The Indian equities ended the week on a negative note, diverging slightly from global markets. The trading range widened as Nifty oscillated in a 398-point range, facing resistance in the 18,350-18,500 zone, whereby no runaway rally can be expected unless this zone is taken out. Derivative data shows next week will be influenced by expiry and rollover-centric activities. Nifty Realty, NiftyBank, Consumption, and Financial Services indices are inside the leading quadrant, which are expected to show relative outperformance against the broader Nifty 500 Index.
Tech view: Bullish reversal on Nifty hinges on sustained breakout. How to trade tomorrow
The Nifty index formed a bearish engulfing pattern, signaling potential bearish momentum below the 23,000 support level. Resistance lies at 23,300–23,500, requiring a breakout to
January 21, 2025