Stocks to buy: Ankush Bajaj recommends three stocks for today—20 January
Subscribe to enjoy similar stories. Friday's market session began with a gap-down opening at 23,277 (-68.50 points). The index subsequently declined 180 points from the opening level to 23,100, but rebounded to close at 23,203.10.
while the BSE Sensex closed at 76,619.33 down by -0.55%. Nifty CPSE index, Nifty PSE Index and Nifty Realty sectors outperformed the market and closed in green. The top performers in Nifty 50 stocks were Reliance(+2.83%), BPCL (+2.51%), Hindalco (+2.39%) and Coal India (+2.32%).
On the other hand, the top losers in the market were Infosys (-5.75%), Axis Bank (-4.43%) and Shriram Finance (-3.71%). Also Read: Has the market finally bottomed? Time to pounce? The Nifty opened with a gap-down and experienced a volatile trading session, ultimately closing in the red, down approximately 109 points. The counter-trend rally observed in the last three sessions ended at the 40-hour moving average (23390), resuming its downward trend.
Downside Targets: Nifty is expected to test the psychological level of 23000, with potential to slip further to 22670. Consolidation Zone: If selling pressure weakens, the index may consolidate between 23100-23300. Daily Chart: Nifty is trading below the 20-day (23591) and 40-day (23849) exponential moving averages.
The momentum indicator shows a bearish crossover. Hourly Chart: Nifty is trading below the 20-hour (23246) and 40-hour (23301) moving averages, with a negative momentum crossover. Market Breadth: Despite the decline, the market breadth was slightly positive, with 1465 advances and 1351 declines on the NSE.
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