Nifty:21665.8/-76.1/-0.35%;Candle:OF,Short day red; Bank Nifty:47761.65/-472.65/-0.98% Candle:OF,Long day red ; HB:OF,Doji,1697
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long68%FutCash;1602;Opt97%
OI data Nifty ( max pain W21700M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Delta Corp, Indian Energy Exchange, SAIL and Zee Entertainment Enterprises to its F&O ban list for January 3, while retaining Balrampur Chini Mills and Hindustan Copper to the said list.
Market wrap up(DWM,T,N,E):Technically, the market is expected to be in control of bears in the short term. The Nifty50 may try to take support at the 21,500 mark, and if the said level is broken then the selling pressure may extend up to the 21,300 zone, said experts. While the hurdle for the index may be seen at 21,800-21,850 on the higher side as breaking the same can drive the index towards the 22,000 mark, they said, adding that overall, it is a part of consolidation which generally takes place after a one-way rally. On January 2, the BSE Sensex was down 380 points at 71,893, while the Nifty50 fell 76 points to 21,666 and formed a bearish candlestick pattern with a long lower shadow on the daily charts indicating some buying interest at lower levels. The smaller range movement of the last 3-4 sessions has been broken on the lower side. Technically, “this pattern indicates a short-term reversal pattern. Such minor weaknesses post range movements in the recent past have turned out to be a buy on dips opportunity,” Positive chart patterns like higher tops and bottoms are intact on the daily chart and present consolidation/weakness is in line with the formation of new higher bottom of the sequence. The bottom reversal needs to be confirmed at the lows, Shetti feels a slide below the immediate support of 21,500 could open some more weakness for the near term. A sustainable move above 21,840 could bring bulls back into the action, trade with a stock-specific approach for a while and look for buying opportunities in stocks which are showing relative outperformance to the benchmark.
Nifty:21741.9/10.5/0.05%;Candle:OF,Doji; Bank Nifty:48234.3/-57.95/-0.12% Candle:OF,Doji ; HB:OF,Doji,1699
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;-855;Opt%
OI data Nifty ( max pain WM)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Balrampur Chini Mills to its F&O ban list for January 2, while retaining Hindustan Copper to the said list.
Market wrap up(DWM,T,N,E):Technically, the market seems to be maintaining a consolidation phase for a few more sessions before getting into a firm trend on either side of the 21,650-21,850 range, experts said, adding if the index decisively surpasses 21,800-21,850 then 22,000 can’t be ruled out. However, if it breaks the 21,650 mark, which has been held for the last three sessions can drag down the index to the 21,500 mark, On January 1, the benchmark indices hit a new high but failed to sustain those higher levels due to profit-taking and finally ended flat with a positive bias. The BSE Sensex was up 32 points at 72,272, while the Nifty 50 gained 10.5 points at 21,742 and formed a Spinning Top or High Wave kind of candlestick pattern on the daily charts, indicating indecision among buyers and sellers about further market trend. “This indicates high volatility in the market at the highs. The positive chart pattern like higher tops and bottoms is intact on the daily chart and Nifty is currently forming a new higher top of the sequence. Still, there is no confirmation of any top reversal pattern in the high market,” “A decisive move above 21,850 levels is expected to nullify the present bearish effect and that could open more upside for the near term. Immediate support is placed at 21,550 levels,” the index has support around the 21,600-21,500 zone. Meanwhile, the broader markets remained strong with the Nifty Midcap 100 and Smallcap 100 indices climbing 0.6 percent and 0.5 percent, respectively.
Nifty:21731.4/-47.3/-0.22%;Candle:OGD,Doji; Bank Nifty:48292.25/-216.3/-0.45% Candle:OGD,Doji ; HB:OGD,1709.Short day green,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;1460;Opt%
OI data Nifty ( max pain W21700M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Hindustan Copper to its F&O ban list for January 1.
Market wrap up(DWM,T,N,E):Bulls took a breather, which was on expected lines, after run-up in the previous five consecutive sessions, with the benchmark indices falling marginally on December 29, the first day of January series and final trading day of 2023. Going ahead, the Nifty 50 is expected to consolidate for few more days before getting into strong mood again. Overall, the bulls are still at a healthy position and can lift the index towards 22,000 in the short term, with support at 21,700-21,500 levels, experts said , On December 29, the BSE Sensex was down 170 points at 72,240, while the Nifty 50 declined 47 points to 21,731 and formed Doji candlestick pattern on the daily scale, indicating indecision amongst bulls and bears about future market trend. “Normally, such formations after a reasonable rise alert for trend reversal. But, having formed this pattern beside the bull candle of Thursday, one may expect range-bound action or consolidation movement to continue in the market,” A long bull candle was formed on the weekly chart, that has surpassed the high wave type candle pattern of the previous week. This is a positive indication, “There is a possibility of short-term consolidation or range movement for the next 1-2 sessions before resuming its upside momentum in the coming sessions. Immediate support is placed at 21,550 and the next upside targets are to be watched around 22,000-22,200 levels,” However, the Nifty 50 has the potential to inch gradually towards the 22,150 zone. So traders should use the consolidation phase to add quality names on dips, he advised. the broader markets outperformed benchmark indices and the breadth was slightly in favour of advances. The Nifty Midcap 100 and Smallcap 100 indices gained 0.8 .
