Market Analysis Today

Stock Market Updates

Jan 31 2024

Market Updates  – Wednesday, January 31st 2024**

Gift Nifty is treading water in early action indicating traders will mostly be seen searching for direction ahead of Today’s Fed decision and tomorrow`s interim Union Budget.

Wall Street in Wednesday’s trade  ended mixed as the Dow Jones Industrial Average notched another record Tuesday, while the Nasdaq fell ahead of Big Tech earnings.

Microsoft and Google-parent Alphabet were due to report after the bell, with a focus on their AI progress.

# GIFT Nifty (-4, 21625)
# Dow Future (+43, 38508)

# Nikkei (-290, 35771)
# Hang Seng (-51, 15652)

# Dow Jones (+134, 38467)
# Nasdaq (-118, 15510)
# Bovespa (-1101, 127402).



#  Global: Negative
#  FII: Positive (-1971 Cr) 
#  DII: Positive (+1003 Cr)
#  Market Breadth: Negative 
#  Sentiment: Risky
#  Technicals: Consolidation zone

#  F&O: 21000 – 22000 zone.

#  INDIA VIX 16.10 (+2.68%)
#  Nifty PCR (01st FEB) 0.66
#  Nifty PCR (29th FEB) 1.25
#  BANKNIFTY PCR (25th JAN) 0.90
#  Nifty Outlook: Up & Down session is likely. 


NIFTY (CMP 21522):
#  SUPPORT: 21389/21137
#  RESISTANCE: 21813/22124
#  RANGE: 21450-21700
#  BIAS: Neutral.

#  SUPPORT: 44901/44489
#  RESISTANCE: 45751/46500
#  RANGE: 44900-45700
#  BIAS: Neutral.

Nifty: In yesterday’s trade, Nifty staged massive profit booking ahead of Interim Union Budget to be presented on Feb 1st. The negative takeaway was that the benchmark Nifty ended way below the dotted lines. 

Net-net, unwinding of long position was the preferred theme. 

Nifty’s new all-time-high continues to be at 22124.15 mark.

Technically speaking, Nifty’s technical picture shifts to neutral amidst rangebound technical conditions on the daily charts with biggest interweek hurdles at Nifty 21813/22124 mark. 

Biggest intraday support now seen at 21389  mark and then next supports are placed at the 21137 mark. 

Nifty’s 200 DMA at 19613 mark.

# Bank Nifty: In yesterday’s trade, Bank Nifty witnessed massive profit booking after a higher open and the positive takeaway was that the Bank Nifty ended just a below the dotted lines.  

Bank Nifty’s fresh new all-time-high now at 48636.45 mark.

Intraday support for Bank Nifty now seen at 45101/44489 and then at 43230 mark on closing basis. 

In today’s trade, Bank Nifty is likely face resistance at 45751 mark and then hurdles are placed at 46501/47251. Bank Nifty’s 200-DMA is placed at 44749 mark.

Securities in Ban For Trade Date 31-JAN-2024:  

🔸 Bharti Airtel 
The company has launched seven new, next-gen Company owned stores in the city of Ahmedabad.  

🔸 CareEdge Ratings 
The company unveils its Sovereign Rating Methodology for Public Consultation 
🔸 TCS 
The company Expands Strategic Partnership with Aviva with a new 15-year agreement in the UK 


🔸 Glenmark Pharma 
The company and Ichnos collaborated to accelerate innovation in Cancer Treatment with their alliance ‐ ‘Ichnos Glenmark Innovation’ 
🔸 Ramkrishna Forgings 
The Company has increased the Corporate Guarantee from $2 - 3.5 million for Ramkrishna Forgings LLC, a wholly owned subsidiary company to help meet its working capital requirement.  
🔸 L&T 
The Board of Directors of the Company at its meeting held has  approved the following: 
1. Merger of L&T Energy Hydrocarbon Engineering Limited and L&T Sapura Offshore Private Limited, wholly owned subsidiaries, with the Company
2. Equity investment of upto Rs. 2,774 crores in L&T Metro Rail (Hyderabad) Limited (L TMRHL), a subsidiary of the Company.  
🔸 Indian terrain Fashion Ltd 
CRISIL has downgraded the credit rating of the bank facilities availed by the company

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