Sensex Forecast for January 23: Will Index Maintain Weekend Rebound? Expert Insights on ‘Buy-on-Dips’
Besides a mild recovery in the Indian rupee, a drop in global crude oil prices has provided a boost to domestic markets. On January 22, the BSE Sensex experienced a notable increase, closing up 397.74 points, while the NSE Nifty also saw gains. Despite reaching intraday highs, both indices faced selling pressure, indicating a cautious market sentiment among investors.
Market Performance on January 22
In a day marked by volatility, the 30-share BSE Sensex rose by 397.74 points, or 0.49 percent, closing at 82,307.37. During the trading session, the index peaked at 82,783.18, reflecting a significant intraday gain of 873.55 points, or 1.06 percent. However, the momentum could not be sustained as selling pressure emerged at elevated levels. Similarly, the 50-share NSE Nifty climbed 132.40 points, or 0.53 percent, to settle at 25,289.90. The index reached a high of 25,435.75 during the day, marking an increase of 278.25 points, or 1.10 percent. The overall trend indicated a lack of strong follow-through buying at these higher levels, suggesting a cautious approach among traders.
Top Gainers and Losers
Among the 30 constituents of the Sensex, several stocks performed well, contributing to the index’s gains. Notable gainers included Bharat Electronics Ltd, Tata Steel, Adani Ports, State Bank of India, Bajaj Finserv, Asian Paints, Power Grid, Sun Pharmaceuticals, Kotak Mahindra Bank, IndiGo, Hindustan Unilever, HCL Technologies, and NTPC. These stocks benefitted from improved investor sentiment and broader sectoral participation. However, the market also faced challenges, as profit booking at higher levels limited the extent of the gains. The mixed performance of individual stocks reflects the cautious sentiment prevailing in the market.
Market Outlook for January 23
Looking ahead to January 23, Hitesh Tailor, a Technical Research Analyst at Choice Broking, noted that the Sensex’s recovery on January 22 has improved its technical setup. The index’s closing at 82,307.37, with a gain of nearly 398 points, marked the end of a three-day losing streak. Tailor attributed this rebound to enhanced investor sentiment, driven by easing geopolitical trade tensions and supportive global cues. He emphasized that heavyweights led the early rally, while broad-based sector participation bolstered the market. Despite this positive momentum, profit booking at higher levels capped the gains as the session progressed.
Key Levels to Watch
Tailor provided insights into the technical outlook for the Sensex, indicating a short-term improvement in momentum. The index has managed to hold above recent lows, signaling a potential shift in market dynamics. He identified critical support levels between 81,800 and 81,900, where dip-buying interest may emerge if weakness returns. Conversely, the immediate resistance zone is seen between 82,800 and 82,900, where any recovery attempts could face selling pressure. Tailor suggested that the market bias for January 23 appears cautiously positive, advocating a buy-on-dips strategy as long as the defined support range remains intact.
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