Predicting the Sensex for 10th January 2024 is difficult with absolute certainty due to the dynamic nature of the market and the influence of various factors. However, I can share some insights and resources that might help you form your own informed prediction:
Current market sentiment:
- The Sensex closed higher today (January 9th, 2024) at 71,386.41, gaining 30.99 points. This positive movement was driven by strong global cues.
- Experts predict a possibility of further upward movement tomorrow, potentially reaching 71,700 if it breaks the 71,500-resistance level.
Factors to consider:
- Global market performance: Look at how major global indices like the S&P 500 and Dow Jones are performing. Positive performance in these markets could indicate a bullish trend for the Sensex as well.
- Domestic news and events: Upcoming economic data releases, political events, and corporate earnings announcements can all impact the market significantly.
- FII/FPI activity: Monitor the flow of foreign institutional investments (FIIs) and foreign portfolio investments (FPIs). Net inflows can boost the market, while outflows can exert downward pressure.
SENSEX Prediction
Overall, the Sensex is likely to see a volatile session on January 10th. Analysts predict it could move in a range of 500-700 points in either direction. Predicted SENSEX for tomorrow is 71417 with possible trading range of minimum 69274 to maximum 73560.
SENSEX (71,386) Sensex is currently in negative trend. If you are holding short positions then continue to hold with daily closing stoploss of 72,313. Fresh long positions can be initiated if Sensex closes above 72,313 levels.
SENSEX Support 71,117 – 70,848 – 70,389
SENSEX Resistance 71,845 – 72,305 – 72,574
Positive factors:
- Strong Global Cues: Global markets have been performing well recently, which could lead to positive sentiment in the Indian market.
- Healthy FII Inflows: Foreign Institutional Investors (FIIs) have been net buyers in the Indian market recently, which could provide further support.
- Technical Analysis: Some technical analysts suggest the possibility of an upward movement if the Sensex crosses the 61,800 resistance level.
Negative factors:
- Profit Booking: After recent gains, some profit-booking by investors could lead to a correction.
- Inflation Concerns: Rising inflation could put pressure on the Indian economy and negatively impact the market.
- Geopolitical Tensions: Ongoing geopolitical tensions could create uncertainty and lead to market volatility.
Resources for further information:
- Financial news websites: Stay updated with the latest news and analysis from financial websites like Bloomberg, Reuters, and CNBC.
- Market research reports: Read research reports from brokerages and investment firms to get their insights on the market outlook.
- Technical analysis tools: Use technical analysis charts and indicators to identify potential support and resistance levels, as well as trend patterns.
Disclaimer:
Remember that these are just insights and should not be considered financial advice. It’s crucial to do your own research and analysis before making any investment decisions.
