Skip to content

Daily Analysis of Stock Market – NIFTY – 23rd January 2020

We provide instant Stock Market updates on our Telegram Channel : Follow Now

On Thursday the market opened higher and stayed bullish. The market was highly volatile and pulled back after the fall of three days. On the closing bell, the Nifty index ends above 12150, the Niftybank index reclaimed 31000 and settled at 31015 and the Sensex closed at 41386.40. The Nifty index gains 73.50 points, Niftybank index gains more than 300 points and the Sensex gains more than 250 points.

Today, the Nifty index opened at 12128.65 went up to 12188.30 and closed at 12180 after making a low of 12095.55. The Niftybank index opened at 30752 and stayed volatile between 31086 to 30628 and closed at 31014.70.

As per the last view, ‘if the Nifty index sustains above 12135 then it can go up 12225 and if the Nifty index breaks below 12089 then it can fall towards 12000 in the coming trading sessions’ and the index went up to 12188 after making the low of 12095.

For the next day trading, if the Nifty index holds above 12150 then it can go up to 12213 to 12250. If the Nifty index breaks and sustains below 12150 then again it can fall till 12095 to 12000 in the coming days.

Today the market closed in the green after three days of continuous fall. From the above chart, it can be seen that the index is taking support near 12050 to 12090. Technically, the market is positive but profit booking can be seen at a higher level. Now the Nifty index will trade in a range of 12050 to 12230. The market is uncertain and the volatility will continue in the coming days.


  • Govt may extend LTCG benefit on equities to 2-3 years.
  • DoT says no coercive action to be taken against telcos on AGR non-payment.
  • Govt plans to garner Rs. 10000 crore from the 7th tranche of CPSE ETF.
  • SEBI bans Equicom Financial, directors from providing investment advisory services.
  • SEBI to tap artificial intelligence, big data analytics to curb market manipulations.
  • BSE equity derivatives turnover touches record high of Rs 3030 crore.
  • Reliance Jio pays Rs 195 crore to DoT to clear all AGR dues in advance.
  • KEC international bags new orders worth Rs. 1255 crore.

Trading zone for the Nifty index on 24th January 2020

Upside Resistance:-  12215, 12250, 12340.

Downside Support:-  12150, 12120, 12060.

Nifty 50


In the Nifty 50, 34 stocks traded in green whereas the 15 was declined on and one was unchanged 23rd January 2020.

Top 5 Nifty Gainer and Loser


The most active value-wise stocks were POWERGRID, IOC, AXIS BANK, LARSEN & TOUBRO, SBIN and the volume-wise were IOC, YES BANK, POWERGRID, SBIN, TATAMOTORS.


GSI Team

Share this post on social

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

Above Stocks is your trusted source for comprehensive stock market insights, news, and expert recommendations. Empowering investors with knowledge and confidence for financial success.

Disclaimer: Stock Market investments are subject to market risks. All the information provided on our Portal is for education purposes only. Kindly consult your Financial Advisor before taking any decision.