POST-MARKET SUMMARY 04 January 2024

On January 4, the market snapped its two-day losing streak, propelling Nifty above 21,600 amidst widespread buying across sectors and broader indices. Despite weak global cues, the market commenced the session positively and continued to gain momentum throughout the day, with Nifty nearing 21,700 before settling close to the day's high. On the sectoral front, the Realty index witnessed a 6.6% increase, the power index rose by 2%, and the bank, capital goods, healthcare, and oil & gas indices recorded gains of 0.5-1%.

NIFTY:  The index opened 88 points higher at 21,605 and made a high of 21,685 before closing at 21,658. Nifty has formed a bullish candlestick pattern on the daily chart, with higher highs and higher lows formation. Its immediate resistance level is now placed at 21,700 while immediate support is at 21,600.

BANK NIFTY: The index opened 101 points higher at 47,805 and closed at 48,195. Bank Nifty has formed a long bullish candlestick pattern on the daily timeframe and is trading above all key moving averages. Its immediate resistance level is now placed at 48,400 while support is at 48,050.

Stocks in Spotlight

▪  LTIM: Stock fell over 1.4% after receiving a tax demand of Rs 206 crore. The company plans to challenge the order.

▪  Torrent Power: Stock soared 7.7% after the power utility firm signed four contracts with the Gujarat government for a total of Rs 47,350 crore.

▪  Ujjivan SFB: Stock went up 3.8% after the company registered a solid 27% increase in loan book on a year-on-year basis to Rs 27,791 crore.

Global News 

▪  China led losses in Asia-Pacific on Thursday, followed by Japan stocks which resumed trading after an extended New Year’s holiday during which the country witnessed an earthquake and an accident involving Japan Airlines.

▪  European stocks were higher, following two downbeat sessions amid uncertainty over the trajectory for central bank rate cuts.

▪  The dollar fell on Thursday, after rising to an almost three-week high a day earlier, with minutes of the Federal Reserve’s last meeting providing few clues on when the United States might start cutting interest rates.

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.