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January 31, 2023
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Based on the OI percentage, 81 stocks were on the short-covering list, including Chambal Fertilisers, City Union Bank, Atul, UltraTech Cement, and IDFC First Bank

Sunil Shankar Matkar

January 31, 2023 / 10:27 PM IST

After trading in a narrow range, the market ended the volatile session on a flat note with a positive bias on January 31, as the participants await Union Budget on February 1 to take cues for further direction of equities.

The BSE Sensex rose 50 points to 59,550, while the Nifty50 gained 13 points at 17,662 and formed a bearish candle with a long lower shadow on the daily charts indicating the buying at lower levels. The index has taken support at 17,550, the 200 DEMA (daily exponential moving average).

“The Nifty sustained above the crucial lower support of 200-day EMA in the short term, after a small whipsaw. We observe upside bounces in the Nifty soon after the sharp downside breakout of the broader high-low range at 17,800 level. These are positive signals which are unfolding as per daily timeframe chart,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

He feels a decisive upside breakout of the hurdle at 17,800 level could confirm a near-term bottom reversal in the market.

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