Bulls continued the positive momentum in Indian Stock Market for the third day in a row. At close, Sensex was up 221.26 points or 0.37% to close at 60,616.89. Nifty was up 52.50 points or 0.29% to close at 18,055.80. About 1757 shares have advanced, 1481 shares declined, and 55 shares are unchanged. The Nifty Midcap 100 index closed 0.1% higher.
Stock Market Summary
The stock market indices ended higher at the end of trading session on January 11. After a flat opening, the index made an intraday low at 17,964.40 levels and manage to close the session above 18000 marks as the market weighed the expectations of a strong quarter amid concerns over rising cases, supply issues, and inflationary pressure. Bank Nifty ended the session at 38,442.20 level with a gain of 94.30 points. India VIX gains 0.45% to end around 17.76 levels.
On the sectoral front
On the sectoral front, buying was witnessed in the Energy (up 1.36%), IT (up 1.16%) and Realty stocks, while the Metal index was down 1.90 percent and the FMCG index fell 0.4 percent.
Major Gainer and Loser of Nifty 50
HCLTECH (up 4.49%), ADANIPORT (up 3.53%) & HDFC (up 1.8%) were among the Top gainers in yesterday’s trading session.
JSWSTEEL (down 3.41%) & TATASTEEL (down 2.92%) were among the Top losers in yesterday’s trading session.
Both FII’s and DII ‘s were net buyers of the day. FII’s bought stocks worth Rs 111.91 Crores. While DII’s bought stocks worth Rs 378.74 crores.
Now, what’s next??
We’re in the fourth week of rebound and now all eyes are on the earnings of three IT majors i.e., Infosys, TCS, and Wipro for cues. We reiterate our positive yet cautious view on markets and suggest focusing more on sector/stock selection.
Technical View of Stock Market
Major benchmark index opened on a flat note and showcased a flattish trend with positive bias as the market weighed the expectations of a strong quarter amid concerns over rising cases, supply issues, and inflationary pressure.
Bulls tighten their grip as index witnessed positive closed for the third straight session.
On the technical front, the index has been trading with higher high & higher low formation for the last three days and sustained above the falling trendline which suggests an upside rally in the counter.
Also, the index has been trading above 21 & 50-DMA as well as a momentum indicator MACD & STOCHASTIC are trading with a positive crossover on the daily time-frame which suggests strength in the counter.
The support is around 17900–17800 levels. Whereas the upside hurdle is around 18200–18350 (Spot levels).
On the options front, Nifty open interest put-call ratio is around 1.15 levels. Maximum call open interest addition was seen at 18400 strike. Whereas the maximum put open interest is around 18000 strike, indicating a range of trading in upcoming sessions.
Nifty Futures strategy for the day
Strategy – Either buy above 18100 for the targets of 18160–18250 or Sell below 18000 levels for the downside targets of 17900–17800 (Future levels).
The financial benchmark index opened on a flat note. After that the index managed to close the session above 38400 with a gain of 94.30 points.
Bulls continued the positive momentum for the fourth day in a row as overnight gains in the US market and the absence of any major negative news helped investors remain invested in selective sectoral stocks.
Technically, the Bank Nifty is consistently forming a higher bottom and higher top formation which suggests a further uptrend.
Some of the banks ended in red like IDFCFIRST, KOTAK, INDUSIND BANK.
Once the level of 38600 is crossed and sustained then the index can march towards 38800–39000. Till then there is the near-term support at 38200–38000 (Spot levels).
On the options front, Bank Nifty open interest put-call ratio is around 1.08 levels. Maximum call open interest additional was seen at 39000 strike. Whereas the maximum put open interest is around 38000 strike, indicating a range of trading in upcoming sessions.
Bank Nifty Futures strategy for the day
Strategy – Either buy above 38650 for the targets of 38800–39000 or sell below 38450 levels for the downside targets of 38250–38100 (Future levels).
Top Stock Recommendations for Today (12th Jan 2022)
The stock is ready for a resistance breakout on the daily chart. Now we will expect more upside move-in the coming days.
Strategy – Traders can enter above 670 for the upside move till 700 and then to our next target of 725. Support and stop loss will be below 630.
The stock formed a bullish pattern on the daily chart. We will expect a major breakout of the trendline in days to come.
Strategy – Traders can enter above 341.10 for the upside move till 350 and then to 358 in days to come. Support and stop loss will be below 335 on closing basis.
Traders can trade safely with levels. More will update during market hours. Join our FREE WhatsApp broadcast list to get Live market updates.
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