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Business News/ Markets / Stock Markets/  In run-up to Budget, markets may see sector-specific moves
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In run-up to Budget, markets may see sector-specific moves

Another volatile trading session ends on a positive note. There are some signs that bulls are getting a grip on the market. Nifty has been making higher highs and higher lows for the last four trading sessions, and today it managed to close above the 20-DMA

Nifty has been making higher highs and higher lows for the last four trading sessions, and today it managed to close above the 20-DMA (Photo: Mint)Premium
Nifty has been making higher highs and higher lows for the last four trading sessions, and today it managed to close above the 20-DMA (Photo: Mint)

Another volatile trading session ends on a positive note. There are some signs that bulls are getting a grip on the market. Nifty has been making higher highs and higher lows for the last four trading sessions, and today it managed to close above the 20-DMA. However, we need a follow through tomorrow, and if Nifty manages to trade above 18088, then we can expect a move towards the 18250–18300 zone. On the downside, 17950 will act as an immediate support level, while 17800 is a sacrosanct support level on a closing basis.

Banknifty is also consolidating in a band of 42700-41700, and any decisive move from this band will dictate further direction. However, if it slips below the 41700 level, the 100-DMA of 41370 will be the immediate support level. If it crosses the 42700 level, then a short covering move towards 43400 is expected.

Global cues are also muted for the last few days, but the FIIs' flow will be critical because they have been selling aggressively in the Indian market since the start of 2023. We can expect sector- and stock-specific moves amid the Q3 earnings season and pre budget expectations.

Santosh Meena is head of research at Swastika Investmart Ltd

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Published: 17 Jan 2023, 05:21 PM IST
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