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Nifty Analysis Report - February 13, 2024

STOCK PICKS FOR 13 FEB 2024

IPCALAB , SUNPHARMA, LTTS AND COFORGE

Overview:

The market commenced the week on a downward trajectory, influenced by mixed signals, culminating in a loss exceeding half a percent. Despite an initially neutral stance, the Nifty gradually descended, settling near its intraday low at 21,616. This decline was widespread across sectors, with notable pressure observed in realty, metal, energy, and banking segments. Furthermore, both midcap and smallcap indices experienced substantial downturns, exacerbating the prevailing negative sentiment.

Bank Nifty Performance:

The Bank Nifty index remained firmly under the control of bears, encountering notable resistance at higher levels. The breach below the immediate support zone of 45,000 underscored the prevailing bearish sentiment. Presently, the index faces immediate resistance at 45,100, with a potential breakthrough likely to trigger short-covering movements, propelling it towards the 45,500 level. Conversely, the immediate support lies at 44,800, and breaching this level may intensify selling pressure, potentially leading the index towards the 44,000 mark.The banking index notably retested its long-term moving average of 200 DEMA, with profit-taking observed across other sectors. This signifies a broader trend of cautiousness among investors, particularly in the banking segment.

Equity Indices Performance:

On February 12, Indian equity indices closed lower, with the Nifty hovering around the 21600 mark. This decline was primarily driven by selling pressure across sectors, excluding IT and pharmaceutical stocks. The Sensex concluded down by 523 points at 71072, while the Nifty decreased by 166 points at 21616.

Recommendations:

Given the current scenario characterized by prevailing bearish sentiment and resistance at higher levels, maintaining short positions is advisable. Investors should remain vigilant and utilize any temporary pauses or rebounds as opportunities to reduce long positions.

Conclusion:

In conclusion, the market's downward trajectory on February 12 underscores the prevailing bearish sentiment, influenced by mixed cues and sectoral pressures. Cautious trading strategies, such as maintaining short positions and capitalizing on temporary rebounds, are recommended in the current market environment.

Disclaimer:

This report is for informational purposes only and should not be construed as financial advice. Investors should conduct their own analysis or consult with a financial advisor before making investment decisions.

Weekly Report - Nifty Analysis For 12 Feb TO 16 Feb 2024📈📉

Overview:

The Indian stock market experienced mixed sentiments throughout the week, marked by fluctuations in major indices. Despite a record high in the US market, the Indian benchmark indices struggled for direction. The week saw notable movements in specific sectors, influenced by various factors including corporate earnings, regulatory decisions, and global economic concerns.

Key Events:

Market Performance: The benchmark S&P BSE Sensex and NSE Nifty index witnessed slight declines in early trade, with the Sensex down 50 points and Nifty down 40 points. However, the market managed to end the week in positive territory after two consecutive sessions of losses, largely driven by renewed optimism in banking stocks.

Sectoral Performance: The Nifty Metal and Oil & Gas indices emerged as the leading losers, both down over 1% during the week. Conversely, the banking sector experienced a rebound, contributing to the market's positive momentum towards the end of the week. However, sectors like IT, telecom, and metals faced selling pressure, limiting overall market upside.

Company Specific News: Bharti Airtel saw a decline of about 2% after the Union Cabinet approved the telecom spectrum auction. Paytm witnessed a significant slump of 6% following the resignation of an independent director from the board of Paytm Payments Bank. Additionally, Grasim and RVNL edged down slightly after posting mixed Q3 results.

Technical Analysis: The Nifty 50 index displayed volatility throughout the week, with significant swings observed during the morning session. However, the index managed to recover towards the mid-to-end session, hitting a new intraday high and attempting to cross the 21800 level. Derivatives data revealed the highest concentration in the 22000 strike prices.

Market Sentiment: There is a lack of conviction in the market due to pessimism over the delay in rate cuts by the US Federal Reserve. Global tensions and their potential impact on inflation are also holding back central banks from initiating rate cuts, contributing to uncertainty in the market sentiment.

