On January 3, benchmark indices experienced a second consecutive day of selling pressure, leading to losses in benchmark indices. This decline signalled caution in the market ahead of the upcoming third-quarter earnings season. Despite this, broader market indices performed relatively well, with Nifty Small cap 100 ending flat and Nifty Midcap gaining 0.3%. The Nifty 500, the broadest index on NSE, saw a 0.26% decrease. Notably, Nifty Realty emerged as the top gainer among sectoral indices, rising by 1.2%. Other notable gainers included Nifty PSU Bank and Nifty Pharma, while Nifty IT and Nifty Metal experienced significant declines.
NIFTY: The index opened flat at 21,661 and made a high of 21,677 before closing at 21,517. Nifty has formed a long bearish candlestick pattern on the daily chart, while making lower highs and lower lows for yet another session. Its immediate resistance level is now placed at 21,590 while immediate support is at 21,490.
BANK NIFTY: The index opened flat at 47,796 and closed at 47,704. Bank Nifty has formed a bearish candle with a long lower shadow on the daily chart, indicating buying interest at lower levels, while forming lower highs and lower lows for the fourth consecutive session. Its immediate resistance level is now placed at 47,800 while support is at 47,600.
Stocks in Spotlight
▪ Coal India: Stock slipped 1.8% despite the company recording all-time high volume of 98 million tonnes to non-regulated sector consumers till December in this fiscal.
▪ MOIL: Stock gained 3% intraday after the manganese ore producer recorded the highest ever monthly output in December 2023 but squandered the gains to close 0.06% lower.
▪ Bank of Maharashtra: Stock gained 3% after registering more than 20% growth in Q3 gross advances.
▪ Gold prices fell on Wednesday as the dollar firmed, while investors looked ahead to the release of minutes from the Federal Reserve’s latest policy meeting and US jobs data for more clarity on potential interest rate cuts.
▪ The US dollar rose again after jumping the previous day as the yield on the 10-year Treasury note topped 4% and the recent risk rally hit a pause.
▪ Oil prices rose Wednesday after reports of a disruption to Libya’s top oilfield added to supply concerns emanating from tensions in the Red Sea.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.