Stock market : On January 2, amid buying in all sectors, the Indian equity index closed strongly and Nifty went around 24,200. At the end of the trading session, Sensex closed 1,436.30 points or 1.83 per cent higher at 79,943.71 and Nifty closed 445.75 points or 1.88 per cent higher at 24,188.65. Today about 2312 shares advanced, 1496 shares declined and there was no change in 108 shares.
The biggest gainers in Nifty were Bajaj Finserv, Eicher Motors, Bajaj Finance, Maruti Suzuki, Shriram Finance. Whereas Britannia Industries and Sun Pharma were the biggest losers. BSE Midcap and Smallcap indices registered a gain of one percent each. All sectoral indices closed in the green. In which 3.5 percent increase was recorded in Auto index and 2 percent increase in IT index.
Ajit Mishra of Religare Broking Says that today was a great day for those participating in the market. The benchmark index gained nearly 2 per cent after consolidating within a range for nearly two weeks. After a flat start, strength in auto and IT majors fueled the initial rally which was later followed by other sectors which supported the market. As a result, Nifty closed near the day’s high of 24,188.65. Broader indices also showed a positive trend. Mid and small cap indices closed with gains of 0.6 per cent and 1.1 per cent.
Ajit further said that this rally has reduced the recent pressure to a great extent, taking Nifty closer to its next resistance at the medium-term moving average, 100-day exponential moving average (DEMA), which is currently at 24,250 points. Located nearby. A decisive breakout above this level could open the way for 24,400. On the downside, it is important for Nifty to hold above 24,000 level. Failure to do so may result in a unilateral decline again. In such a situation, focus should be on selected stocks. Give preference to stocks with comparatively strong performance.
Aditya Gaggar, Director, Progressive Shares It is said that in today’s trading session the market was dominated by bulls. After a steady start in the market, there was a one-sided rise in the entire session. This helped Nifty cross many resistances and it closed at 24,188.65 with a strong gain of 445.75 points. Except media, all sectors closed in the green, in which auto and IT performed the best. Despite strong market action, mid and smallcap stocks underperformed the frontline indices. Today the rise has come mainly on the strength of the big index stocks.
On the daily chart, the index has formed a strong bullish candle. However, a pullback or retracement is now possible in the market which may push the index lower to test the support located at 24,000 levels. After that, the next phase of rally may take the index towards 24,700-24,800.
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Prashant Tapse of Mehta Equities Says that however in the last few weeks the market failed to give a Christmas-like boost. But the market has seen good strength in the first two days of the new year. Due to heavy short covering, Sensex touched the psychological level of 80 thousand. Gains in Banking, IT, Auto and Metal led to a big rally despite currency market concerns. Meanwhile, the rupee reached a new low amid rising crude oil prices and slow growth. However, any further rise in US bond yields could put pressure on our domestic equity markets and lead to selling by foreign funds.
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