Market Outlook 9th Jan 2025
The Nifty index opened positive but slipped to 23500 zones in the first half of the session. It was followed by a steep recovery of 230 points in the next half and it recouped most of its intraday losses. It formed a small bodied candle with long lower shadow which indicates support based buying at lower zones but absence of follow up is bringing instability.
Now till it holds below 23800 zones, weakness could be seen towards 23600 then 23500 zones while hurdles are placed at 23800 then 24000 zones.
On option front, Maximum Call OI is at 24000 then 24100 strike while Maximum Put OI is at 23500 then 23000 strike. Call writing is seen at 23700 then 23800 strike while Put writing is seen at 23500 then 23600 strike. Option data suggests a broader trading range in between 23300 to 24300 zones while an immediate range between 23500 to 23900 levels.
The S&P BSE Sensex Index opened with a gap up of 120 points but witnessed a sharp selloff towards its support of 77500 levels. Sensex recovered from its lower levels and ended the session with minor losses of around 50 points. It formed a small bodied candle on the daily chart.
Now till it holds below 78500 zones, weakness could be seen towards 77800 then 77500 zones whereas hurdles are placed at 78500 then 78700 zones.
The Bank Nifty Index opened on a flattish note but witnessed selling pressure and drifted lower towards 49400 zones in the first half of the session. However mild recovery was seen from lower zones as the Index recovered some of its losses but remained quite volatile to close below 49900 zones.
It formed a small bearish candle on daily scale and is forming lower highs from the last four sessions as selling pressure is seen at higher zones. Now till it holds below 50000 zones some weakness could be seen towards 49500 then 49350 levels while on the upside hurdle is seen at 50000 then 50250 zones.
Nifty future closed negative with losses of 0.08% at 23776 levels. Positive setup seen in OIL India, L&T Finance, ONGC, Reliance, SRF, Dr Reddy Labs, Maruti, Bajaj Finserv, Wipro and Tata Consumer while weakness in Paytm, Dixon, UBL, Angel One, Apollo Hospital, Godrej Properties, IGL, PVR Inox, JSW Energy, and Jindal Stainless.
MARUTI – TECHNICAL CALL OF THE DAY
Price is retesting its breakout from a consolidation zone and holding above its 200 DEMA which suggest continuation of the move.
The ADX line is rising which confirms the strength of the bullish trend.
Buy MARUTI CMP 11822 SL 11575 TGT 12400
Tata Motors:
JLR reported increased wholesale volumes for Q3FY25 reflecting an improvement following supply disruptions in Q2FY25. Wholesales in Q3FY25 were 1,04,427 units, up 3% vs Q3FY24 and up 20% vs Q2 FY25. Wholesale volumes for JLR’s three best-selling models for Q3FY25 were up 22% for Range Rover, up 17% for Range Rover Sport, and up 13% for Defender, compared to Q3FY24. Retail sales in Q3FY25 were 1,06,334 units, down 3% vs Q3FY24 and up 3% vs Q2FY25.
Advait Energy Transition:
The company has received Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd for 50 MW/500 MWH out of the project for setting up of 500 MW/1000 MWh Standalone Battery Energy Storage Systems under Tariff-Based Global Competitive Bidding (Phase-IV). These projects are expected to be completed within 18 months.
Lupin:
Lupin has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (U.S. FDA) for its Pithampur Unit-1 manufacturing facility that manufactures both APIs and finished products. The EIR was issued with an inspection classification of Voluntary Action Indicated (VAI) post the inspection of the facility from 16th to 27th September 2024.
BHEL:
BHEL has achieved yet another milestone in Bhutan with the successful commissioning of two units of the 6×170 MW Punatsangchhu-II Hydroelectric Project (PHEP-II). Executed as part of a bilateral agreement between the Government of India and the Royal Government of Bhutan, PHEP-II is a greenfield hydro project located in the Wangdue district of Western Bhutan.
BHEL is also executing the 4×225 MW Arun-3 HEP and 2×20 MW Rahughat HEP in Nepal. Notably, BHEL has successfully executed over 3.8 GW of Hydro Projects abroad with more than 2.8 GW Hydro Projects under execution.
Kellton Tech:
The Board at its meeting held on 8th January 2025 approved raising of funds through issue of 55 lakhs warrants at a price of Rs 153.63 each convertible into one equity share of face value Rs 5 at a premium of Rs 148.63 each per warrant in cash for an aggregate consideration of upto Rs 84.49 crore.
Disclaimer: The Free Press Journal assumes no liability for loss or damage, including, but not limited to, lost profits, that may result directly or indirectly from the use or reliance on the opinions, news, investigations, analyses, prices or other information offered in this article.
