Posted By : Kishore B.S
MARKET OUTLOOK ON 30th January
Today is expiry of F&O for this month’s contract. But the concern we see in Nifty are the two big gap down open on Tuesday and today, which now becomes untradeable. As we have been recommending from the beginning of the month to short Nifty and Bank Nifty and hold on till expiry; anyone who followed this and is still holding would have doubled the money till now.
The problem for the market is the banking and financials which has been dragging. IT and Pharma is consolidating whereas Cement sector is under pressure only FMCG sector is holding the market.
Technical view looking very bearish Nifty broke its important support of 6120 and heading towards 5970. Which may act as a strong support.
Bank Nifty looking very bearish and the chart telling the down side target could be sub 10000 levels. But the problem is that the PSU banks results are awaiting. If those banks gives better than expected result, some turnaround can be seen otherwise Bank Nifty will go down further.