Technical Analysis of Deltacorp I Vedanta ISpiceJet INifty I Bank Nifty I Manappuram ITata Power I Reliance Ind. I Stock Market News

 Indian Stock Market Analysis of January 10th, 2024

Overall:

• Benchmark indices: Sensex rose 0.38% and Nifty 50 gained 0.34%.
• Market volatility: High, with Nifty bouncing from support at 21,500 and closing near resistance at 21,623.
• Sector performance: Most sectors up, with Nifty Media leading gains and Nifty FMCG, PSU Bank, and Realty declining.
• Broader market: Positive, with small-cap and mid-cap indices rising.
• Market breadth: Positive, with more stocks gaining than declining.

Key Takeaways:

• Nifty bounced back from 21,500 support, indicating bullish sentiment.
• Closing above 21,700-21,750 could extend gains towards 22,000.
• Bank Nifty defended 47,000 support but faces near-term hurdle at 47,500.
• Reliance Industries led gains, followed by ICICI Bank, HDFC Bank, HCL Tech, and Adani Enterprises.
• Infosys, NTPC, Axis Bank, ONGC, and Power Grid were top drags.
• Positive sentiment in most sectors, except FMCG, PSU Bank, and Realty.
• Broader markets and market breadth were positive.

Also read : Current Trends in IPO market & Key step for IPO Subscription in INDIA

Trading Strategies:

• Nifty BUY: 21,550-21,600; Stop-loss 21,480; Target 21,750.
• Bank Nifty: Look for breakout above 47,500 for potential move towards 48,000.
• Sector Rotation: Consider entering Nifty Media and other strong sectors, exit lagging sectors.

Indian Stock market News 

Tanla Platform shares gained 10.82 percent with high volumes after the company said its board will meet later in January to approve Q3 results and interim dividend if any.

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Network 18 Media and Investments surged 20 percent and got locked in upper circuit after a Rs 155.50-crore bulk deal. Around 1.3 crore shares, or 1.3 percent equity, changed hands on the bourses.

Tata Power stock rose 1.95 percent after Antique maintained its ‘buy’ call on the stock and raised the target price to Rs 450 from Rs 422, implying an upside of 29 percent

Indraprastha Gas fell 2.66 percent after brokerage UBS downgraded the company to ‘sell’ and cut the target price to Rs 400 from Rs 630. The brokerage downgraded the scrip due to concerns over tepid volumes.

Pondy Oxides and Chemicals stock rose 10 percent and hit a 52-week high after the company signed a MoU with the Tamil Nadu government to set up a recycling and manufacturing plant.

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Manappuram Finance slumped 4.84 percent after the market regulator SEBI put on hold the public offer of subsidiary firm Asirvad Micro Finance. Asirvad Mirco Finance had filed DRHP with SEBI in October to raise Rs 1,500 crore.

Spicejet gained 5.21 percent ahead of the company’s annual general meeting. The airline plans to raise Rs 2,250 crore to aid its expansion and revitalisation.

Also read :IPO market in India and return on investment part -2

KIOCL fell 2.54 percent after the company temporarily suspended operations at its Mangalore pellet plant unit due to non-availabity of iron ore fines.The company had previously shut down the plant on December 12 for a week under similar circumstances

Vedanta gained 2.32 percent even after Moody’s Investor Service downgraded the company's corporate family rating (CFR) and senior unsecured bonds.

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