NIFTY AND NIFTY BANK TRADED VERY NARROWLY TODAY AND CLOSED WITH GAINS

NIFTY:

The NIFTY opened at 18131.70 with a gap up of 26 points. The index initially consolidated and saw a minor dip which found support quickly around 18100. Prices have recorded its intraday low at 18086.50 and bounced up sharply. The index consolidated for most of today’s trading session and saw a dip. Prices have bounced up again, rallied, and recorded its intraday high at 18215.15 towards the end of today’s trading session. The index finally closed at 18197.45 with a gain of 92.15 points or 0.51% up. All the sectoral indices have closed with gains today except PHARMA which ended with a loss of 0.37% METAL outperformed today by gaining 2.43% followed by MEDIA and REALTY. We have suggested a trade which was to buy above the first 15 minutes of high. Prices have recorded that high around 18153 and soon broke it. We went long there. We have suggested a stop of 80 points and a target of 240 points for this trade. Prices did not touch either level so this trade remained intact. Stay long with a stop at 18080 and a target at 18400. The short-term trend is still sideways and it will be up when the index closes above the 18300 resistance. Strong support is visible around 18000. We should look for buying only when prices are above 18000 levels.

BANK NIFTY:

The BANK NIFTY opened at 43038.25 without much of a gap. The index initially consolidated and then broke on the upside after recording its intraday low at 42961.75. The index rallied sharply and then saw a mild correction. Another sharp surge came towards the end. The index recorded its intraday high at 43382.75 and finally dosed at 43234.30 with a gain of 200 points. PSU and PVT BANKS both indices have performed almost the same today, saw a modest intraday rally, and closed higher by 0.70% &0.63% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while SBIN contributed the lowest. For today, we have suggested a trade which was to buy above the first 15 minutes of high. The index recorded that high around 43151 and crossed above soon after. We went long there. Prices did not hit the suggested stop of 300 points or the target of 800 points today so this trade remained intact. We are recommending traders stay long with a stop at 42900 and a target at 43950. The short-term trend is still sideways but the bias is bullish. As mentioned, a close above 43300 may change it to be on the upside. Support is now visible around 42700.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Nikkei Services PMI (Dec) on 4th  January, 2023 INR: CPI (YoY) (Dec) on 12th  January, 2023	USD: JOLTs Job Openings (Nov) on 4th  January, 2023 USD: ISM Manufacturing PMI (Dec) on 4th  January, 2023

NEWS UPDATES

• Benchmark indices ended higher on January 2, the first trading session of 2023, with Nifty around 18,200.At Close, the Sensex was up 327.05 points or 0.54% at 61,167.79, and the Nifty was up 92.20 points or 0.51% at 18,197.50. About 2254 shares have advanced, 1245 shares declined, and 177 shares are unchanged.

 

• India’s manufacturing activity strengthened in December, rising to its highest level since October 2020. The India Manufacturing Purchasing Managers’ Index stood at 57.8 in December, up from 55.7 in November, according to a media statement by IHS Markit. A reading above 50 indicates expansion.

 

• Mahindra & Mahindra Ltd.’s total passenger vehicle sales jumped 61% year-on-year to 28,445 units in December. The total tractor sales rose 27% to 23,243 units, with 30% growth in the domestic sales.

 

• India’s unemployment rate rose to a 16-month high in December as job creation in the slowing economy failed to keep pace with the growing workforce. The overall unemployment rate increased to 8.3%, up from 8% in November, according to data from the Centre for Monitoring Indian Economy Pvt. Ltd. That’s the highest reading since August 2021.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name	Purpose	Meeting Date	Company Name	Purpose	Meeting Date
ANKITMETAL	General	03-Jan-23	JANUSCORP	Increase in Authorised Capital	05-Jan-23
BRANDBUCKT	General	03-Jan-23	KPEL	General;Stock  Split	05-Jan-23
CASPIAN	Increase in Authorised Capital;General;Preferential Issue of shares	03-Jan-23	RGRL	Increase in Authorised Capital;General;Preferential Issue of shares	05-Jan-23
GLOBALCA	General	03-Jan-23	RHIM	General	05-Jan-23
KARNAVATI	Stock  Split	03-Jan-23	SAMINDUS	General	05-Jan-23
NIBE	Issue Of Warrants;Preferential Issue of shares	03-Jan-23	SERA	General	05-Jan-23
QGO	General	03-Jan-23	SUPREMEINF	General;Quarterly Results	05-Jan-23
SBIN	General	03-Jan-23	SYMBIOX	Right Issue of Equity Shares;Rights Issue	05-Jan-23
TIMETECHNO	General	03-Jan-23	TIMESGREEN	General	05-Jan-23
TOKYOFIN	General	03-Jan-23	VISHWARAJ	General	05-Jan-23
VIVANTA	General;Preferential Issue of shares	03-Jan-23	VLSFINANCE	Buy Back of Shares;General	05-Jan-23
ABHIJIT	Increase in Authorised Capital	04-Jan-23	DRA	General	06-Jan-23
AMITINT	Quarterly Results	04-Jan-23	DRONACHRYA	General	06-Jan-23
BFINVEST	Voluntary Delisting of Shares	04-Jan-23	INDOWIND	Quarterly Results	06-Jan-23
CANOPYFIN	General	04-Jan-23	INDUSFINL	Quarterly Results	06-Jan-23
CPML	Half Yearly Results;General	04-Jan-23	INOXGREEN	General	06-Jan-23
FIBERWEB	General	04-Jan-23	KHAITANLTD	General	06-Jan-23
IRB	Stock  Split	04-Jan-23	OISL	Quarterly Results;General	06-Jan-23
KCDGROUP	Increase in Authorised Capital;General;Stock  Split	04-Jan-23	MIRCH	Increase in Authorised Capital;Issue Of Warrants;General	07-Jan-23
KUNSTOFF	General	04-Jan-23	SMGOLD	Quarterly Results	07-Jan-23
NAVODAYENT	Increase in Authorised Capital	04-Jan-23	TCS	Audited Results;Interim Dividend;Quarterly Results	09-Jan-23
SCL	Increase in Authorised Capital	04-Jan-23	EXCEL	General;Quarterly Results	10-Jan-23
SHRINIWAS	Increase in Authorised Capital	04-Jan-23	BAZELINTER	Employees Stock Option Plan;Increase in Authorised Capital;General;Preferential Issue of shares	11-Jan-23
TANTIACONS	Quarterly Results;General	04-Jan-23	GGL	Quarterly Results	11-Jan-23

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