In an unprecedented move, the Indian stock market will operate on 20th January 2024, which is typically a non-trading day. This decision has been taken in light of the upcoming Ram Temple ‘Pran Pratishtha’ ceremony in Ayodhya on Monday, January 22. As a result, the stock market will remain closed on the following Sunday (21st January 2024) and Monday (22nd January 2024).
After three consecutive sessions of losses, key benchmark indices of the Indian stock market experienced a significant recovery on Friday. The Nifty 50 index surged by 160 points, closing at the 21,622 level, while the BSE Sensex recorded a gain of 496 points, ending at the 71,683 mark. However, the Bank Nifty index saw a marginal decline, closing at the 45,701 level. This positive recovery was driven by favorable global sentiments.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, noted that the market mood has improved following Friday’s pullback. Parekh highlighted that a decisive breach above the 21,750 zone by the Nifty 50 index would indicate a better overall trend. She also emphasized that the near-term support for the Nifty 50 index is currently at the 21,300 level.
Parekh recommended three intraday stocks for today: Hindustan Copper, Jamna Auto, and Can Fin Homes. However, it is important for investors to conduct their own research and consult certified experts before making any investment decisions.
Looking ahead, Parekh believes that the Nifty 50 index has the potential to reach near-term targets of 21,700 to 21,750 levels, provided it breaks above the 21,750 zones. On the other hand, the Bank Nifty index remains sluggish with a slight negative bias, primarily due to weak movement from HDFC Bank. Parekh highlighted that the crucial support zone for the Bank Nifty is at 44,600 levels.
Investors should pay attention to the immediate support and resistance levels for the Nifty 50 index, which are at 21,500 and 21,750, respectively. The Bank Nifty is likely to have a daily range between 45,400 and 46,000 levels.
It is vital to remember that the views and recommendations mentioned in this article are those of individual analysts or broking companies and not of Mint. Investors are urged to exercise caution and seek advice from certified experts before making any investment decisions. Market conditions can be volatile, and it is crucial to assess personal risk tolerance and investment goals before entering the stock market.
FAQ
1. Why will the Indian stock market operate on 20th January 2024, which is usually a non-trading day?
– The Indian stock market will operate on 20th January 2024 in light of the upcoming Ram Temple ‘Pran Pratishtha’ ceremony in Ayodhya on Monday, January 22. Consequently, the stock market will be closed on the following Sunday (21st January 2024) and Monday (22nd January 2024).
2. What were the changes in the key benchmark indices of the Indian stock market on Friday?
– On Friday, the Nifty 50 index surged by 160 points, closing at the 21,622 level. The BSE Sensex recorded a gain of 496 points, ending at the 71,683 mark. However, the Bank Nifty index saw a marginal decline, closing at the 45,701 level.
3. What is the market sentiment following Friday’s recovery?
– According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the market mood has improved following Friday’s pullback.
4. What is the near-term support level for the Nifty 50 index?
– The near-term support for the Nifty 50 index is currently at the 21,300 level.
5. What three intraday stocks did Parekh recommend?
– Parekh recommended three intraday stocks: Hindustan Copper, Jamna Auto, and Can Fin Homes. However, investors should conduct their own research and consult certified experts before making any investment decisions.
6. What are the near-term targets for the Nifty 50 index?
– According to Parekh, if the Nifty 50 index breaks above the 21,750 zone, it has the potential to reach near-term targets of 21,700 to 21,750 levels.
7. Why is the Bank Nifty index sluggish?
– The Bank Nifty index remains sluggish with a slight negative bias primarily due to weak movement from HDFC Bank.
8. What are the immediate support and resistance levels for the Nifty 50 index?
– The immediate support and resistance levels for the Nifty 50 index are at 21,500 and 21,750, respectively.
9. What is the daily range expected for the Bank Nifty index?
– The Bank Nifty is likely to have a daily range between 45,400 and 46,000 levels.
Definitions
– Ram Temple ‘Pran Pratishtha’: Refers to a consecration ceremony for the Ram Temple in Ayodhya, India, which involves the formal installation and enlivenment of the deity within the temple.
– Nifty 50 index: A stock market index in India that represents the weighted average of 50 of the largest and most liquid Indian companies listed on the National Stock Exchange.
– BSE Sensex: The benchmark stock market index of the Bombay Stock Exchange (BSE) in India, which measures the performance of the top 30 publicly traded companies in India.
– Bank Nifty index: A stock market index in India that represents the performance of the banking sector.
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