Daily Market Commentary - Jan 28, 2022 - Bonanza Portfolio

Mr Vishal Wagh, Research Head - Bonanza Portfolio

The market continues to be volatile ahead of budget day. Nifty opened the gap up and continued its momentum but soon found a hurdle near 17,400. Among the sectors, the auto and banking indices are under pressure while the midcap and small-cap indices are trading in the green. Both Nifty and Sensex ended flat at 17,101 and 57,200 respectively.

On the daily charts, the index seems to be forming a base that indicates consolidation as traders do not want to increase their positions on account of the budget event in the upcoming week. Going ahead, the index has to close above 17,500 to continue its upward trajectory and on the downside, now 17,000 & 16,800 should act as good support.

Domestic markets reacted with a quick sell-off, tracking a weak European trend. Policy tightening by the US Fed and rising geopolitical tensions in Ukraine colored global sentiments. All eyes are on the Union Budget now which is scheduled next week on February 1st.

NTPC, UPL, SUN PHARMA, TATACONSUM, INDUSINDBK are nifty's top gainers whereas MARUTI, TECHM, POWERGRID, ICICIBANK, HEROMOTOCO are top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary BonanzaPortfolio Nifty Sensex