A pullback rally could be seen if Nifty trades above 17,550 level. Above the same, the market could rally till 17,750-17,800, says Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities. On the flip side, below 17,550, it could slip to 17,400 – 17,350.
Sunil Shankar Matkar
January 30, 2023 / 05:18 PM IST
Stock markets on January 30: Technology and select banking & financial services stocks supported the market.
The Nifty50 has tested its crucial support of 50 WEMA (weekly exponential moving average 17,400) as well as 200 DEMA (17,550) amid volatility and managed to hold both those levels by recouping all losses in the last hour of trade on January 30.
The index snapped a three-day losing streak and settled with 45 points gains at 17,649, forming a bullish candle on the daily charts, though lower highs and lower lows formation continued for the third consecutive session.
The volatility seen on Monday is likely to continue as we approach key events – Union Budget and FOMC meet scheduled for February 1, but as long as the index sustains these levels going ahead, the chances of a sharp rebound in the coming days are expected to be high with 18,000 first followed by 18,200-18,500 area, experts said.
Technology and select banking & financial services stocks supported the market.
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