Trade Setup For Jan. 24: Nifty Expected To Trade Rangebound; 23,400 Remains Key Resistance

The Nifty 50 is anticipated to trade within a range on Friday, with resistance at 23,400 and support at 22,980. Analysts suggest a 'buy on dips' strategy as long as the index remains above 22,980, with potential to test 23,400-23,550. Key events to watch include the Bank of Japan's monetary policy decision and quarterly results from companies like JSW Steel and Godrej Consumer Products. Cement stocks are expected to stay in focus following strong results from Ultratech Cement.

On Thursday, Indian benchmark indices extended gains for a second day, driven by UltraTech Cement and IT firms, amid excitement over Donald Trump's AI policies. The NSE Nifty 50 rose 50 points to 23,205.35, while the S&P BSE Sensex increased 115 points to 76,520.38. Coforge and Persistent Systems shares surged on positive earnings. Meanwhile, the Indian rupee weakened against the US dollar, closing at 86.47, as the dollar index and crude oil prices rose.

Key takeaways:

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The Nifty 50 is expected to trade in a range with key resistance at 23,400 and support at 22,980.
Traders are advised to follow a 'buy on dips' strategy as long as the index holds above 22,980.
Key events to watch include the Bank of Japan's monetary policy decision and quarterly results from companies like JSW Steel Ltd. and Interglobe Aviation Ltd.
The Indian rupee weakened against the US dollar, closing at 86.47 due to a rise in the dollar index and crude oil prices.

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Trade Setup For Jan. 24: Nifty Expected To Trade Rangebound; 23,400 Remains Key Resistance

Key takeaways:

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