Stocks to buy: Ankush Bajaj recommends three stocks for today—13 January
Subscribe to enjoy similar stories. On Friday, the market opened flat at 23,551.90, and with high volumes, it fell by 222 points to the intra-day low of 23,344.35. However, after coming close to 23,350, the market showed strength and rose 240 points to intra-day high of 23,596.60.
The market could not sustain at that level and closed at 23437.35. with the Nifty media (-3.59%), Nifty Realty (-2.77%), and the Nifty PSU Bank index (-2.72%) dragging the market down. The Nifty 50 index closed at 23,431.50, while the BSE Sensex declined by -0.31%, closing at 77,378.91.
The Nifty IT closed in green. The top performers in Nifty 50 stocks were Tata Consultancy Services (+5.62%), Tech Mahindra (+3.82) and HCL Technologies (+3.12%). On the other hand, the top losers in the market were Indusind Bank (-4.41%), Adani Enterprises (-4.18%), NTPC (-3.78%), and Bharat Electronics (-13.64%).
On the daily chart, the Nifty is trading below its 20-day moving average (DMA) at 23,888 and 40-day exponential moving average (DEMA) at 24,033, indicating weakness. The momentum indicator shows a negative crossover, further confirming bearish sentiment. On the hourly chart, the Nifty is trading below its 20-hour moving average (HMA) at 23,548 and 40-hour exponential moving average (HEMA) at 23,636.
However, the momentum indicator has a positive crossover, signalling a possible short-term recovery. Market breadth remains negative, with 554 stocks advancing and 2,289 stocks declining on the National Stock Exchange. The Bank Nifty is trading below its 200-Day Simple Moving Average at 50,723.50.
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