Markets started the week on a strong note and gained over a percent, in continuation to the prevailing up move. The benchmark index opened gap-up, tracking positive global cues and traded firm till the end. Consequently, Nifty reclaimed the 18000 mark and settled around the day’s high. Indian markets opened on a positive note following mixed to marginally positive Asian market peers as investors await more U.S. inflation data. During the afternoon session markets were trading in fine fettle as sentiments’ were upbeat after three months of selling spree, foreign investors have turned net buyers in the first week of January by infusing Rs 3202 crore in Indian equities. Additional support came as total employment generated by nine select sectors stood at 3.10 crore in the July-September 2021 quarter, which is 2 lakh more than that of the April-June period, according to a quarterly employment survey by the labour ministry. At close, the Sensex was up 650 points at 60395, and the Nifty was up 190 points at 18003. Traders also took solace as India has begun administering booster doses of the COVID-19 vaccine to frontline workers and vulnerable elderly people. Amongst the sectors, all the indices ended in green wherein capital goods, realty and banking were the top gainers. The broader markets too participated and gained in the range of 0.8% - 1.3%. Markets are showing tremendous resilience amid the rising COVID cases and the focus would now shift to the earnings season. Besides, key macro data such as IIP and CPI would also be on investors' radar. Amid all, global cues would continue to induce volatility. We’re now eyeing 18100 zone in Nifty. Apart from banking, participants should focus on metal, energy and select auto counters for long positions.
Resistance: 18050, 18150, 18250
Support: 17950,
17850, 17750
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