Market Outlook for 24 January 2024

Ruchit Jain Ruchit Jain

Last Updated: 24th January 2024 - 10:55 am

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Markets started the truncated week marginally positive, but it corrected sharply throughout the session led by a broad market sell-off. Initially the banking and the financial space witnessed a sell-off, but then selling was seen across which led to the Nifty index closing below 21250 with a loss of one and a half percent.

Nifty Today:

Our markets witnessed a sharp correction on Tuesday, however the correction was much expected as the data has turned bearish since last one week. In our last week’s outlook, we had mentioned about FII turning sellers in the cash segment as well as in the index futures segment and such a combination usually leads to a corrective phase in the market. Their ‘Long Short Ratio’ since last few sessions is below 50 percent which means more short positions outstanding. Also, technically the index has confirmed a ‘Lower Top Lower Bottom’ formation on the daily charts. In the options segment, 21500 call options and 21000 put options have the high open interest which would be seen as crucial levels. We continue with our cautious approach on the markets for the short term and hence, advise traders to avoid aggressive trades as volatility is likely to remain high.

                                                             Markets corrects sharply led by FIIs selling

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21000 44650 19980
Support 2 20920 44400 19800
Resistance 1 21350 45370 20280
Resistance 2 21480 45660 20400
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