Stock Market Opens in Green: Nifty and Sensex Rise; Kotak Mahindra Bank, Wipro Lead Gains
Market Opens Higher
The Indian stock market opened in positive territory on Monday, with the Nifty index opening higher at 23,290.40 and the Sensex at 76,978.53. Top gainers on the Nifty index included Kotak Mahindra Bank, Wipro, NTPC, SBI, and Reliance Industries, while Shriram Finance, SBI Life, IndusInd Bank, HDFC Life, and Tata Motors were among the top losers.
Market Focus on Trump's Inauguration and Q3 Earnings
Market observers are closely watching Donald Trump's inauguration as the 47th president of the United States, along with the ongoing Q3 results season. Companies like Zomato, Dixon, and Oberoi Realty are in focus due to their significant Q3 earnings announcements today. Trump's inauguration is expected to have a notable impact on global markets.
Technical Outlook by Angel One
Sameet Chavan, Head Research, Technical and Derivative at Angel One, noted that the benchmark index has broken below its November low. The ‘Falling Wedge’ pattern on the daily chart indicates a support zone near 23000-22900. The formation of a ‘Doji’ candlestick on the weekly timeframe suggests indecisiveness. Resistance is expected around 23350, followed by the 23500-23600 zone. Market conditions are showing signs of overselling, with a lack of buying interest. Chavan advises maintaining a light stance on positions and focusing on specific thematic stocks.
Global Market Outlook by Geojit Financial Services
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that global stock markets are in a wait-and-watch mode as Trump 2.0 unfolds. Markets are anticipating executive actions, particularly on immigration. Trump’s positive discussion with Chinese President Xi Jinping suggests that initially, he may prefer negotiation over tariffs. The latest IMF report projects solid growth for India at 6.5% for 2025 and 2026, despite a recent deceleration. The market will respond to the Q3 results depending on the numbers, outlook, and management commentary.
Nifty Bank and Nifty Outlook by SAMCO Securities
Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities, commented that the Nifty Bank index shows a cautious bearish sentiment, with selling pressure after every recovery attempt. Key support levels are near 48,200–47,900, and resistance is at 49,400–49,500. For the Nifty index, Dhameja noted a cautiously neutral sentiment, with resistance at the 23,450–23,500 region and support at 23,100–23,000. A breakout above 23,350 could trigger a short-covering rally towards the 24,000 mark. A range trading strategy is advised until clear directional cues emerge.
Options Market Insights by SAMCO Securities
Dhameja also noted that the derivatives market reflected a bearish sentiment, with call writers maintaining the upper hand. The Put-Call Ratio (PCR) dipped to 0.51 for Bank Nifty and edged up slightly to 0.78 for Nifty, reflecting a bearish and cautiously neutral market sentiment, respectively. The "max pain" level is at 50,000 for Bank Nifty and 23,500 for Nifty.
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