Outlook:

The market is likely to continue experiencing volatility in the upcoming week, influenced by both domestic and global factors. Investors are advised to closely monitor corporate earnings, regulatory developments, and macroeconomic indicators for insights into market direction. Additionally, keeping track of sectoral performances and technical indicators will be crucial for making informed investment decisions amidst the prevailing uncertainty.It found support at the 20DMA for the second day in a row. The trend could weaken if it decisively drops below 21700. A decisive fall below 21700 may trigger a correction towards 21600-21500. On the contrary, if it moves above 21825, we might observe a recovery in the near term.

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Once again, the Bears found success at the 22,000 level, as the MPC committee's decision to maintain the status quo prompted a steep decline in private banking and FMCG stocks, triggering a sharp correction in the Index. Despite a mid-session attempt at recovery, another round of selling in the final session dragged the Index further down, concluding the session at 21,717, marking a loss of 212 points. The Nifty initially opened positively but drifted lower as the day progressed, ultimately closing approximately 212 points down. On the daily charts, it's evident that the Nifty has experienced a significant decline from the resistance zone of 22,000 – 22,050. Despite several attempts, it has failed to surpass this resistance zone. Conversely, the 20-day moving average (21,694) has been offering support on the downside. While the hourly momentum indicator has signaled a negative crossover, the daily remains in buy mode, resulting in conflicting signals and potentially leading to short-term consolidation. Overall, the expectation is for consolidation to persist with a negative bias. On the downside, the Nifty may drift towards the 21,500 – 21,435 zone, where support parameters such as the 40-day average are situated. Nifty witnessed a sharp decline as follow-up selling ensued post-profit booking in the previous trading session. However, it found initial support at the 20-day moving average. The trend could weaken if it falls below 21,690, potentially leading the index towards 21,500. Conversely, if it stays above 21,700, a near-term recovery might be observed.

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The Indian benchmark indices closed flat on February 7 in a highly volatile session, with investors cautious ahead of the RBI policy outcome. Despite an initial uptick, the Nifty faced downward pressure from bears, erasing gains by the close of the market. Profit-taking in IT stocks and subdued global indices added to the cautious sentiment. Traders are on the sidelines awaiting the credit policy announcement, expecting a status-quo on interest rates but keenly observing the central bank's tone for future interest rate movements. The Sensex closed marginally lower by 34 points at 72152, while the Nifty edged up by 1 points to 21930. The Bank Nifty index is witnessing a tug-of-war between bulls and bears, with anticipation of a decisive move soon. The lower-end support lies around the 45500-45800 zone, and a confirmed breach below this could trigger a significant downward correction. Conversely, surpassing the resistance at 46000 may fuel short-covering activities, potentially driving the index towards the 46400-46600 level.

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On February 6, Indian benchmark indices rebounded from previous losses, closing higher with Nifty surpassing 21,900. The Sensex gained 454 points reaching 72186, while the Nifty rose by 157 points, closing at 21929. Despite a shaky start and overnight weakness in US stocks and mixed Asian indices, local investors stepped in to buy, particularly in IT, auto, metals, and oil & gas sectors. The day saw a predominantly sideways movement in the Nifty, reflecting trader uncertainty. Market participants anticipate continued range-bound trading until a breakout occurs. A decisive upward move beyond 22000 could push the Nifty towards 22250, while a decline below 21800 may trigger a correction towards 21500.

