Indian equity benchmarks on Tuesday extended their gains for the second consecutive session in volatile trade. The domestic indices managed to settle higher today, helped by an uptick in TCS, HDFC twins (HDFC and HDFC Bank) and Axis Bank. The 30-share BSE Sensex rose 126 points or 0.21 per cent to close at 61,294, while the broader NSE Nifty settled 35 points or 0.19 per cent higher at 18,233. On the sectoral front, banking, financial, consumer durables and technology stocks provided strength to the indices today. Vinod Nair, Head of Research at Geojit Financial Services, said, “The indices shifted its focus towards the Q3 earnings season. Banks’ initial quarterly business updates revealed solid business traction supported by robust loan growth. IT and banks will take center stage in the coming days as the trend will be determined by early signals from the sector majors.”
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Here are 10 things you should know ahead of Wednesday’s session:
Nifty Outlook
“The positions of the important moving averages and the momentum indicator RSI are suggesting positive trades in the near term. However, the current chart setup doesn’t indicate any directional move. Over the short term, the index is likely to move within the range of 17,950-18,400. A breakout on either side will confirm a directional move,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty Bank Outlook
“Nifty Bank bulls continued buying from the lower levels and the index is near a breakout level of 43,600. The momentum indicator RSI is in the strong buy zone which confirms the strength of the index, said Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty Call-Put OI
In the options segment, the lower-end support is visible at 43,000 where the highest open interest is built up on the put side and the upside resistance is at 44,000 where the aggressive call writing has been observed, Shah said.
Nifty Bank Tech Charts
“Technically, Nifty Bank opened negative and after an initial slip in the first half, it recovered well from 43,150 zones. It formed a Bullish candle on daily scale and has been making higher lows from the last three sessions and closed the day with gains of around 220 points. Now it has to hold above 43,250 zones, for an up move towards 43,750 and 44,000 whereas on the downside, support is placed at 43,150 and 43,000 zones,” Chandan Taparia of Motilal Oswal Securities.
Nifty Future Data
“Nifty future closed positive with gains of 0.21 per cent at 18,315 levels. Positive setup in HDFC Life, PFC, SBI Life, RBL Bank, Axis Bank, Tatacomm, Rec Ltd, Titan, Persistent, VEDL, IndusInd Bank and HDFC Bank while weakness in Britannia, AU Bank, Grasim and Asian Paints,” Taparia said.
European Stocks
European stock indices such as the German DAX, Euro Stoxx 50, France’s CAC and Spain’s IBEX 35 were last seen trading higher. Further, US stock markets would open later today to mark the first trading session of 2023.
Most Active Stocks
Yes Bank, South Indian Bank, Suzlon, Vodafone Idea, IRFC, Indian Overseas Bank, PNB, Tata Steel, UCO Bank and Bank of Maharashtra were the most active stocks on NSE, in terms of volume.
Oil Prices
Oil prices fell today as Brent crude futures moved below $85 per barrel. Lower oil prices benefit oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.
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52-Week High/Low
119 stocks touched their respective 52-week high today on BSE, while 20 hit their one-year lows. Axis Bank, Canara Bank, Jindal Steel, Mahindra Finance and RBL Bank hit their one-year high levels today, while Astron Paper & Board Mill, Kavveri Telecom Products and Nakoda Group of Industries touched their 52-week lows.
Market Breadth
The market breadth stood positive as 2,032 stocks advanced and 1,491 stocks declined.