Nifty Prediction For Today By Experts, 9 Jan: Indian stock market indices Sensex and Nifty 50 closed sharply lower on Thursday (January 8), continuing
their losing streak to fourth straight session. The markets are under pressure due to renewed concerns over US tariff hikes and delay in India-US trade deal. The continuous selling by FIIs has also restricted the gains in the Indian markets. The 50-share NSE Nifty tumbled 263.90 points or 1.01 per cent to 25,876.85. During the day, it made a low of 25,858.45 and a high of 26,133.20. The 30-share BSE Sensex tanked 780.18 points, or 0.92 per cent, to settle at 84,180.96. All the sectoral indices closed in the red with Nifty Metal emerging as the top losers, nosediving 3.40 per cent. The Nifty Oil & Gas index fell 2.84 per cent, followed by the Nifty PSU Bank (down 2.08 per cent) and Nifty IT (down 1.99 per cent). The Nifty Bank index closed in the red with a cut of 304.35 or 0.51 per cent at 59,686.50. The broader markets also came under sharp pressure with both Nifty Midcap 100 and Nifty Smallcap 100 declining nearly 2 per cent each.
Top Gainers, Losers
In the Nifty 50 pack, only 4 stocks gained -- Eternal, SBI Life, ICICI Bank and Bajaj Finance. Hindalco, Jio Financial Services, ONGC, Wipro, Tech Mahindra, TCS, Dr Reddy's, Adani Enterprises, L&T, JSW Steel, Reliance Industries, Tata Steel, Trent, Power Grid, NTPC, Grasim Industries, Coal India, HCL Life, Infosys, TMPC, Bajaj Finserv and Apollo Hospitals were major losers.
India VIX surged by 6 per cent to close above the 10.50, which remains a cause for concern.
FII, DII Activity On Thursday
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,367.12 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,701.17 crore, according to exchange data.
Vinod Nair, Head of Research, Geojit Investments, said that domestic markets extended losses as sentiment turned cautious amid renewed concerns over US tariffs and persistent FII outflows, overshadowing optimism around earnings growth.
Notably, US President Donald Trump has backed a sanctions bill that could impose 500 per cent tariffs on countries buying Russian oil, giving the White House leverage against countries like China and India to stop them from purchasing cheap oil from Moscow.
Nifty Support And Resistance Today
The Nifty opened lower and remained under pressure throughout the session, eventually settling near the day’s low.
Ajit Mishra, SVP, Research, Religare Broking, said that Nifty has breached the lower band of its rising channel and retested the crucial support zone around the previous swing low near 25,880. Sustained trading below this level could disrupt the prevailing uptrend and potentially drag the index towards the 25,600–25,700 zone.
On the upside, he said that the earlier support in the form of the short-term 20-day DEMA, placed around 26,050, is likely to act as an immediate hurdle, followed by a stronger resistance near 26,300.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that the short-term trend of Nifty is weak. A decisive breakdown of the supports indicates a short-term reversal of trend on the downside. Next crucial lower supports to be watched around 25700. Nifty has immediate resistance placed at 26,000.
Nifty 50 Chart
Nifty has given a breakdown below its rising trendline and forming a strong bearish candle on the daily chart. According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking, the index has also slipped below its short-term 21-DMA and 50-DMA, both placed near the 26,000.
"The short-term structure appears sideways to weak as long as the index trades below 26,000. Momentum indicators and oscillators have generated a fresh sell crossover on the daily timeframe. On the downside, immediate support is seen at 25,800, followed by 25,720 levels," he said.
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has slipped below its rising trendline, clearly indicating a sudden increase in bearish bets. Additionally, the index has moved below 26,000, which had been acting as a psychological support. "Selling pressure is likely to persist in the near term unless the Nifty moves back above 26,000. On the downside, the index might fall down towards 25,700 and 25,550."
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