NIFTY WEEKLY OUTLOOK & OPTION CALL PUT TIPS FOR 05 FEB TO 9 FEB 2024

A conservative interim budget failed to deter the market's growth momentum, which continued to surge amid the pre-election rally. The substantial reduction in the fiscal deficit target contributed to a decline in bond yields, leading to lower corporate borrowing costs and heightened incentives for increased investment. Additionally, the Federal Reserve signaled a cautious approach to interest rate cuts until March '24, while reporting a cooling inflation trend in the US. Friday witnessed a volatile trading session, with the benchmark experiencing sharp fluctuations before closing with modest gains. Despite an initial surge that took Nifty towards its record high, the market couldn't sustain those levels, and most gains were relinquished. Notably, energy, metal, and IT sectors recorded strong gains, while banking and FMCG sectors closed in the red. Small-cap indices managed to gain nearly a percent. The market concluded the Budget week with its most significant weekly gains in two months, as both the Sensex and Nifty rose by 2 percent each. Despite the Federal Reserve's indication of no rate cuts until March '24, the benchmark equity indices ended on a positive note. Following a muted reaction to the Interim Budget in the previous session, the market posted substantial gains on February 2, reaching new highs. Nifty hit 22,126.80, and the Sensex rallied over 1,400 points.

However, profit-booking at higher levels led to a partial retreat from the day's high, with the Sensex closing at 72,085, down 0.61%, and the Nifty closing at 21,853, down 0.72%.

Positive global cues and initial gains were offset by profit-booking, resulting in the Sensex closing 1,003 points lower than the day's high, and the Nifty shedding 273 points from its peak.

Nifty Bank index turned negative, losing 0.5% after reaching an intraday high of 46,892 at 45,970. Maintaining the current Nifty level is crucial, as a failure could lead to a sideways trend. Sustainability above 22,150 is deemed necessary for a march towards 22,500+. Banking majors' consistent participation is critical for a steady trend; otherwise, the market may continue in a range-bound pattern.

Although Nifty surpassed 22,000, it formed a double top on the hourly chart, indicating caution. A decisive breakout above 22,125 is needed for confirmation of a bullish trend resumption. Conversely, a break below the support level at 21,500 may indicate bearish momentum. A breakout above 22,150 could propel Nifty towards 22,500 and beyond.

Daily and hourly momentum indicators present a divergent signal, and prices remain within a range, with Bollinger bands contracting, signaling range-bound price action. The consolidation is expected to persist, with stock-specific actions and sector rotations driving market movements. Key support levels are identified at 21,660 – 21,600, while an immediate hurdle zone is placed at 22,100 - 22,150.

Bank Nifty faced selling pressure around the 46,900 – 47,000 zone, aligning with the 61.82% Fibonacci retracement level. The short-term perspective suggests a consolidation phase for Bank Nifty in the range of 47,000 – 45,500.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 02 FEB 2024

On the inaugural day of February, coinciding with the unveiling of the interim budget by Finance Minister Nirmala Sitharaman, the primary index NIFTY demonstrated a stable performance. In contrast, Bank Nifty and banking stocks displayed positive momentum throughout the trading session. The market exhibited a negative trend as the Sensex experienced a marginal loss of 0.15  %, closing at 71645, while the Nifty saw a 0.13  % intraday decline, settling at 21697. Conversely, Bank Nifty concluded on a positive note, gaining 0.42  % and finishing at 46188. In terms of sectors, Nifty PSU Bank, Nifty Auto, and Nifty FMCG concluded in the green, whereas Nifty Metal, Nifty Media, and Nifty Infra ended on a downward trajectory. Among Nifty stocks, Maruti Suzuki, Cipla, and Power GRID emerged as the top gainers, while Ultratech Cement, LT, and Grasim lagged behind as prime losers. India VIX experienced a negative movement of 9.97  % intraday, settling at 14.45. The index is expected to find support in the 21550-21400 zone. Examining the Open Interest (OI) data, the call side exhibited the highest OI at 22000, followed by 21800 strike prices, while on the put side, the highest OI was observed at the 21700 strike price. Meanwhile, Bank Nifty is anticipated to have support at 45700-45500, with resistance levels at 46500 and 46650. 

Navigating Budget 2024: Strategies and Insights for Nifty 50 Amidst Interim Budget Anticipation

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Budget 2024 is anticipated to bring heightened volatility to the Nifty 50, prompting a strategy of short strangles on February 1.

The Interim Budget for 2024 is not predicted to make a significant impact on the stock markets, given that the full-fledged Budget is scheduled after the government formation. Analysts on Dalal Street suggest that trading opportunities may be limited.

