How Nifty and Sensex performed on January 24, 2024

 Nifty Analysis on 24 Jan 2024

Today was a very volatile day in the stock market. Nifty closed at 21243 on January 23, 2024. Compared to yesterday, Nifty opened today at 21191, down 52 points. Nifty opened lower today but as soon as it opened, buying returned and Nifty went up very fast.

Nifty Analysis

The relative Strength Index also shows a divergence in 5-minute and 15-minute chart frames. ( As you can see in both the charts). 

Banknifty also opened 458 points lower than yesterday. Because huge selling was seen in Nifty and Banknifty on January 23, hence today there was buying in Banknifty also as soon as the market opened.  

Divergence in RSI was also seen in bank nifty chart which became a big reason for buying.

Banknifty Chart Analysis 

Axis Bank results came late yesterday evening, results were not too bad but Axis Bank opened 33 points down. Axis Bank made a low of 1021 and closed at 1058. Doji candles have formed in Axis Bank.

ICICI Bank witnessed decline even today. ICICI Bank saw a decline of 2.97% (30) points. ICICI Bank's decline continues for 2 days. However, the results of ICICI Bank were also disappointing. 

The last 5 days of decline in HDFC Bank got a break today. HDFC Bank fell from 1680 to close at 1427 yesterday. HDFC Bank lost 253 points in these 5 days. But today was a good day for HDFC Bank. HDFC Bank rose by 2.04% today. 

IndusInd Bank also closed at 1495, up 3.73%.

There is monthly expiry of Nifty and Banknifty and also quarterly results of many companies are also coming.

So it remains to be seen whether tomorrow will be a bullish or bearish day in the market.