|NIFTY||14018.5||▲ 36.75 (+0.26%)|
|NIFTY BANK||31225.85||▼ -38.20 (-0.12%)|
|SENSEX||47848.64||▲ 137.80 (+0.29%)|
The markets continued to rise on the first day of the New Year, with 35 of the Nifty50 stocks closing in the green. Renewed strength was seen in midcap & small-cap shares whose indices rose over 1%, beating the broader market gains.
Among the sectoral indices, Nifty PSU Bank (+3.2%) and Nifty Auto (+0.8) were the top gainers, whereas Nifty Bank (-0.1%) and Nifty Financial Services (-0.1%) were down.The markets continued to rise on the first day of the New Year, with 35 of the Nifty50 stocks closing in the green. Renewed strength was seen in midcap & small-cap shares whose indices rose over 1%, beating the broader market gains.
Among the sectoral indices, Nifty PSU Bank (+3.2%) and Nifty Auto (+0.8) were the top gainers, whereas Nifty Bank (-0.1%) and Nifty Financial Services (-0.1%) were down.
The strong support was on the back of sustained FII inflows, support provided by both the government and RBI, progress on the vaccine front, a consistent decline in COVID-19 cases, improving economic data points and rising hope for strong earnings growth in the coming year. As we entered 2021, the market is sitting at all-time high and is showing resilience on the back of abundant liquidity, positive developments on the vaccine front and signs of economic recovery. More importantly, COVID-19 cases have seen a meaningful decline. Improved corporate earnings have also buoyed the market sentiments. We expect Nifty earnings to remain flattish in FY21 while expecting a sharp rebound in FY22.
Nifty future closed flat to positive with marginal gains of 36.75 (+0.26%) at 14018 levels. We witnessed positive setup in BHEL, CHOLAFIN, BANBARODA, PNB, LICHOUSING, and ADANIPORT while weakness seen in ICICIBANK, HINDALCO AND HDFCBANK etc. India VIX fallen by 7.3% from 21.09 to 19.56 levels. Volatility cool down below 20-19 zones shows market may continue support the bullish market setup with higher market base. Since, it is the beginning of new series Option data is scattered at different strikes. On option front, Maximum Put OI is at
13000 followed by 13500 strike while maximum Call OI is at 14000 followed by 14500 strike. Option data suggests a wider trading range in
between 13500 to 14500 zones.
- The auto industry leader Maruti sold 20% more vehicles in December 2020 versus the same period last year.
- The infrastructure player has bagged NCC as many as 15 new orders totaling ₹8,980 crore in December 2020. The company has received these orders from central and state government agencies.
- Raw sugar prices in international markets have risen for eight straight months and have gained nearly 50% during this period. The rise is being fueled by higher imports by China and Indonesia, while a drought in Brazil could hurt supplies. Keep track EID Parry.
- Shares of major phenol makers such as Deepak Nitrite (+6.0%) and Hindustan Organics (+19.8%) were upbeat on the hopes that the government will continue the anti-dumping duty on imports of phenol.
- India Government has given emergency approval for Oxford Covid Vaccine.
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Nifty Technical Commentary
Nifty index opened flattish but continued its positive momentum by sustaining above psychological 14000 marks and cheered the new year by making a fresh life time high of 14049 levels. It moved in a range of 60 points throughout the session but finally closed the day with marginal gains. It continued its winning streak for the eight consecutive session. Nifty continues making higher lows from last seven sessions as supports are gradually shifting higher. Now it has to continue to hold above 13900 zones to witness a fresh rally towards 14200 then 14500 zones while on the downside major support exists at 13865 and 13777 levels.
Now I would Like To reiterate my view from last post.
Intraday Trading Support and resistance is marked in the above image so you can plan your trade accordingly. If it opens at a flat note I will prefer to buy Nifty with a SL below 13950 and with the target of below all time high and with subsequent trailing SL and higher targets.
I don’t think there are any big move will be happening tomorrow market me be range bound tomorrow as well.
My View went right and if anyone initiates long position with market opening would have enjoyed the new year with profits though small profits only. And as already said no big move is expected, the exact same thing happen with just 60 points movements.
My View for tomorrow is that if market open above 14024, I will immediately initiates a long position with first target of 14045 and SL of 13999. And if opened below 14014 I will wait for clear trend to short the Nifty since market is in clear cut positive trend so taking contra trade requires confidence.
Best Stock To Trade For Tomorrow
Sorry Due to Personal Commitment I cannot identify the best stock for tomorrow. Don’t Worry I will constantly update this from tomorrow.
So I will Like to discuss my last post recommendation. Infosys
As discussed Infosys gives it breakout at opening but since Infosys is FIIs favorite stocks and FIIs are enjoying their holidays and they are not that much active. But I am pretty much sure Infosys will gain momentum tomorrow and I have already told my clients to not close the position but carry forward the position.
Infosys traded in a range bound manner and closes near a breakout with increasing volumes which indicates it can be performer for tomorrow. So Infosys will be my best pick for tomorrow but it should gives breakout at the opening. If it should opens above or near 1256-1258 with good momentum and volume I will suggest my clients to initiate a long position with a immediate target of 1279 and 1300.Fetched From Last Post
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