The Interim Budget is expected to lack major policy changes or new announcements but will lay the groundwork for future decisions. It will be closely scrutinized for fiscal consolidation rates and priorities for capital and non-capital expenditures. Finance Minister Nirmala Sitharaman, declaring it a vote of account, implies no significant policy changes.

As a Vote on Account allows interim spending without specifying expenditures, receipts, tax changes, or government policies, substantial alterations are not expected this time.

Experts believe the Interim Budget won't be a major event for the stock market, with focus likely on reducing the deficit, boosting manufacturing, and investing in infrastructure.

Trading strategies for the interim budget day focus on key stocks, market levels, and sensitive sectors for February 1.

Stocks in focus: While opportunities may be limited due to the interim nature of the budget, the renewable energy and railway themes with Borosil Renewables Ltd and RVNL are considered viable despite recent gains.

RVNL has surged significantly in 2024, driven by expectations of fresh investments in railway infrastructure development.

The market outlook is positive, anticipating continued upward movement towards 22300, provided dips stay above 21500. Option traders are advised to consider the usual rise in VIX ahead of the budget, favoring short strangles on Nifty 50.

Trading strategy: Budget sessions are known for high volatility as markets react to announcements. Experts advise strict stop-loss measures and recommend trading only when clarity emerges from budget announcements.

Sectors such as infrastructure, finance, hotels, railways, and manufacturing are expected to see increased price volatility and trading volume. Traders are advised to wait for volatility to subside before accumulating stocks showing strength.

Derivatives Outlook: In the derivatives market, the Nifty weekly contract indicates the highest open interest at 22000 for Calls and 21000 for Puts. Monthly contracts show the highest open interest at 22500 for Calls and 21500 for Puts. Foreign Institutional Investors (FIIs) adjusted positions, increasing index longs and decreasing index shorts. Notable changes in open interest for Call and Put options indicate increased activity in the derivatives market.

Anticipation and Expectations: Insights into Key Sectors Ahead of India's Interim Budget 2024-25

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The interim Budget for the fiscal year 2024-25, to be presented by Union Finance Minister Nirmala Sitharaman, is eagerly awaited by industry leaders across sectors. Despite Sitharaman ruling out "spectacular announcements," expectations from prominent leaders are high. Based on pre-budget consultations, industry reports, and ongoing Q3 earnings, key expectations from different sectors are outlined below:

1) Logistics Sector:

Mahindra Logistics:

Mahindra Logistics, a major player in the industry, advocates for prioritizing capital expenditure in critical infrastructure projects. The company seeks more financial incentives, including tax incentives, charging infrastructure subsidies, and support for research and development in the electric vehicle industry. Mahindra Logistics emphasizes domestic manufacturing, growth in fulfillment logistics, and the adoption of multi-modal transportation.

FedEx:

FedEx, a transportation and e-commerce giant, calls for the digitization of the logistics sector. The company urges strategic allocation towards infrastructure development for more efficient multimodal logistics. FedEx emphasizes expanding airport infrastructure, strengthening regional airports, and adopting cutting-edge technologies like artificial intelligence, machine learning, blockchain, and big data for customs clearance processes.

2) Internet and Telecom:

Netplus:

Broadband service provider Netplus emphasizes strategic allocations in the budget to bridge the digital gap and ensure a more inclusive digital future. The company highlights the increased demand for robust digital infrastructure and suggests that investing in broadband expansion is both a technological imperative and an economic necessity.

Broadband India Forum (BIF):

The policy and regulatory think tank BIF suggests facilitating affordable broadband through Satcom, providing budgetary support for the growth of Public Wi-Fi, reducing statutory fees and levies, and exempting GST on service revenues. BIF sees the recently notified Telecommunications Act of 2023 as a game-changer that will catalyze further growth in the sector.

Fujitsu:

Japanese information and communication technology company Fujitsu sees the budget as playing a key role in facilitating the growth of Global Capability Centers (GCCs) in India. Fujitsu suggests that support and investment in infrastructure for GCCs can accelerate innovation and contribute to India becoming a global technology and services hub.

