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Benchmark indices ended higher on January 4 with Nifty above 21,650. At close, the Sensex was up 490.97 points or 0.69 percent at 71,847.57, and the Nifty was up 141.30 points or 0.66 percent at 21,658.60.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit for all the global market action.
Taking Stock: Market bounces back; Sensex up 491 pts, Nifty at 21,650
Bajaj Finance, NTPC, ONGC, Tata Consumer and IndusInd Bank are among the top gainers on the Nifty, while losers included BPCL, LTIMindtree, Dr Reddy’s Laboratories, HCL Technologies and Hero MotoCorp… Read More
The Nifty opened gap up and traded with a positive bias throughout the day. It closed in the green after correcting for the previous couple of trading sessions. The fall in Nifty has halted around 21500 levels where multiple support parameters in the form of the 38.2% fibonacci retracement level and the lower end of the rising channel is placed.
We expect Nifty to hold on to this support and resume next leg of upmove. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, we shall expect the positive momentum to continue over the next few trading sessions.
Bank Nifty has held on to the support of the 20-day moving average (47920) and started the next leg of upmove. Until, 48000 is not breached on the downside we can expect the rally to continue. On the upside we expect 49500 from short term perspective.
On January 4, benchmark indices concluded the trading session on a positive note, with the Nifty surpassing 21,650. At the close, the Sensex recorded a gain of 490.97 points or 0.69 percent, reaching 71,847.57, while the Nifty rose by 141.30 points or 0.66 percent, settling at 21,658.60. The daily chart for Nifty revealed the formation of an inside bar candle. If Nifty breaches the 21,700 level, it is anticipated to reach new all-time highs, with potential targets at 21,800 and 22,000 in the forthcoming days.
In terms of sectoral performance, the Realty index demonstrated a notable surge of 6.6 percent, followed by a 2 percent rise in the Power index. Additionally, the Bank, Capital Goods, Healthcare, and Oil & Gas sectors observed gains ranging from 0.5 to 1 percent.
An analysis of the daily chart for Banknifty highlighted the formation of a morning star candlestick pattern accompanied by substantial volume, indicative of a robust bullish momentum in banking stocks. Positional traders are recommended to uphold their positions, setting a stop loss at 47,500, with target levels identified at 48,700 and 49,000 in the short run.
Upon reviewing the Open Interest (OI) data, the call side displayed the highest OI at the 49,000 level, closely followed by the 49,500 strike prices. Conversely, on the put side, the highest OI was observed at the 48,000 strike price.
After opening higher, Indian benchmark equity indices continued their upward trajectory, rebounding from two consecutive days of decline. The current market sentiment is uplifted by the anticipation that the Federal Reserve is expected to implement rate cuts as early as March this year.
The Sensex closed with a gain of 490.97 points, or 0.69 percent, at 71,847.57, while the Nifty registered an increase of 141.30 points, or 0.66 percent, concluding at 21,658.60. The BSE Midcap and Smallcap indices recorded gains of 1.5 percent and 1 percent, respectively. The Power index also showed a rise of 2 percent. Notably, the leading performer was the Realty index, surging by up to 6 percent today.
The Bank Nifty saw a strong recovery, firmly crossing the 48,000 level on closing. It has a solid support at 47,700, providing a protective cushion in case of any pullback.
The Nifty's swift recovery following two bearish days indicates continued dominance by the bulls in the market. The present sentiment suggests a promising trajectory towards 21800-21850 for the Nifty. If it surpasses 21850, we might anticipate a further climb toward 22000. Notably, the index appears to have a short-term support level around 21500. A downward shift would likely initiate only if it falls below this mark; until then, it seems favorable for buyers to take advantage of market dips.
Market bounced back after the last two negative trading days led by strong monthly business updates of leading banks, emphasizing robust credit growth. The Realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loans disbursement data announced by banks. The Asian market engaged in profit-booking as Fed minutes indicated that rates will be put on-hold in the near-term.
The US FOMC minutes of the meeting indicating two-three policy rate cuts in 2024 cheered local investors as markets rebounded from its 2-day fall led by a massive rally in real estate stocks. China, currently undergoing a slowdown phase, has turned out to be a major succour for Indian markets, which continue to attract robust foreign fund flows and domestic inflows.
With economic activity remaining buoyant, expectations of a healthy corporate earnings announcement could keep the mood upbeat going ahead.
Markets rebounded swiftly and gained over half a percent, taking a breather after two days of decline. Nifty opened with an uptick despite the weak global cues and inched gradually higher as the day progressed. Meanwhile, a mixed trend continued on the sectoral front wherein a move in the realty pack was the highlight of the day while auto and metal ended unchanged. The broader indices also posted strong gains in the range of 1%-1.7%.
Feeble global cues combined with mixed trends across heavyweights are pointing towards further consolidation in the index. Traders should continue with stock-specific trading approach, with a focus on overnight risk management.
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The Bank Nifty witnessed a robust comeback by the bulls, decisively surpassing the hurdle at 48,000 on a closing basis. This breakthrough confirms the resumption of the uptrend, indicating a potential move towards the target of 50,000. The bullish crossover in the RSI further supports the positive momentum. In case of any pullback, the index has a solid support at 47,700, serving as a cushion for the bulls.
Indian rupee ended marginally higher at 83.23 per dollar versus previous close of 83.28.
Benchmark indices ended higher on January 4 with Nifty above 21,650
At close, the Sensex was up 490.97 points or 0.69 percent at 71,847.57, and the Nifty was up 141.30 points or 0.66 percent at 21,658.60. About 2267 shares advanced, 1034 shares declined, and 79 shares unchanged.
Bajaj Finance, NTPC, ONGC, Tata Consumer and IndusInd Bank are among the top gainers on the Nifty, while losers included BPCL, LTIMindtree, Dr Reddy's Laboratories, HCL Technologies and Hero MotoCorp.
On the sectoral front, Realty index up 6.6 percent, power index up 2 percent, bank, capital goods, healthcare and oil & gas up 0.5-1 percent.
BSE Midcap and smallcap indices up 1 percent each.
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