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Analysts expect the market to remain choppy in the run-up to the Budget 2023-24. For the Nifty, support is at 17,900-17,800 and resistance is expected at 18,150-18,200 in the near term

January 23, 2023 / 06:34 AM IST

The market ended lower for the second consecutive session on January 20, with the benchmark indices losing 0.4 percent. FMCG, auto, healthcare, metal and select technology stocks pulled the market down.

The Sensex fell 237 points to 60,622, while the Nifty declined 80 points to 18,028. The Nifty formed a bearish candle on the daily chart. It has been moving in the range to 300-400 points for three weeks, which experts say will at least continue till February 1 when the Budget 2023 will be presented.

"A reasonable negative candle was formed on the daily chart, which indicates a consolidation movement in the market. The Nifty is currently placed within a broad high low range of 18,200 to 17,900 levels and the specific direction is missing in the market," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

He expects the choppy movement to continue in the short term. At the lower levels, 17,900-17,800 could be a support for the market and resistance is expected at 18,150-18,200 in the near term, he said.