Nifty, Sensex extend losses, analysts expect volatility to persist in markets

Coal India, Tata Motors, Tata Consumer, Bharti Airtel and Nestle India were among the major gainers on the Nifty, while losers were Eicher Motors, UltraTech Cement, Axis Bank, Infosys and Kotak Mahindra Bank.

The predominant theme in the market was volatility, evident in Nifty's trading action. "The market anticipates volatility, influenced by factors such as the surge in Covid-19 sub-variant JN.1 cases in India, FOMC minutes on January 4, and US NFP figures later in the week," said Prashanth Tapse, senior vice-president of research at Mehta Equities Ltd.

The recommended trade for Nifty is to buy at the current market price with a stop lost at 21,301 and targets at 21, 900 and 22,100, including aggressive targets at 22,500-22,750, Tapse said.

Similarly, for Bank Nifty, the suggestion is to buy at the current market price with a stop at 47,601 and targets at 48,636 and 49,000, with aggressive targets at 49,501-50,000, he added.

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The highlighted stocks for intraday trading with an inter-week perspective include Adani Ports, Bank of Baroda, Coal India, Zee Entertainment Enterprises and Tech Mahindra, said Tapse.

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