Indian stock market has been shaken after the Nifty falls today below ₹21,630. However in recent days, Nifty has marked its all-time high at the ₹22,124. The latest fall was around 2% from the closing price of the previous market session. Bank Nifty also seems bearish with a fall of more than 1000 points. Banking giant HDFC slums 5% lower after the Q3 results on 16th Jan 2024. Let’s discuss various factors and key details behind this sudden fall in the Nifty and what we can expect in the next week.
In the previous marker session, we all noticed a downfall of around ₹65. There are some stocks like HDFC, metal, and Kotak Mahindra Bank. However, Reliance which fell in the previous session is seems strong today and holding itself tightly. Now it is unclear to expect the momentum of the market because of this massive correction in the chart. On the other side, On Tuesday, the IT sector was at the top of dragging the market to nearly ₹21,960.
Currently, we have several big events that are going to happen but Nifty Falls today ahead Ram Mandir Pran Pratishtha and Budget 2024 which can push the Nifty into the uptrend. These events are likely to impact the stock market definitely, in which Budget 2024 will be in Focus.
Now discussing Sensex, it opens with almost 2,000 below the previous closing. This massive correction seems likely to bear an attack on the ongoing bullish face of the market. As per our expectations, this might be a correction before getting into the uptrend again. The investor needs to wait for a few days and hopefully, the market will get in the bullish form soon. The Budget 2024 may bring numerous good news that will encourage the bulls to push the market again to hit a new all-time high in the upcoming days. Stay tuned for the latest updates and industrial headlines on our website.