Nifty and Bank Nifty Analysis Summary for January 8th

 Indian Stock Market

·       Both Nifty and Bank Nifty indices closed lower after an initial positive opening.

·    Widespread selling pressure dominated the market.

·    Nifty closed at 21,513, down 0.91%.

·    Bank Nifty closed at 47,450.25, down 1.5%.

Nifty Breakdown:

·    Opened higher but couldn't maintain gains.

·    Traded within the 21,500-21,850 range for the past two weeks.

·    Faces immediate support at Fibonacci retrenchment levels (21,507 & 21,406)  and the 20-day moving average (21,426).

·    Potential for consolidation at support levels before resuming the uptrend.

Bank Nifty Breakdown:

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·      Daily trend line breakdown with significant volume, indicating bearishness.

·   Closed at 47,450 with a bearish Marubozu candle.

·   Immediate support levels at 47,400, 47,100, and 47,000.

·   Resistance levels at 48,000 and 48,200.

Additional Observations:

·      High volatility suggests potential for further fluctuations in the coming days.

·   Banking stocks faced particular pressure, contributing to Bank Nifty's sharper  decline.

·   Reasons for the market decline could be profit-booking after recent  gains, global cues, or sector-specific issues.

I   Indian Stock Market News:

ACC fell 0.73 percent after the company completed the acquisition of Asian Concretes and Cements Private Limited (ACCPL) for Rs 775 crore.

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TVS Motors rallied 3 percent after the company signed a contract with the Tamil Nadu government to invest Rs 5,000 crore in the southern state.

Adani Ports went up 1.57 percent after Citi raised the target price for the stock to Rs 1,368. The brokerage expects the company to deliver a 49 percent/70 percent growth in EBITDA/PAT on the back of strong volume growth.

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Jupiter Wagon stock rose 2.68 percent after the company received a Rs 100-crore order from an automobiles manufacturer.

Adani Wilmar slipped 1.91 percent after the company’s stand alone sales declined 15 percent year on year in the December quarter.

Bank of Baroda plunged 4 percent even after the bank reported a 10.68 percent year-on-year (YoY) growth in its global business, reaching Rs 22.95 lakh crore for the December quarter.

Nykaa’s parent FSN E-commerce went up 2.08 percent after the company in its business update said it expects the Beauty and Personal Care (BPC) vertical to report Gross Merchandise Value growth in the mid-20s for the October-December quarter and Net Sales Value growth to be around 20 percent on an year-on-year basis.

Marico shares went down nearly 4 percent along with other FMCG companies as brokerage firms expect flat sales and sluggish volume growth for these companies in the December quarter.

Also read :Nifty and Bank Nifty Analysis Summary for January 8th

Shares of Mama Earth parent Honasa Consumer went up 6.35 percent following a block deal, with 32.60 lakh shares worth Rs 142 crore changing hands on the exchanges

Godrej Industries stock surged 5.21 percent after the company signed a non-binding MoU with the Gujarat government to invest Rs 600 crore.

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