Nifty is encountering resistance around its 20-day EMA at 23,300, and a decisive close above this level is crucial for more gains or else the index may face renewed pressure and again inch toward the 23,

The stock market opened in the red as trading began on Thursday, January 30, 2025, with consumer durables, auto, and IT stocks falling the most. At 9:20 am IST, the benchmark BSE Sensex was down by 75.

A long bull candle was formed on the daily chart, which indicates a sign of strength in the upside bounce. The immediate resistance of 23,000-23,100 has been broken on the upside and Nifty closed higher.