Experts Predict Bullish Tilt for Sensex: Key Levels for January 29
The BSE Sensex demonstrated notable performance on January 28, 2023, closing at 82,344.68, reflecting a gain of 487.20 points or 0.60%. This increase marks the second consecutive day of growth for the Indian equity benchmark indices, buoyed by optimistic trading conditions and significant buying interest across various sectors.
Market Overview: January 28, 2023
Investors responded positively to developments in the global trade arena, particularly the recent India-European Union Free Trade Agreement. The rally was largely supported by stocks in the industrial, energy, and metal sectors, as well as substantial gains in companies like Bharat Electronics and Reliance Industries.
- Sensex Closing: 82,344.68
- Daily Gain: 487.20 points (0.60%)
- Trading Range: High of 82,504, Low of 81,815
The Nifty index also experienced a positive close, finishing at 25,343, up 167 points or 0.66%. Notably, Bharat Electronics surged nearly 9% following its quarterly earnings release, while other gainers included Bajaj Finance, Power Grid, and UltraTech Cement.
Key Gainers and Losers
- Top Gainers:
- Bharat Electronics: +9%
- Reliance Industries: Strong Performer
- Eternal: Significant Increase
- Top Losers:
- Asian Paints: -4%
- Maruti: Underperformed
- Infosys: Notable Decline
Outlook for January 29, 2023
Experts offer varied predictions for the BSE Sensex as it heads into the trading session on January 29. According to Vipin Dixena, a SEBI-registered analyst, the index may enter the market day with a sideways to bullish bias. Dixena notes that the Sensex has successfully reclaimed critical psychological levels and is facing short-term resistance near 82,400. An upward move past this level might indicate a breakout.
Technical Analysis
Hitesh Tailor, a Technical Research Analyst, emphasizes that the Sensex closed decisively above recent lows, suggesting improved market sentiment. He identifies critical support levels between 81,800 and 81,900, which will be crucial for sustaining bullish momentum.
Key Levels to Watch
| Level Type | Levels |
|---|---|
| Immediate Resistance | 82,400 – 82,500 |
| Major Resistance | 82,800 – 82,900 |
| Critical Support | 81,800 – 81,900 |
| Relative Strength Index | 50 – 55 (Neutral to Mildly Bullish) |
As trading unfolds, the market’s direction will depend on the price behavior near these identified levels. The consensus suggests a buy-on-dips strategy is advisable as long as the support remains intact.
This analysis aims to provide a clear understanding of the Sensex’s potential movement and assist investors in making informed decisions as the trading week progresses. For further updates and insights, stay tuned to Filmogaz.com.
