Capital Markets And Media Indices Lost The Most
Shrikant Chouhan,
Head Equity Research,
Kotak Securities:
Mumbai, January 27, 2025: Today, the benchmark indices extended their losses, with the Nifty shed 275 points while the Sensex was down by 809 points. Among sectors, all major sectoral indices witnessed profit booking at higher levels, but the Capital Markets and Media indices lost the most, with Capital Markets down 5.6% and Media down 4.5%.
Technically, after a gap-down opening, the market consistently faced selling pressure at higher levels and formed a bearish candle on daily charts, closing below the 23,000/76300 mark, which is largely negative. We believe that the current market texture is weak and volatile; therefore, level-based trading would be the ideal strategy for day traders. The 23,000/76300 level will be key to watch, as long as it trades below this threshold, weak sentiment is likely to continue.
According to Satish Chandra Aluri, Lemonn Markets Desk, the benchmark indices extended losses and fell sharply on Monday on familiar concerns around earnings with broader Mid and Small cap indices facing the extended rout as they continued to underperform.
Weak global cues led by losses in tech names after China’s AI startup DeepSeek upended the AI race led to a sharp reaction in IT sector which led the losses today. Otherwise also it’s a very weak market with broad-based selling across the board with all major sectors ending lower.
Technically, Nifty 50 broke the crucial 23000 level and is currently holding above 22800 level, which can act as immediate support. Bank Nifty closed just above 48000 and we expect 48000 level to act as immediate support.
On the downside, the market could slip to 22,750-22,650/75200-74800. However, if it rises above 23,000/76300, the sentiment may change. Above this level, a pullback formation is likely to continue until it reaches 23,100-23,150/76700-76900.
