Sensex, Nifty Outlook On January 24; Will Stock Market Rise Or Fall On Friday? Find Out

Sensex, Nifty 2025: The Indian stock market has witnessed gains in the second consecutive session from January 22-23. However, experts believe that volatility persists amidst consistent outflows from foreign investors, Trump's tariff uncertainties, and blurry rate cuts outlook. Q3 results continue to showcase stock-specific action. As per experts, currently, there is uptrend support. In the early trade, Gift Nifty also surged mildly, signalling yet another positive opening for Sensex and Nifty.

Sensex, Nifty:

Sensex closed at 76,520.38, up by 115.39 points or 0.15%, while Nifty 50 surged by 50 points or 0.22% to finish at 23,205.35 on Thursday, January 23. Bank Nifty, however, had dipped by over 135 points to close at 48,589. Broad-based buying was seen across indices in the session.

IT and consumer durable stocks were top bulls, while realty, healthy, media and metal stocks also contributed to the upside.

Stock Market Outlook On January 24:

As per Prashanth Tapse, Senior VP (Research), Mehta Equities, with the ongoing corporate earnings outcome not so encouraging so far, and the Budget around the corner, investors will play safe bets with a selective buying approach and mostly at global markets for cues.

While Vinod Nair, Head of Research, Geojit Financial Services said, "Uncertainty lingers whether the trade tariff measures will affect global trade, instigate higher inflation, and currencies volatility. The trend holds a declining momentum YTD with a pause today contemplating the upcoming 2025 budget, which has a muted expectation. Meanwhile, in-line Q3 results showcasing QoQ growth to the indices suggesting that Q4 will be much better."

To investors, Ajit Mishra - SVP, of Research, Religare Broking said, "The recovery in IT majors has been the primary driver of the index's rebound, with other sectors providing rotational support. However, we recommend not reading too much into this bounce and sticking with a "sell on rise" strategy for the Nifty index. At the same time, stock-specific opportunities remain plentiful across sectors, so participants should focus on maintaining balanced positions on both sides."

Support And Resistance For Sensex, Nifty On January 24:

Hardik Matalia, Derivative analyst at Choice Broking said, on the daily chart, the Nifty index has displayed follow-up buying after the previous session's bounce from lower levels but has struggled to sustain higher levels. This pattern suggests that selling pressure persists at elevated levels, reflecting a lack of conviction among buyers. A breakdown below the immediate and crucial support at 23,000 could intensify selling pressure, potentially dragging the index toward the 22,800-22,500 range. On the upside, immediate resistance is observed at 23,300, followed by a critical hurdle near 23,500. A sustained close above these resistance levels is crucial to negate the prevailing bearish sentiment and confirm a bullish reversal. Given the heightened market volatility, traders are advised to remain cautious and implement strict stop-loss measures to protect their capital. It is recommended to avoid overnight long positions until the index decisively trades above the 23,500 mark to manage risks effectively in the current market environment.

Meanwhile, Shrikant Chouhan, Head Equity Research, Kotak Securities added, "We are of the view that as long as it is trading above 23,100/76200, the pullback formation is likely to continue. On the higher side, the market could bounce back to the 23,400-23,450/77000-77100 range. On the other hand, if it falls below 23,100/76200, the sentiment could change, and the market may retest levels of 23,000-22,950/76000-75700."