 199.17 points to 73,128.77, and the Nifty fell 65.20 points to 22,032.30. Notable losers included Divis Laboratories, HCL Technologies, and SBI Life Insurance, while gainers featured BPCL and Tata Steel. Metal and oil & gas indices gained around 1 percent each, while power, realty, healthcare, and IT saw declines ranging from 0.5 to 1.5 percent. BSE Midcap and Smallcap indices both experienced a 0.3 percent decrease.
Stock Prediction for 17th Jan 2024
| STOCK | Good Above | Weak Below |
| COLPAL | 2505 | 2475 |
| MANAPPURAM | 176 | 174 |
| SRF | 2375 | 2350 |
| TVSMOTOR | 2045 | 2025 |
Prediction For Wednesday NIFTY can go up if it goes above 22100 or down after the level of 22000 but all depends upon the Global cues.
Nifty opened weak, consolidated in a narrow range, and closed 65 points lower. Facing resistance at 22,000, the hourly momentum indicator signals a loss of upside momentum. Expect Nifty to consolidate between 22,000 (support zone) and 22,100 (resistance zone) in the short term. Anticipating stock-specific movements and sector rotation during this consolidation.
| Highest Call Writing at | 22100 (82.5 Lakhs) |
| Highest Put Writing at | 22000 (77.2 Lakhs) |
Nifty Support and Resistance
| Support | 22000, 21900 |
| Resistance | 22100, 22500 |
Bank Nifty Daily Chart Prediction.
Prediction For Wednesday Bank NIFTY can go up if it goes above 48300 or down after the level of 47800 but it all depends upon the Global cues.
Bank Nifty consolidated briefly, a pause in the overall uptrend. Anticipating momentum to continue on the upside with a short-term target of 48,300 – 48,500. Crucial support at 47,800; if breached, downside potential to 47,500.
| Highest Call Writing at | 48300 (31.8 Lakhs) |
| Highest Put Writing at | 47800 (29.0 Lakhs) |
Bank Nifty Support and Resistance
| Support | 47,800, 47,500 |
| Resistance | 48,300, 48,500 |
Also, check our Article on uses of Greek Analysis in Options Trading
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