Nifty rebounds to 23700 neighborhoods as HMPV virus off the front pages.

*Review & Preview @4PM —— Tuesday, January 7th 2025*

NIFTY (+92, 23708)
Sensex (+234, 78199)
Bank Nifty (+280, 50202)

Nifty rebounds to 23700 neighborhoods as HMPV virus off the front pages.

Technically, the negative takeaway was that Nifty was unable to close above its 200-DMA at 23916 mark.

Long Story Short: Caution will still continue to be the buzzword until FIIs return to their buying desk.

 

# Buzzing stocks:

1) Vodafone Idea (Vi) gained 2.53% after CEO Akshaya Moondra announced a phased rollout of 5G services in 75 major cities, focusing on 17 priority circles and industrial hubs with high data consumption.

2) Biocon shares jumped 6.7% to ₹382 on reports that it received an approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA). The regulatory body gave the green light to Ustekinumab BS, a subcutaneous biosimilar injection to Stelara, marking a key breakthrough for the company.

# Sentimental Overview:

# Meanwhile, the 3-big catalysts:

1) TCS officially sets afire the ceremonial starters pistol for corporate India’s Q3 results on Thursday, January 9th.

2) All bullish eyes will be on Friday’s US NFP.

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

# The king US Dollar slips to 108 levels on reports that the incoming Trump administration might adopt a more targeted approach in applying tariffs.

# With intermonth perspective Nifty’s direction will depend on what Trump will do after he takes office as US President on January 20th

# Technical Overview:

Well, the Good News: Nifty snapped its two-days losing streak.

Technically speaking, any near-term rebound could be a Dead Cat Bounce!

Please note, ‘Dead Cat Bounce’ is a temporary price recovery following losses, that is followed by more losses.

Immediate downside risk on Nifty is placed at its December 31st low at 23460 mark; and then aggressive downside targets are at Nifty’s psychological 23000 mark.

# Confirmation of strength only on any close above Nifty 24227.

# Outperforming Nifty Sectors:
Nifty Oil & Gas (+1.75%)
Nifty ENERGY (+1.26%)
Nifty MEDIA (+1.16%)
NIFTY METAL (+1.14%)

# Underperforming Nifty Sectors:
Nifty IT (-0.74%)
Bank AUTO (-0.14%)
Nifty FMCG (-0.01%)

# Bulls of the day:
ONGC (+3.79%)
SBILIFE (+2.62%)
HDFCLIFE (+2.31%)
TATAMOTORS (+2.09%)
ADANIENT (+2.03%)

# Bears of the day:
TRENT (-2.20%)
HCLTECH (-1.86%)
TCS (-1.56%)
EICHERMOT (-1.43%)
TECHM (-0.99%)
(Source NSSEINDIA.com)

 

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Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.