Nifty closes around 21,250 in today’s stock market, as Sensex drops by 1,053 points; mid and small caps experience a plunge.
Stock Market Nifty Chart Prediction.
On January 23, benchmark indices concluded the second consecutive session on a lower note, with Nifty hovering around 21,250. The Nifty witnessed major declines from IndusInd Bank, Coal India, ONGC, Adani Ports, and SBI Life Insurance, while Cipla, Sun Pharma, Bharti Airtel, ICICI Bank, and Dr Reddy’s Laboratories emerged as gainers. Across sectors, only pharma remained in the green, with all other sectoral indices trading in negative territory. Both BSE Midcap and Smallcap indices recorded a substantial drop, each falling by nearly 3 percent.
Stock Prediction for 24th Jan 2024
| STOCK | Good Above | Weak Below |
| ASIANPAINT | 3080 | 3052 |
| BHARTIARTL | 1164 | 1145 |
| JUBLFOOD | 523 | 518 |
| LUPIN | 1444 | 1425 |
Prediction For Wednesday NIFTY can go up if it goes above 21540 or down after the level of 21080 but all depends upon the Global cues.
Indian stocks started strong but faced a bearish onslaught, particularly in Mid and Smallcap segments. The index closed at 21,238.80, down 333 points, breaking the 21,200 support. Except for Pharma, all sectors, especially Media, Realty, and PSU Banks, corrected. Mid and small caps underperformed, losing 3.11% and 2.87%. The daily chart shows a large negative candle, but lower timeframes suggest a possible reversal. Targets are 21,540 and 21,600, with 21,080-21,000 as immediate support.
| Highest Call Writing at | 21540 (1.0 Crores) |
| Highest Put Writing at | 21080 (75.3 Lakhs) |
Nifty Support and Resistance
| Support | 21,080, 21,000 |
| Resistance | 21,540, 21,600 |
Bank Nifty Daily Chart Prediction.
Prediction For Wednesday Bank NIFTY can go up if it goes above 45500 or down after the level of 44980 but it all depends upon the Global cues.
Opening with a gap up, Bank Nifty faced selling pressure, continuing its downward trend. In the short term, the downside target for Bank Nifty is 44980, while the immediate hurdle on the upside is at 45,500.
| Highest Call Writing at | 45,500 (50.2 Lakhs) |
| Highest Put Writing at | 44,980 (24.0 Lakhs) |
Bank Nifty Support and Resistance
| Support | 44,980, 44,500 |
| Resistance | 45,500, 46,000 |
Also, check our Article on uses of Greek Analysis in Options Trading
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