Introduction:
The global market scenario remains dynamic, with various factors influencing the performance of major indices. Here’s a concise overview of the latest market developments.
Market Highlights:
Global Indices Performance:
- GIFT Nifty shows a modest uptick of +0.06%, while the US stock market remains flat.
- European markets close lower due to higher-than-expected US inflation, and Asian markets, except Japan, experience a downturn.
Corporate Buzz:
- Microsoft surpasses Apple, becoming the world’s most valuable company.
- TCS reports lower-than-expected deal wins for Q3, while Infosys ADR shares rise despite weak performance.
- SoftBank plans to resume investments in Indian startups by mid-2024.
Financial Predictions:
- Howard Marks predicts US Fed interest rates to average around 3% in the next 5-10 years.
- Jeremy Siegel anticipates an 8-10% gain for the S&P 500 in 2024.
- Algo trading firms, including Graviton Capital, show substantial revenue growth.
Oil and Currency Trends:
- Oil prices rise by nearly 1% due to tensions in the Middle East.
- The Dollar Index sees a slight decrease, trading at 102.22.
Technical Analysis:
Nifty Analysis:
- Nifty 50 fails to surpass the downward sloping resistance trendline around 21,725.
- Likely to remain rangebound below 21,725-21,750, with potential for a record high of 21,834.
- Identified support at the 21,500 mark, forming a bearish candlestick pattern on January 11.
Bank Nifty Analysis:
- Traded in line with Nifty 50, showing a small bearish candlestick pattern.
- Holds support at 47,000 – 46,900, suggesting buying interest at lower levels.
- Expected recovery up to 47,838 – 48,000; intraday dips should be bought into.
Options Data:
- Nifty Call Options: Maximum open interest at 21,700, with significant contracts at 22,000 and 21,900.
- Nifty Put Options: Maximum open interest at 21,600, with notable contracts at 21,500 and 21,000.
Key Stocks to Watch:
- Infosys revises FY2024 revenue growth guidance; HCLTech & Wipro set to report Q3 results.
- Polycab experiences a 21% stock drop amidst from Tax Evasion allegations
- Mahindra & Mahindra invests up to ₹630 crore in Mahindra Electric Automobile Ltd.
FII and DII Activities:
- FII net sellers with total sales of Rs -865 Cr on 11 Jan 2024.
- DII net buyers with total sales of Rs 1607.1 Cr on 11 Jan 2024.
Conclusion and Disclaimer: The global market remains dynamic, influenced by geopolitical tensions, corporate developments, and economic predictions. Investors should stay vigilant and adapt their strategies accordingly.
