DIIs net bought shares Rs 2,928 crore, FIIs net sold shares worth Rs 4,341 on January 16

Benchmark indices Nifty and Sensex began January 16 on a positive note, registering their third consecutive day of gains. Investor sentiment was bolstered by better-than-expected US inflation data for December, which fueled expectations of further rate cuts by the Federal Reserve. While PSU bank and metal stocks led the charge, losses in FMCG stocks moderated the overall momentum. Nifty closed at Rs 23,311.80; up by 0.42 percent, while Sensex closed at Rs 77,042.82; up by 0.42 percent.

Mr. Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, reflected on the market performance today, saying: "After a bearish run last week, Nifty saw some relief rally for the bulls this week. This slow and steady recovery indicates some buying interest at lower levels breaking the previous sequence of lower lows on daily chart. However, the index is still struggling with follow-through buying at higher levels as it remains cautious near the 23333 mark. For further upside, Nifty needs to hold above 23333 which could push it towards the 23500 zone."

The FIIs long-short ratio is hovering near 17 percent from last five trading session which shows selling pressure at higher zone along with buying near support zone, he iterated. "Based on the current price structure, Nifty has to cross and hold above 23333 zones for strength to regain towards 23500 and 23700 zones", he suggests

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