Nifty finds demand and most importantly, retakes 23300

*Review & Preview @4PM —— Thursday, January 16th 2025*

NIFTY (+99, 23311)
Sensex (+319, 77043)
Bank Nifty (+527, 49279)

# Nifty finds demand and most importantly, retakes 23300 as bulls’ takeover the positive baton from a strong and solid higher close at Wall Street.

# Risk-on sentiments prevailed amidst cooler-than-expected core December US CPI inflation data.

The softer CPI report eases investors’ concerns about rising inflation and most importantly, strengthened streets ‘expectations that the Fed may continue its rate-cutting cycle throughout the year.

# Amidst this backdrop, the US Dollar has retraced to 109 levels from the 110 mark while the US 10-year benchmark rate has slipped to 4.65%, fading from its fresh 14-month high of 4.80%.

# Meanwhile, the two big headwinds:

1) WTI Oil spiking to $80 per barrel, hovering near six-month highs

2) Headlines surrounding Trump’s tariff plans and as the January 20th inauguration approaches.

# Long story short: We will spy with one big eye if the big FIIs now look to trim their bearish expectations. (This January so far, they have sold to the tune of Rs. 38,916.10 crores).

Meanwhile, in today’s trade, Nifty PSU Banks index and Nifty Metals were star outperformers.

# Going forward, the 2-big catalysts on investors radar:

2) The Federal Open Market Committee’s next policy meeting on January 28-29.

3) Delhi Assembly election voting on Feb 5th, results on Feb 8th

# Buzzing stocks:

1) Life insurance stocks were in rally mode on HDFC Life’s healthy Q3 earnings. HDFC Life zoomed 8% higher.

2) Railway stocks like IRFC (+4%), RVNL (+11%) and Ircon (+15%) zoomed higher on expectations that the government may increase rail budget by 18% in FY26

3) As of writing, all eyes were on INFY and Reliance Industries Q3 results…

# Sentimental Overview:

# Meanwhile, in today’s trade: India VIX ends at 15.46, up 1.312%. At last check, USD/INR was firm at 86.56.

# The broader markets too witnessed strong session as the S&P BSE Mid-Cap index ended 0.70% higher and the S&P BSE Small-Cap index galloping 1.68% higher.

# Technical Overview:

# The good news is that Nifty’s recovery continues for 3rd straight day.

# Technically speaking, Nifty continues to trade way below its 200 DMA which is placed at 23963 mark.

# The bearish daily technical setup shall exacerbate more pain below psychological 23000.

Below Nifty 23000, the next inter-month supports are placed at 21281 mark (June 4th Election day low).

# Confirmation of strength only on any close above Nifty 23963 mark.

# Outperforming Nifty Sectors:
Nifty PSU BANKS (+2.68%)
Nifty METALS (+1.75%)
Nifty PSE (+1.67%)
Nifty ENERGY (+1.56%)

# Underperforming Nifty Sectors:
NIFTY IT (-0.58%)
NIFTY FMCG (-0.47%)

# Adv-Dec 33—17
# INDIA VIX 15.46 (+1.31%)
# NIFTY PCR (23rd JAN) 0.89
# NIFTY PCR (30th JAN) 1.03

# Bulls of the day:
HDFCLIFE (+7.99%)
BEL (+3.60%)
SBILIFE (+2.89%)
SHRIRAMFIN (+2.58%)
ADANIPORTS (+2.23%)

# Bears of the day:
TRENT (-2.51%)
DRREDDYS (-2.26%)
HCLTECH (-1.95%)
TATACONSUM (-1.84%)
INFY (-1.52%)
(Source NSSEINDIA.com)

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