STT GDC:

The Indian subsidiary of a Singaporean company, STT GDC, expects the interim budget to provide special incentives for domestic manufacturing and infrastructure, especially tailored for data centers. The company hopes for attractive capital subsidies, easy financing options, and provisions encouraging the adoption of renewable energy in data centers.

3) Education

NIIT:

Leading skills and talent development corporation, NIIT, expects an increase in budgetary allocation for education to 6% of GDP. NIIT looks forward to the budget aligning with the National Education Policy (NEP) 2020 and believes that a substantial increase in the education budget is crucial for the policy to deliver its full potential.

4) Consumer Durables:

Super Plastronics Pvt Ltd:

A leading consumer durables manufacturer, Super Plastronics Pvt Ltd, anticipates a low corporate tax rate to incentivize both global and domestic businesses to establish manufacturing facilities in India. The company emphasizes the importance of advancing the "Made in India" campaign and scaling the existing Production Linked Incentive (PLI) scheme for electronics to encourage Indian manufacturers.

5) BFSI and Digital Payments:

TAC Security:

Cybersecurity SaaS startup, TAC Infosec Limited, expects the government to address the issue of cyber-attacks by developing strict cybersecurity protocols and enforcing measures to prevent growing risks. TAC Security stresses the critical role of FinTech in India's development trajectory and proposes funding for cybersecurity research and education to proactively defend against new threats in the BFSI and Digital Payment domains.

NIFTY OUTLOOK & TRADING TIPS FOR 25 JANUARY 2024

After a two-day losing streak, bulls regained control on D-Street. Despite an initial dip, benchmark indices closed with significant gains, with the BSE Sensex surpassing 600 points and the NSE Nifty ending above the 21,400 mark. Investors capitalized on the opportunity to buy stocks on dips, leading to a 1% increase in both indices. However, concerns linger about short-term issues, particularly heavy foreign institutional investor (FII) selling. The day witnessed some volatility as Nifty's monthly and weekly futures and options (F&O) contracts approached expiration. Additionally, the quarterly earnings reports from key companies influenced market sentiment. At the closing bell, the Sensex rose by 689.76 points (0.98%) to reach 71,060, while the Nifty gained 215 points (1.01%) to settle at 21,454. Of the listed stocks, 2,131 advanced, 1,503 declined, and 108 remained unchanged. We anticipate tepid domestic and FPI volumes during this shortened week, with long-term investors remaining defensive until clear trading trends emerge later in January. Foreign investors continued to sell Indian equities in the previous session, with a net withdrawal of Rs 3,115 crore. Over the last five sessions, FIIs have sold equities worth Rs 27,830 crore, contributing to a net withdrawal of Rs 26,699 crore from the equity market in January. With only three trading sessions this week due to the holiday on Monday and Republic Day on Friday, Nifty Bank experienced a slight gain of 0.15%, closing at 45,082 Except for Nifty Private Bank, which slid 0.24%, all other sectoral indices on NSE closed in the green. The bulls' strong comeback, defending the crucial support level of 44,500 with observed put writing activities. Despite the rebound, the index is still in a downtrend, and a potential pullback rally towards 45,500 is anticipated. Closing above 45,500 could trigger further short-covering moves towards the 46,000 level, characterized by the highest open interest on the call side.

NIFTY & BANKNIFTY OUTLOOK FOR 23 JAN 2024

The market is scheduled to be closed on January 22, 2024, in observance of the 'Pran Pratishtha' ceremony for the Ram Temple in Ayodhya.

