Nifty Forecast for January 13th, Monday: The Sensex has tumbled 10%, while the Nifty 50 has lost 10.8% from their respective an all-time high, thereby entering correction phase.
What direction is the market now taking?
Read on to find out what analysts anticipate.
Nifty Forecast for Monday, January 13: The correction phase has now begun for both indices. Nifty Forecast for January 13th, Monday: On Friday, January 10, the Indian benchmark indices, the Sensex and Nifty, continued to decline for the third straight session as market mood was affected by ongoing outflows of foreign funds.
The market has lost a staggering Rs 13.51 lakh crore in value over the last three sessions (Jan 8–10). The Nifty 50 index has fallen 2,850.0 points, or 10.80%, from record all-time high of 26,277.35, while the Sensex has fallen 8,600 points, or 10%, from its peak 85,978.25 in September 2024.
As a result, the corrective phase has begun for both indices. A stock or equity index is deemed to be having an economic downturn when it trades down more than 10% from the highest point it has reached
Now, where is the market going?
Nifty Predictions By Experts Dr VK Vijayakumar, Chief Investment Planner, Geojit The financial services sector Services, said, “In the context of the growing ambiguity regarding President Trump’s likely actions, the market is expected to surge in the near-term.
The persistent FII selling, which reached Rs 7170 crores yesterday, doesn’t seem to be abating. The market will continue to be under pressure because of this. “Since the results season has started the market will experience lots of stock-specific movement in response to the results.
TCS’s results show that the IT industry will continue to be robust. Results of banking majors will be solid but in the context of FII selling the sector may not perform in response to the results. Pharmaceutical and select automotive stocks like Eicher, M&M and Bajaj Auto are the potential outperformers in a poor market,” Nair noted.
Nifty Outlook: Levels of Support and Resistance The index falling below 23583 indicates that bears are obviously in control at this point, making resistance at 23821 a crucial upside barrier, according to Akshay Chinchalkar, Head of Researchers at Axis Securities. As long as this resistance level is maintained, bears will attack the 23238–23355 zone in the meantime.
According to Nagaraj Shetti, “Despite erratic movement, the Nifty’s underlying trend remains negative. The following lower supports should be observed between 23260 and 23000 levels. The level of immediate resistance is 23600.
According to Rupak De, “The feeling stays subdued in the short term, with the possibility for a decline toward 23,300 or 23,000. Resistance is seen on the upswing between 23,550 and 23,600.
“We can see from the daily charts that the Nifty is getting close to the November 2024 low (23263).
Since a new low in prices has not been followed by a new low on the momentum indicator, but there is a lack of price confirmation, we can see a positive divergence on the daily momentum indicator. Jatin Gedia, a technical research analyst at Mirae Asset Sharekhan, stated, “Therefore, we will continue to ride the fall with a trailing stoploss (23597) mechanism.”
