Mumbai (Maharashtra) [India], January 14 : Indian stock markets opened flat on Tuesday, with selling risk still remaining in the markets, but the markets are in the oversold category.
The Nifty 50 index opened at 23,165.90 points with a gain of 79.95 or 0.35 per cent, while the BSE Sensex opened flat at 76,335.75 points with a gain of 5.74 points or 0.01 per cent.
Experts stated that after yesterday's fall, markets are almost in oversold territory. There can be an initial surge from here, but the strategy will be to see whether investors use another "sell on every rise" move or markets head up from here.
Ajay Bagga Banking and Market Expert stated that "After getting buffeted by a falling Rupee, persistent FPI selling, weak economic data and challenging global cues, today looks like a technical bounce day from hugely oversold levels. Whether this level makes a bottom or we get another "sell on every rise" move remains to be seen. There is some global good news with reports that the Trump cabinet is proposing gradual tariffs post his inauguration on January 20th.
In the sectoral indices on the National Stock Exchange, except Nifty IT and Nifty FMCG, all other indices surged, with Nifty Realty gaining more than 1.68 per cent, Nifty Media up by around 2 per cent, and Nifty PSU Bank gaining 2.37 per cent at the time of filing this report.
"Technically speaking, the 22830 - 23000 area is notable support from here, with some near-term time cycles coming together in the January 17 - 23rd window. Resistance lies inside the 23450 - 23500 zone as our prop oscillators continue to remain bearish on the dailies and the weeklies. That said, the percentage of stocks in the NSE500 trading above their 50- and 100-day moving averages are at readings of 11 pc and 13 pc, representing levels where downside extremes are being tested" said Akshay Chinchalkar, Head of Research, Axis Securities.
In the Nifty 50 list, 40 stocks opened with gains while 10 stocks opened with declines. The top openers in the list are NTPC, Hindalco, IndusInd Bank, Adani Enterprises, and Adani Ports, while the top losers are HCL Tech, Tech Mahindra, Infosys, and TCS.
In the quarterly earnings today, HDFC AMC, Network 18, Shoppers Stop, Hathway Cable and Datacom, among others, are set to announce their third-quarter earnings.
The other Asian markets witnessed mixed trends, with Japan's Nikkei 225 and Singapore's Strait Times declining, while Hong Kong's Hang Seng Index, Taiwan Weighted Index, and South Korea's KOSPI surged at the time of filing this report.
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