Best Stock To Trade Tomorrow- 14th Jan 2021

NIFTY14564▲ 1.4 (+0.01%)
NIFTY BANK32574.65▲ 235.65 (+0.073%)
SENSEX49492.32▼ -24.79 (-0.05%)

The markets continued to make new high on the consecutive 4th day in the first half and a profit booking is seen in the second half with Nifty 50 falling around 200 points from its days/all time high but bulls have taken control and market manages to recover around 100 points and closes at 14564, with 25 of the Nifty50 stocks closing in the green. Renewed strength was seen in PSU Bank whose indices rose over 3%, beating the broader market gains. 
Among the sectoral indices, Nifty PSU Bank (+3.27%) and Nifty Auto (+0.87%) were the top gainers, whereas Nifty Pharma(-0.71%%) and Nifty Metals (-0.26%) 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 are progressing in 2021, the market is achieving its 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.
FIIs are 72% long and 27.09% short on the market ( As per NSE data ) which is creating confidence among investors. But we are recommending to book profits and adopt a conservative approach since valuation on some stocks is not comfortable and Budget 2021 is near by, which can be a big trigger event for the markets.

Nifty Top Gainer And Looser. Source NSE India

Nifty future opened gap up but due to profit booking it has touched an intraday low flat of 14476 but the bulls have take the driver seat and Nifty future managed to close positive with flattish negative of -6.8(-0.05%) at 14591 levels. We witnessed positive setup in SBI, BANBARODA, PNB, DLF, and M&M while weakness seen in CHOLAFIN, SRTRANSFIN AND BHANDHANBANK etc. India VIX rises by 1% from 22 to 23 levels. Volatility above 20-19 zones shows some risk for the market to continue support the bullish market setup with higher market base. On option front, Maximum Put OI is at 14000 followed by 13900 strike while maximum Call OI is at 15000 followed by 15200 strike. Option data suggests a wider trading range in between 14000 to 15000 zones.

NEWS

Equity
  • The auto industry leader Tesla has got its new office in Bengaluru ahead of its India launch (i.e. Track auto sector closely ) . 
  • Covid : UK Covid-19 Vaccine officials says, data so far does not suggest that vaccines will work less well against UK variant

Global Market

  • Asian Markets Closed Positively
  • Dow Futures are trading flattish negative with -34 points
  • Gold is trading positive currently at 49321 (+0.55%).

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Nifty Technical Commentary

Nifty 15 Min Intraday Chart . Source Trading View

Nifty index opened positive but bulls cannot controls and there is a sharp fall on the account of profit booking but Nifty did not break a trend lie of 14450 which maintains its bullish setup. It moved in a range of 200 points throughout the session but finally closed the day with flattish gains. It breaks its winning streak for the three consecutive session.
Now it has to continue to hold above 14450-14480 zones to witness a fresh rally towards 14600 then 14800 zones while on the downside major support exists at 14500 and 14300 levels.

My View went right to initiates long position when Nifty touches intraday low of around 14470 and anyone who would have traded using the options would have enjoyed profits of around 30 points .
My View for tomorrow is that if market open above 14583 , I will immediately initiates a long position with first target of 14650 and SL of 14570. And if opened below 14580-14550. I will wait for clear trend to short the Nifty since market is in clear cut positive trend so taking contra trade requires confidence.

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