Business
Trade setup for Jan 10: Is there more upside left in Nifty50? Check out key market cues before Monday’s session
The benchmark Indian stock market closed volatile on Friday and rose slightly. Buying orders in financial, IT, and oil and gas stocks were offset by sell-offs in auto and pharmaceutical stocks.
Nifty Bank rose 0.7% and closed up 6.4% this week, which is the biggest weekly gain since May 2021.
What do the charts suggest for Dalal Street now?
According to HDFC Securities Technical Research Analyst Nagaraj Shetti, Nifty50 has formed a small solid positive line with upper and lower shadows on the daily chart, indicating a high wave pattern reflecting volatility.
“On the weekly chart, the index has formed a long bull candle with negation of a bearish weekly pattern of lower highs and lower lows. This is a positive sign,” he said. All hunky-dory above 17,700
The Nifty is comfortably trading above the 50-day simple moving average, which is broadly positive, said Amol Athawale, Deputy Vice President-Technical Research at Kotak Securities.As long as it is trading above 17,700, the uptrend formation may continue up to 17,920-18,000 levels, and any further upside may take it to 18,100-18,175 levels, he said. However, Athawale also said the possibility of a quick correction up to 17,600-17,525 is not ruled out if the Nifty50 closes below 17,700.
Here are key things to know about the market before the January 10 session:
SGX Nifty
Singapore Exchange (SGX) Nifty futures – an early indicator of the Nifty index – were up 86.5 points, or 0.5%, at 17,943.5 at 7.43am on Monday, signaling an imminent opening on Dalal Street.
Global markets
Shares in other Asian markets were mixed on Monday as investors saw the penultimate U.S. inflation data, which is likely to set the stage for an early rate hike by the Federal Reserve. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% at last count. Hong Kong’s Hang Seng gained 0.3% and Singapore’s Straits Times gained 1.1%, but China’s Shanghai Composite lost 0.3% and South Korea’s KOSPI lost 1.1%.
S&P 500 futures were flat in Asia.
Wall Street’s main indexes fell sharply on Friday after U.S. jobs data, which showed U.S. payrolls rose less than expected last month. The S&P 500 lost 0.4% and the Nasdaq Composite lost 1%. The Dow Jones was flat.
What to expect on Dalal Street
HDFC Securities’ Shetti believes the short-term trend of the Nifty50 remains positive. “The uptrend strength remains intact and we are unlikely to see any sharp decline… Any weakness from here could be a buying opportunity around the crucial support of 17,600… Immediate resistance is placed at 17,900,” he said.The Nifty appears to be forming a symmetrical triangle pattern on the daily timeframe, according to independent technical analyst Manish Shah.
“The undertone of the market is bullish and the current pause is a regular feature… The index needs to trade above resistance at 17,950 for the rally to continue and this could lead to a surge to major resistance at 18,250-18,300 levels,” said Shah, who remains bullish on the market as long as the Nifty holds the support level of 17,600.
Key levels to watch out forNifty50: The 50-scrip index has immediate support at 17,500 and resistance at 18,000, according to Mohit Nigam, Head-PMS at Hem Securities.Bank Nifty: For the banking index, he sees support at 37,000 and resistance at 38,200.FII/DII activityForeign institutional investors (FIIs) net purchased Indian equities worth Rs 496.3 crore on Friday. However, net sales by domestic institutional investors stood at Rs 115.7 crore, according to provisional exchange data.December was a third straight month of FII outflows for Indian equities.Call/put open interestExchange data shows the maximum call open interest is accumulated at the strike price of 18,000, with 91,700 contracts, and the next highest at 18,500, with some 70,400 contracts. On the other hand, the maximum put open interest is placed at 17,500, with 83,000 contracts.This suggests immediate resistance at 18,000, followed by another major hurdle at 18,500, and support only at 17,500.
Complete News Source : CNBC
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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