21.01.2025:
NIFTY 50 23024.65 -320.10 (-1.37%)
NIFTY BANK 48570.90 -779.90 (-1.58%)
Mild gap-up opening on some contd bullish undertone c/o from y’day but wasn’t meant to stay so as repeat attempts by bulls to keep Nifty above crucial resistance zone of 23400 failed as bears had their way anyway. Desperate attempt to buy the dip & force an upside again fails miserably as momentum had switched in favour of bears while likely rush of FII selling compounded by steady correction in Mid & smallcaps, all ensuring Nifty slid all the way to 23120 in spot in over 200pts steep correction. Banks/BkNifty corrected steeply in sync with too contributed to Nifty fall equally. Bulls attempted a quick fightback but all to go in vain as heavy volatility & unpredictable swings were the order of the day which eventually saw Nifty breach 23k in spot as relentless selling pressure by FIIs clearly weighed on the mkt. All sectors bore the brunt today be it banks, IT, Old Eco, Autos & special beating for Mid & Smallcaps. Such aggressive stance of using any rebound or recess to hammer down leaves barely any reason for mkt/Nifty to sustain at current levels given supply clearly outstrips demand thus demanding a further downside for price.
