In today’s episode, we dive into the latest market trends following a massive rally in US equities. With all three major indexes posting their biggest gains in over two months, fueled by lower-than-expected US inflation data and strong earnings reports, the global market sentiment is looking positive.
The Nifty started the session on a strong note but faced pressure as the day progressed. Despite some pullbacks, key levels are in focus, with significant resistance near the 23,300 zone. While volatility remains high, the market's overall direction will depend on how the Nifty behaves around this critical range.
- *Global Updates*: US market rallies on strong earnings and inflation data.
- *Nifty Insights*: Narrow range in the morning, followed by pullback in the afternoon. The daily candle formation signals possible weakness at higher levels.
- *Sector & Stock Focus*: Positive setups in IDEA, BSE, MCX, Reliance, and Kotak Bank, while weakness is evident in stocks like Axis Bank, Bata India, and Kalyan Jewellers.
- *Actionable Trading Advice*: Market range between 22,600 to 23,600, with critical levels to watch for Nifty and Bank Nifty.
Whether you're an active trader or a long-term investor, this episode will give you actionable insights into the Nifty's immediate future and stocks to track.
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[00:00:00] Welcome to Indian Market in Minutes from Motilal Oswal's research desk. We will be covering technical and derivatives, SII's activity, index, actionable sectors and stocks to watch out. So stay tuned till the end. Hey, this is your host Shivangi Sarda and let's look at what happened globally.
[00:00:26] The market is expected to open on a strong note driven by a rally in the US market where all the three major indices posted their largest daily percentage gains in over two months. This rally was fuelled by lower than expected US December co-inflation data and strong earnings from major US banks.
[00:00:45] To start with our first segment for Thursday 16 January 2025, Nifty Index opened positive and witnessed swings within a narrow band in the first half of the session, which was followed by Strength giving up. It again showed some signs of pullback move in the last hour and finally formed a bearish candle of the daily frame but negated its lower half. The price of the highest formation of the last eight trading sessions. Some pressure is intact at higher zones due to lack of follow-up buying.
[00:01:14] Intervix was down by another 1% to 15.3 levels. Nifty put call ratio decreased to 0.82. Option data suggests a broader trading range in between 22,600 to 23,600, while immediate range is in between 23,000 to 23,400.
[00:01:34] Moving on to the second segment in the equity cash market, FIIs were net sellers to the tune of 4533 crores, while DIIs were net buyers worth 3683 crores. FIIs index long-shot ratio increased to 17.2%. Going ahead with the index actionable, derivatives data and price setups suggest, till the time Nifty holds below 23,300,
[00:02:01] weakness could be seen towards 23,000 and 22,800, while hurdles are placed at 23,500. Bank Nifty has to hold above 48,500 for a bounce towards 49,500, while on the downside support can be seen at 48,500. And finally, talking about the sectors and stocks to watch out, positive setup can be seen in BSC, MCX, Indian Hotel, Dixon, CDSL, Reliance and Coated Bank.
[00:02:30] While some weakness could be seen in Kalyan Jewelers, Cumans India, OFSS, Axis Bank, Aurobinda Pharma, Jindal Stainless Steel, Lodha and ABFRL. Wish you a super trading day ahead. Shivamki Sarada signing off. Follow this podcast for solid advice.
[00:03:00] Investment and securities market are subject to market risk. Read all the related documents carefully before investing.