Markets maintain a bullish bias to close above key psychological levels; power stocks steal the show

Stock indices ended higher at the end of the January 11 session. After a stable open, the index hit an intraday low at 17,964.40 levels and managed to close the session above 18,000 Marks. Bank Nifty closed the session at the 38,442.20 level with a gain of 94.30 points.

At the close, the Sensex was up 221.26 points or 0.37% to 60,616.89. The larger Nifty was up 52.50 points or 0.29% to 18,055.80. About 1757 shares rose, 1481 shares fell, and 55 shares are unchanged.

On the sector front, purchases were seen in the IT, power and real estate sectors, while the metals index was down 1.90% and the FMCG index was 0. , 4%. Actions like HCL Tech, Adani Port, ONGC, HDFC were the main winners while JSW Steel, Tata Steel, BPCL, Hindalco were the main laggards.

In terms of specific shares, Vodafone Idea collapsed nearly 21% after the company announced that the government will hold 36% of the company’s share capital after the board of directors approved the conversion of the outstanding bonds in equity.

Palak Kothari, Research Associate, Choice Broking, said: “Technically, the index has traded with higher and lower formation over the past three days and held above the bearish trend line, suggesting an upward recovery in the meter. Additionally, the index is trading above 21 & 50-DMA as well as a momentum indicator MACD and STOCHASTIC are trading with a positive cross over the daily period, which suggests a strength in the meter. Currently the index has support at 17,700 levels while resistance comes at 18,100 levels, a cross above the same level may show 18,200-18,300 levels. On the other hand, Bank Nifty has support at 37,800 levels and resistance at 38,800 levels. “

Deepak Jasani, Head of Retail Research, HDFC Securities, said: “Nifty showed a deceleration of the bullish momentum on January 11 with an expected bearish ratio turning slightly negative. This could be an indication of trend maturity and Nifty showing signs of fatigue after the recent sharp upward correction. 17 945-18 109 could be the band for the Nifty in the short term. “

Mohit Nigam, Head – PMS, Hem Securities, said: “Asian markets are giving mixed signs due to the increase in Omicron cases and record hospitalizations in the United States due to COVID-19 on Monday. time, TRAI in its latest report announced that revenues from the telecommunications sector declined year-on-year for the second quarter of fiscal 2022. The latest report released by the Reserve Bank of India showed that foreign direct investment by companies India fell more than 8% in December 2021. Investor sentiment remained positive as Trade and Industry Minister Piyush Goyal called on relevant stakeholders to make suggestions for placing India in the top 25 of the Global Innovation Index. Last year India was ranked 46th. “

Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, said: “Nifty has stabilized above the 18,000 mark as traders await Lagarde’s speech from the ECB and testimony from Powell. the level of 1.80%. All eyes are now on the nomination hearing for FOMC President Jerome Powell later Tuesday evening. December data on U.S. inflation and retail sales to be released Wednesday and Friday. Technically speaking, there are likely to be plenty of opportunities on the buy side as long as Nifty stays above the 17,721 mark. The immediate goal post on Nifty is seen at 18,307, then aggressive targets at its highest level at 18,605. “

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Posted on: Tuesday January 11, 2022 3:49 PM IST

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