Jan 24, 2025, 9:18 am IST
Rupee Sideways Against US Dollar
Indian rupee traded at 86.3 per dollar in the opening bell of January 24 on forex market. This is compared to 86.45 closing price on January 23. As per Trading Economics, Indian rupee held near the record low of 86.6 per USD mark in January as slower growth increased calls for softer monetary policy by the RBI, accelerating capital outflows and pressured the sustainability of the central bank’s crawling peg. Evidence of a sharp slowdown to India’s economic growth reversed the previous consensus that it would outperform major emerging economies, driving investors to close positions on Indian capital markets and pivot to competing Asian assets.
Jan 24, 2025, 8:57 am IST
Nifty May Linger Around 23,150
Anand James, Chief Market Strategist, Geojit Financial Services: The two days of consecutive upsides failed to gain momentum is suggestive that a range breakout might take longer to evolve. So, while we brace for more swings within the 23000-23400 region, positivity may linger as long as above 23155. Such positivity could however wane once 23300 is crossed, but may resurface on push above 23440. Alternatively, a slippage past 23155 may let bears dominate, though a free fall may be restricted by 23050-22980 supports for now.
Jan 24, 2025, 8:56 am IST
Market Outlook Uncertain
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty may face a volatile session today, with a strong chance of closing below the psychological 23000 mark as uncertainty around President Donald Trump’s tariff plans persists. Technically, Nifty is trading well below its 200-day moving average of 23982, and a bearish pattern continues to emerge on the daily charts. Major headwinds include record outflows from Foreign Institutional Investors, amounting to Rs. 66,321.70 crores this January, and ongoing tariff threats. Key upcoming events, like the FOMC meeting and the Union Budget, could influence market direction. Among stocks, UltraTech Cement surged 7% despite a 17% profit decline, while KEI Industries reported strong earnings. Also, watch out for Q3 results from JSW Steel, DLF, and Indigo today.
Jan 24, 2025, 8:04 am IST
Bank Nifty Support And Resistance For Jan-24
Bank Outlook: Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher predicts support at 48,200 for Bank Nifty and resistance around 49,200.
Jan 24, 2025, 8:03 am IST
Nifty Support And Resistance For Jan-24
Nifty Outlook: Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance at 23,000 and 23,400 respectively on January 24.
Jan 24, 2025, 8:02 am IST
Stocks In Focus
Companies like Shriram Finance, Laurus Labs, Torrent Pharma, Suven, Trident, JSW Steel, Jindal Saw, DLF, and AU Small Finance Bank will be in focus due to their Q3 results announcement.
Jan 24, 2025, 8:01 am IST
Market Performance Yesterday
Sensex closed at 76,520.38, up by 115.39 points or 0.15%, while Nifty 50 surged by 50 points or 0.22% to finish at 23,205.35 on Thursday, January 23. Bank Nifty, however, had dipped by over 135 points to close at 48,589. Broad-based buying was seen across indices in the session.
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