Dear Trader…
Markets started the week with an uptick and ended marginally higher. Upbeat global cues combined with favorable earnings announcements triggered a gap-up start which further strengthened with renewed buying in the IT majors. However, profit taking in energy, banking and cement heavyweights trimmed the gains as the day progressed. Finally, the Nifty future index settled at 18148.15; up by 0.51%. Meanwhile, the broader indices traded mixed wherein select buying in the midcap space helped the index to end higher while small cap closed unchanged.
Markets have been facing pressure on every uptick however rotational buying in select index majors is helping in establishing a higher base. Amid all, we reiterate our view to focus on the selection of stocks and prefer hedged positions until we see a decisive close above 18272 in Nifty.
Nifty futures opened at 18120.00 points against the previous close of 18055.80 and opened at a low of 18090.95 points. Nifty Future closed with an average movement of 103.00 points and a rise of around 92.35 points and 18148.15 points...!!
On the NSE, the midcap 100 index will rise 0.56% and small cap 100 index is closing decline 0.03%. Speaking of various sectoral indices only Realty and Metal stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.56751, fell from a high of Rs.56845 points to a low of Rs.56656 with a rise of 96 points, a trend of around Rs.56754 and March Silver opened at Rs.68989, fell from a high of Rs.69100 points to a low of Rs.68534, with a rise of 53 points, a trend of around Rs.68600.
Meanwhile, A labour ministry has said that retail inflation for farm and rural workers sequentially eased to 6.38 per cent and 6.6 per cent, respectively, in December 2022, mainly due to lower prices of certain food items. It noted that point-to-point rate of inflation based on the CPI-AL (consumer price index for agricultural workers) and CPI-RL (rural workers) stood at 6.38 per cent & 6.60 per cent in December 2022 compared to 6.87 per cent & 6.99 per cent, respectively, in November 2022, and 4.78 per cent and 5.03 per cent, respectively, during the corresponding month (December 2021) of the previous year.
Similarly, food inflation stood at 5.89 per cent and 5.76 per cent in December 2022 compared to 6.19 per cent and 6.05 per cent, respectively, in November 2022. It was 2.99 per cent and 3.17 per cent, respectively, during the corresponding month of the previous year. The all-India Consumer Price Index Number for Agricultural Labourers for December 2022 remained stationary at 1,167 points and for rural labourers increased by 1 point to stand at 1,179. The CPI-AL was at 1,167 points in November 2022, while CPI-RL was at 1,178 points in the previous month.
The major contribution towards the rise in general index of Agricultural Labourers and Rural Labourers came from the miscellaneous group to the extent of 0.91 and 0.93 points, respectively, mainly due to increase in prices of medicine, barber charges, bus fare, etc. The rise/fall in the index varied from state to state.
Technically, the important key resistances are placed in Nifty future are at 18188 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 18232 – 18272 levels. Immediate support is placed at 18008 – 17880 levels.
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