Kunal Shah, Senior Technical Analyst at LKP Securities
The Bank Nifty index continued to witness volatile moves, and it ended on a flat note. The index is stuck in a broad range between 41,800 and 42,700, and a break on either side will lead to trending moves.
The second half of the session belonged to the bulls, and if the momentum has to be maintained, it has to surpass the level of 42,400, where the immediate resistance is visible.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty witnessed a late surge which helped it to close with gains of 158 points. More importantly it has managed to close above the 20-day moving average (18,035) which is a sign of strength.
The daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, all parameters are suggesting towards a sharp up move over the next few trading sessions.
In terms of levels 17,880 – 17,850 shall act as a crucial support zone while 18,280 – 18,300 shall act as an immediate hurdle zone for the Nifty.
Vinod Nair, Head of Research at Geojit Financial Services
The domestic market is attempting to gain, in comparison to its weak YTD performance, which was caused in anticipation of a soft Q3 result & union budget.
We started the third quarter results on a shaky note, but the latest set of financial announcements from IT and banking blue chips are encouraging.
Heavy weights are also pushing the counter, including the fact of the fall in windfall tax. Given the positive undercurrents, the trend should continue in the short term. However, a lot will depend on the second line of Q3 results, the budget outcome, and the Fed policy statement.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Markets were extremely lacklustre with a negative bias in the last few sessions and global indices were witnessing an upward bias due to hopes of demand revival following the reopening of China and cooling inflation data in the US.
Indian markets also rallied back sharply as we had missed the recent upsurge, although the undertone remains cautious to negative bias.
Even as the global economic scenario is seen bleak, investors are hoping the forthcoming Budget would announce some measures to boost the economy to overcome some of the challenges.
Technically, the market has formed bullish candle on daily charts and higher bottom formation on intraday charts, which is indicating further uptrend from the current levels.
For the trend following traders, 17,950 would act as a strong support zone, and above which the index could move up to 18,100-18,200 levels. On the other hand, below 17,950, uptrend would be vulnerable and the index could slip till 17,900-17,850.
Indian rupee ended 16 paise lower at 81.77 per dollar against previous close of 81.61.
Market Close: Indian benchmark indices ended higher on January 17 with Nifty above 18,000.
At Close, the Sensex was up 562.75 points or 0.94% at 60,655.72, and the Nifty was up 158.50 points or 0.89% at 18,053.30. About 1641 shares have advanced, 1764 shares declined, and 133 shares are unchanged.
L&T, HUL, HDFC, HCL Technologies and HDFC Bank were among the top gainers on the Nifty, while losers included SBI, IndusInd Bank, Bajaj Finserv, Wipro and Tata Steel.
On the sectoral front, realty, energy, infra, power, capital goods and FMCG gained 1 percent each, while PSU bank index shed nearly 2 percent.
The BSE midcap and smallcap indices ended flat.
Pharma firms Innova Captab, Blue Jet Healthcare get Sebi nod to go public
Pharmaceutical companies Innova Captab and Blue Jet Healthcare have received approval from the capital markets regulator to go ahead with their IPO plans.
The Innova Captab public issue comprises a fresh issue of Rs 400 crore and an offer-for-sale of 96 lakh equity shares by promoters.
Another CDMO business operator Blue Jet Healthcare is also now ready to launch its public issue that comprises only an offer for sale of 2.16 crore equity shares by promoters Akshay Bansarilal Arora, and Shiven Akshay Arora. It is 100 percent owned by promoters.
Sharekhan View on Federal Bank:Maintains ‘buy’ rating on Federal Bank with a revised price target of Rs 170.The broking firm believes the bank is well poised to sustain RoA of 1.2-1.3 percent over the medium term. It believes the bank has fewer levers to surprise positively from here on except on the operating leverage. However, a reversal in return ratios is unlikely and asset-quality outlook is stable for the sector.Sharekhan believes now consistent steady performance could drive re-rating in the stock.
Jefferies keeps ‘Buy’ on Reliance Industries
-Buy rating, target at Rs 3,100 per share
-Government approved the green hydrogen mission
-Phase 1 will focus on existing hydrogen users & electrolyser capacity creation
-Phase 2 will focus on new customer industries
-Initial incentives of Rs 19,740 crore is dwarfed by subsidies announced by the US & Europe
-Any meaningful cap subsidy to RIL should aid USD 8 billion valuation of its green H2 foray
Reliance Industries was quoting at Rs 2,479.10, up Rs 34.40, or 1.41 percent on the BSE.
Gland Pharma Large Trade | 5.52 lakh shares (0.33% equity) worth Rs 78.55 crore change hands at an average of Rs 1,420 per share
RBI may pause on rates next month: DSP Investment Managers
With India’s headline inflation for the October-December period falling below the RBI’s estimate, the central bank could reevaluate its strategy amid an ongoing global growth slowdown, Pathak said in a Tuesday interview with Bloomberg Television…. Read More
WhiteOak Capital Mutual Fund launches Balanced Advantage Fund
WhiteOak Capital Mutual Fund today announced the launch of their new fund offer (NFO) – ‘WhiteOak Capital Balanced Advantage Fund’.
The NFO will be open from 20th January – 3rd February 2023.
This is an open-ended dynamic asset allocation scheme investing in equities (65-100%), arbitrage (0-50%), and debt/cash in the range of 0-35% with weight of net equities in the range of 30-80%. The performance of this NFO is benchmarked against BSE Sensex TRI.