The Nifty's pivot point calculator suggests potential support levels at 21,586, 21,564, and 21,527, while resistance may be encountered at 21,631, 21,682, and 21,718. Conversely, the Bank Nifty rebounded above 46,000 but faced selling pressure, resulting in a 12-point decline to 45,701, forming a bearish candlestick pattern. The Bank Nifty is expected to find support at 45,572, 45,409, and 45,145 levels, with resistance anticipated at 45,765, 46,264, and 46,528 levels. Analysts predict a consolidation between 46,500 and 45,500, warning of a potential decline if the 45,500 support is breached. Weekly options data reveals maximum Call open interest at the 22,500 strike, acting as a key resistance level for the Nifty. Call writing is notable at the 22,500 strike, with significant unwinding at the 21,400 strike. On the Put side, the 20,500 strike holds the maximum open interest, providing crucial support, while Put writing is observed at the 21,600, 21,500, and 20,500 strikes. Noteworthy Put unwinding occurs at the 21,100, 21,200, and 21,400 strikes. The market outlook suggests a nuanced interplay of support and resistance levels, with attention on key strike prices in both Call and Put options.

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The Nifty started the day with a gap down and experienced a day marked by significant volatility. It underwent unpredictable fluctuations in both directions, ultimately closing around 110 points lower. Potential counter-trend pullback may reach 21600 – 21650, encountering resistance from the 20-day moving average. Immediate obstacles lie in the 21550 – 21570 range, while crucial support is noted at 21350 – 21300. In the case of the Bank Nifty, it has reached the 161.82% Fibonacci extension level at 45768, coinciding with the 20-week moving average. This establishes the 45800 – 45600 zone as a pivotal support area, and as long as it remains unbreached, a continuation of the recovery is plausible. On the upside, a pullback could extend to 46400 – 46600.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 15 JANUARY 2024

After a two-week consolidation phase, the market broke out on Friday, gaining over 1%. The strong performance of IT heavyweights set the tone for a robust start, leading to increased buying across various sectors. As a result, the Nifty index closed near the day's peak at 21,894 marking a 1.14% increase. Besides the IT sector, realty and PSU stocks also experienced notable gains, while auto and pharma sectors showed subdued trading. Although broader indices lagged behind the benchmark, they still managed to finish with modest gains. Our attention is now on the 22,150 level in the Nifty, but potential restraint from banking sectors could limit the momentum. We recommend focusing on key sectors and utilizing any pauses or dips to accumulate high-quality stocks. It's essential to note that volatility is expected to persist due to earnings reports and mixed global cues, so plan overnight trades accordingly.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 08 JAN 2024

On January 5, Indian equity indices concluded the day higher for the second consecutive time, with the Nifty hovering around 21700. Closing figures showed the Sensex gaining 178 points reaching 72026, while the Nifty rose by 52 points, closing at 21710. The market witnessed 1798 shares advancing, 1494 shares declining, and 62 shares remaining unchanged.Although the Nifty commenced the day with a gap up, it struggled to sustain higher levels and experienced an intraday correction. During the downward movement, it successfully maintained above the crucial hourly moving averages within the range of 21650– 21625, subsequently rebounding to conclude the session with significant gains. Looking forward, we anticipate the Nifty to fluctuate within the range of 21550– 21800 in the upcoming trading sessions. The establishment of a definitive break beyond this range will likely determine the prevailing trend. Despite an overall favorable structure for the bulls, a period of consolidation is anticipated in the coming trading sessions. Meanwhile, the Bank Nifty underwent consolidation within the broad range of 48650– 47850, exhibiting a day of volatile trading. Throughout this process, it managed to hold onto the support at 47850, where the 20-day moving average provides additional reinforcement. Once this phase of range-bound activity concludes, a resumption of the next upward movement is expected. In the short term, we project a target of 49000 on the upside.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 3 JAN 2024

The market continued yesterday's late-hour sell-off, influenced by weak Chinese manufacturing data and rising tensions in the Red Sea, posing a threat to global trade and crude supplies. Investors are opting for profit booking strategies ahead of the upcoming results season. Auto stocks declined due to lower-than-expected volume numbers, while pharma stocks stood out, benefiting from the US economy's catch-up. Markets remained volatile, extending the ongoing consolidation phase with a nearly half-percent loss. The day started on a subdued note, with pressure on banking, auto, and IT stocks affecting sentiment. However, resilience in pharma and energy sectors limited the overall damage. The Nifty index closed modestly lower at 21,665.80. Broader indices also experienced a choppy trend, ending with a marginal cut. The underperformance of banking stocks is a significant drag on sentiment during this consolidation phase. A decisive close above 21,800 in the Nifty could signal the next upward move. In the current scenario, it seems prudent to favor defensive sectors like FMCG and pharma, while maintaining a selective approach in other sectors.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 2 JAN 2024

