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Nifty displaying one day up, one day down pattern for last 7 sessions

Nifty has been displaying one day up, one day down pattern for at least the last seven sessions.

Mumbai, Jan 30,2024:  Nifty has been displaying one day up, one day down pattern for at least the last seven sessions.

This shows the indecision on the part of the investors and traders ahead of the vote on account and US Fed meet, said Deepak Jasani, Head of Retail Research, HDFC Securities.

Nifty has formed a bearish dark cloud cover pattern on daily charts. It could now face resistance at 21,813 while 21,429 could offer support, he said.

Nifty ended lower in a volatile session on Tuesday. At close, Nifty was down 0.99 per cent or 215.5 points at 21,522.1. Cash market volumes on the NSE were high at Rs.1.24 lakh crore. The Midcap index fell less than the Nifty, and the Smallcap index ended in the positive even as the advance decline ratio fell to 0.95:1, Jasani said.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, said that Nifty PSU Bank and Nifty Media were the sectors which outperform on Tuesday, up by 0.96 per cent and 0.41 per cent, respectively.

Investors are going for cautious investment approach ahead of several key events this week, including Q3 earnings, interim budget and the US Fed’s monetary policy announcement, he said.

The Fed is widely-expected to leave the interest rates unchanged.

The top gainers on the Nifty were Tata Motors, BPCL, Grasim Industries, Eicher Motors and SBI, while the top losers were Bajaj Finance, Titan Company, UltraTech Cement, NTPC and Reliance Industries.

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