In the afternoon session on January 24, the market displayed a robust rebound, primarily driven by short covering. However, it encountered significant resistance around the 21,500 mark.
On January 24, the BSE Sensex surged by 690 points, reaching 71,060, and the Nifty 50 experienced a gain of 215 points, closing at 21,454.
Despite the Nifty 50 registering significant gains earlier in the day on January 24, GIFT Nifty traded with a slight upward movement. Positive global cues contributed to improved market sentiment.
“In yesterday’s trading, the Nifty showed a positive bias, closing at the session’s high, and all sectoral indices ended in the green, including Bank Nifty. However, this Thursday morning, Gift Nifty indicates a lower open, struggling to maintain the positive momentum from Wall Street’s strong close,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
“Technical levels for Nifty and Bank Nifty suggest support and resistance at 21357/21807 and 44489, respectively. Nifty’s options data implies a potential range of 21100-22000. Noteworthy global factors include China’s rally, favourable US PCE inflation data, high European markets, and the Japanese Nikkei’s 34-year high,” Tapse added.
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Approximately 82 companies will release their December quarter results today – Tata Technologies Ltd, 20 Microns Ltd, ACC Ltd, Adani Power Ltd, Adline Chem Lab Ltd, Aeroflex Industries Ltd, Archidply Industries Ltd, Aryan Share and Stock Brokers Ltd, Asahi India Glass Ltd, Automotive Stampings & Assemblies Ltd, Associated Alcohols & Breweries Ltd, Astec Lifesciences Limited, AU Small Finance Bank Ltd, Bobshell Electrodes Ltd, Chembond Chemicals Ltd, Cholamandalam Investment and Finance Company Ltd, Continental Controls Ltd, Cyient Limited, D B Corp Ltd, Elecon Engineering Co.Ltd, Equitas Small Finance Bank Ltd, Eyantra Ventures Ltd, Forbes & Company Ltd, Garnet International Ltd, Gautam Gems Ltd, G.K.Consultants Ltd, Hindustan Petroleum Corporation Ltd, IB Infotech Enterprises Ltd, Indian Energy Exchange Ltd, IFB Industries Ltd, Indraprastha Gas Ltd, Intellect Design Arena Ltd, International Combustion (India) Ltd, Ion Exchange (India) Ltd, Jayaswal Neco Industries Ltd, JSW Steel Ltd, Kabra Extrusiontechnik Ltd, KFin Technologies Ltd, KJMC Corporate Advisors (India) Ltd, Kriti Industries (India) Ltd, Kriti Nutrients Ltd, LT Foods Ltd, Lucent Industries Ltd, Maharashtra Scooters Ltd, Mehta Integrated Finance Ltd, Mehta Securities Ltd, Mipco Seamless Rings (Gujarat) Ltd, Novartis India Ltd, Omkar Overseas Ltd, Punjab National Bank, Poojawestern Metaliks Ltd, Premier Polyfilm Ltd, Prime Industries Ltd, Privi Speciality Chemicals Ltd, Prudent Corporate Advisory Services Ltd, Regis Industries Ltd, Rane (Madras) Ltd, R.S.Software India Ltd, Rushil Decor Ltd, SBFC Finance Ltd, SBI Cards and Payment Services Ltd, SBI Life Insurance Company Ltd, Shakti Pumps (India) Ltd, Shri Dinesh Mills Ltd, Shriram Finance Ltd, Stanpacks (India) Ltd, Sterlite Technologies Ltd, Surana Telecom And Power Limited, Swaraj Engines Ltd, Syngene International Ltd, Transchem Ltd, TVS Holdings Ltd, Univa Foods Ltd, Vedanta Limited, Velox Industries Ltd, Vivanta Industries Ltd, VSF Projects Ltd, and Walchand Peoplefirst Ltd.
“However, volatility is expected due to the January F&O contracts expiry. Negative catalysts include FIIs selling, WTI Oil spiking, and diminishing prospects of US rate cuts. Q3 corporate earnings include ACC, ADANI POWER, AU BANK, HINDPETRO, IEX, IGL, JSW STEEL, PNB, SBI CARD, SBI LIFE, VEDL. Preferred trades are long positions on Nifty and Bank Nifty, and bullish outlooks for AUROBINDO PHARMA, IOC, TATA POWER, COAL INDIA, and DR REDDYS LAB. The top pick is AUROBINDO PHARMA (CMP 1160) with targets at 1189/1207 and aggressive targets at 1239, employing a breakout play strategy,” as per Tapse.
Tata Technologies Q3 results
This would be the first time Tata Technologies will disclose its quarterly results after its listing.
According to a filing by the company, “A meeting of the Board of Directors of Tata Technologies is scheduled to be held on January 25, 2024, to consider and approve the audited standalone and consolidated financial results for the quarter ended December 2023.”
Tata Tech’s IPO witnessed significant enthusiasm from investors, leading to overwhelming demand. The stock experienced a remarkable 180 per cent surge on its debut, placing it among the most impressive listings observed in the past two years.
Vedanta Limited Q3 results
Mining major Vedanta is expected to report its third-quarter results on January 25. The closing price of Vedanta stock on January 24 was ₹262.5, which represented a 4.1 per cent increase from the previous day’s closing price of ₹252.15. The net change in the stock price was 10.35. Meanwhile, Vedanta Ltd is also planning to complete the sale of its steel assets by March 2024, group chairman Anil Agarwal told CNBC TV 18 last year.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 25 Jan 2024, 08:44 AM IST
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
