Lagatar24 Desk
Mumbai: The Indian stock market is likely to see a weaker start on January 13, with benchmark indices Nifty 50 and Sensex expected to open lower. Gift Nifty trends point toward a gap-down opening, trading at the 23,330 level, a significant drop of 170 points from the Nifty futures’ previous close.
On Friday, the stock market closed lower for the third consecutive session. The Sensex fell by 241.30 points (-0.31%) to close at 77,378.91, while the Nifty 50 slipped by 95.00 points (-0.4%) to settle at 23,431.50, falling below the crucial 23,500 level.
Senior analysts noted that Nifty 50 formed a negative candle with a minor lower shadow, signaling continued bearish sentiment. The weekly trend also confirmed weakness, with Nifty breaking the support of an ascending intermediate trend line.
Key Market Insights
Market experts have highlighted potential support levels at 23,260–23,000 and resistance around 23,550–23,600 for Nifty 50. They predict subdued momentum in the short term, with potential declines toward lower support levels if selling pressure persists. Analysts also foresee a possible pullback rally if the index surpasses the 23,600 mark, opening the door for gains up to 23,800 or 24,000.
For Bank Nifty, the index closed at 48,734.15 on Friday, forming a bearish candlestick pattern on the daily charts. Strong selling pressure suggests a “sell-on-rise” trend, with further downside likely if the index breaches 48,300. Resistance levels are set at 49,100–49,500, with any recovery dependent on these levels being crossed.
Analyst Outlook
Analysts from HDFC Securities and Kotak Securities have suggested a cautious approach for investors, focusing on risk management and close monitoring of key support and resistance zones. The overall market texture remains weak, though a pullback cannot be ruled out in the near term.
