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Profit booking in IT, FMCG stocks amid subdued trend

Domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration, says Vinod Nair, Head of Research, Geojit Financial Services.

New Delhi, Jan 20,2024:  Domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration, says Vinod Nair, Head of Research, Geojit Financial Services.

Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings, he said.

Next week, the interest rate decisions of the BoJ and ECB, along with US GDP data, are anticipated to drive the market dynamics, he added.

Rupak De, Senior Technical Analyst, LKP Securities said that the Nifty opened higher and remained volatile throughout the day. The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21500-21700. Only a decisive breakout on either side could initiate a directional move.

A significant decline below 21500 might trigger a correction towards 21300 and below. Conversely, a robust breakout above 21700 is needed for a resumption of the uptrend, he added.

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