IRFC emerged lowest bidder to finance Rs 3,167-Crore coal block project in Jharkhand- Daily Market Update 15th Jan 2025

Nifty Overview & Outlook

The Indian benchmark index, Nifty, ended its four-day losing streak and opened on a positive note on the festive occasion of Makar Sankranti. This positive momentum was supported by a decline in food inflation, which provided some room for the RBI to potentially ease monetary policy. The recovery was primarily driven by a rebound in banks and financial institutions, which were seen as oversold. More-ever, shares of the Adani Group saw a sudden surge following speculative reports of overseas fundraising plans linked to Trump’s return. Later in the session, PSU banks saw a sharp uptick following news that the government was considering a QIP to reduce its stake in these banks. All said and done, despite a significant drop in the IT index, primarily driven by a 10%+ decline in HCLTECH after its Q3 results, the Nifty managed to close with a marginal gain of 0.4%. The Nifty Bank, however, outperformed significantly, closing up 1.4%.

In the broader market, the Midcap index outperformed the benchmark, rising by 2.1%, while the Smallcap index also showed strength, gaining 1.6%. Sector-wise, except for the Nifty IT which dropped -2.1% and Nifty FMCG which fell by 1.4%, all other sectoral indices closed in the green. Nifty PSU Banks led the rally with a gain of 4.2%, followed by Nifty Metals, which rose by nearly 4%. The market breadth was overwhelmingly positive, with 393 advances and 106 declines on the NSE 500.

From a technical perspective, the Nifty’s daily chart suggests that the index took a breather after its four-day losing streak. While it opened positively and attempted to climb further, it reversed and closed with a Doji pattern, signaling indecision. This pattern suggests that investors are uncertain, not willing to sell at these low levels but also hesitant to buy fearing further declines. With this, 23325-23500 would act as immediate resistance zone. On the downside, the previous day’s low of 23047 and 23000 would act as a support zone for now.

Derivatives Overview & Outlook

Yesterday, Nifty futures added around 2% of open interest respectively as long buildup along with short covering in Banknifty, Finnifty and Midcapnifty futures with decrease in open interest by 3%, 10.1% and 3.4% respectively.

All the sectoral indices, barring FMCG and Technology, settled on a positive note. Amongst them, Finance, Metal, Pharma and Realty stocks witnessed maximum addition of long positions along with some short covering was seen among Banking and Chemical stocks.

On options front, put writing was seen at multiple strikes. Nifty has maximum positions at 24000 CE followed by 23500 CE and 23000 PE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 8132 Cr in the cash segment, bought stocks futures worth Rs 3959 Cr and sold index futures worth Rs 458 Cr. DIIs were net buyers in the cash segment to the tune of Rs 7901 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23350-23420; Supports 23200-23120

Banknifty – Resistances 49400-49800; Supports 48600-48200

Finnifty – Resistances 23000- 23200; Supports 22800-22720

F&O Security in Ban Today: AARTIIND,ANGELONE, BANDHANBNK, HINDCOPPER, LTF, MANAPPURAM & RBLBANK.

Important Results Today : CEATLTD,  HDFCLIFE, LTTS, MAHABANK, OFSS.

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