Nifty 50
The market continued its losing streak for the fifth consecutive session, with NIFTY closing at 23,071.80, down 309.80 points (-1.32%). Heavy selling pressure dragged down almost all indices, impacting investor portfolios significantly.
🔻 Key Support Levels (Downside)
- 22,870 – Immediate support level.
- 22,780 – Critical support (Last tested on Jan 27).
- 22,600 – Breakdown level if 22,780 fails.
📈 Resistance Levels (Upside)
- 23,296 – Key resistance (20-day moving average).
- A sustained close above this level is necessary for any bullish momentum.
📊 Market Sentiment
The market remains weak, with no clear signs of recovery or positive triggers. Until any strong support holds or new positive developments emerge, the trend is favoring further sell-offs.
bankNifty
Bank NIFTY closed at 49,403.40, down 577.60 points (-1.16%), after breaking the crucial 49,684 support level. However, it managed to stay above the 20-day moving average (20MA).
🔻 Key Support Levels (Downside)
- 49,177 – If Bank NIFTY breaks this level, further downside pressure may build up.
- 48,882 – Next support level if selling continues.
- 48,500 – A major support zone to watch.
📈 Resistance Levels (Upside)
- 49,684 – This is the immediate resistance level. A strong close above this could signal further upside potential.
📊 Market Sentiment
Bank NIFTY is attempting to hold above its 20MA, but if it fails to sustain, a breakdown below 49,177 could accelerate selling pressure.