 Following a subdued start, the Nifty exhibited volatility today, achieving a record peak of 21834.35 before undergoing a correction, ultimately concluding the session just above the crucial 21700 support mark. Bank Nifty also experienced a retreat but found support near 48000, managing to close above the mentioned support level. The market displayed a flat to positive trend, with the Sensex gaining a marginal 0.04% to settle at 72271. The Nifty saw a 0.05% intraday increase, closing at 21741, while the Bank Nifty closed in the negative territory, down by 0.12%, settling at 48234. Among the sectors, Nifty PSU Bank, Nifty Media, and Nifty IT concluded in positive territory, whereas Nifty Auto, Nifty Consumption, and Nifty Fin Services ended on a downtrend. In individual Nifty stocks, Nestle, Adani Enterprise, and Adani Ports emerged as the top gainers, while Eicher Motors, Bharti Airtel, and M&M were notable laggards. The INDIA VIX showed a positive movement of 1.24% intraday, settling at 14.68.The index is well-supported in the 21600-21500 zone. Examining the Open Interest (OI) data, the call side displayed the highest OI at 22000, followed by 21800 strike prices. Conversely, on the put side, the highest OI was observed at the 21700 strike price. For Bank Nifty, support levels are identified at 48000-47900, with resistance positioned at 48450 and 48600 levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 1 JANUARY 2024

On December 28, 2023, the Indian stock market showcased resilience, concluding the year on a positive note for the eighth consecutive time. This accomplishment is notable given the various challenges encountered throughout the year, including rising interest rates, banking crises in the US, geopolitical tensions from ongoing conflicts, surging crude oil prices, and a slowdown in the Chinese economy. The Nifty index hit an all-time high at the 21,800 level, marking a significant milestone. The day began with a gap-up opening, and the Nifty maintained the 21,700 level, highlighting a robust momentum in the market. Overall, the Nifty has displayed a consistently bullish trend, with immediate support levels identified at 21,700 and 21,600. Positional traders are advised to retain their holdings in the Nifty, with a recommended stop loss set at 21,500. Upon analyzing the Open Interest (OI) data, it is noteworthy that the call side shows the highest OI at the 22,000 level, closely followed by the 21,100 strike prices. Conversely, on the put side, the 21,500 strike price boasts the highest OI. These indicators suggest a cautiously optimistic sentiment among market participants. As the market concludes the year, the ongoing bullish trend and strategic support levels present a positive outlook for investors. However, it is crucial to remain vigilant and adaptable, considering the dynamic global and economic landscape that influenced market dynamics throughout the year.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 26 DEC 2023

On Friday, the market displayed volatility but ultimately closed in positive territory despite mixed signals. Starting off flat, the Nifty experienced significant fluctuations before settling at 21362 levels. With the exception of the banking sector, key sectors, including realty, IT, and metal, followed this movement. The broader indices also recorded gains, finishing higher within the range of 0.7% to 1.1%. The recent two-day rebound in the index has alleviated some pressure, and a period of consolidation around current levels would be considered a healthy development. Given the prevailing volatility across sectors, traders are advised to exercise caution in stock selection and overnight risk management.It is recommended to stick with index majors rather than midcap and smallcap counters. The lower-end support for Nifty is established at 21,200, providing a buying opportunity during any downturns. Sustaining above 21,300 could potentially lead to further upside momentum, targeting the 21,500 level. In the case of Nifty Bank, it successfully held the key support level of 47,400. Failure to sustain above this support may result in a decline towards the 47,100 levels. On the upside, the immediate resistance is at 47,700, and a breakout beyond this level might trigger short-covering, propelling the index higher towards 48,000/48,200 levels.