Gift Nifty at 23,400 signals another positive opening for Nifty. The focus has shifted to Q3 performance, as prominent companies such as Alok Industries, Axis Bank, BEPL, DB Corp, Hatsun, Havells, Infosys, Kesoram, LTI Mindtree, Mastek, Metrobrand and Reliance, among others, will declare their results today. Besides, the policies of Donald Trump, who is set to take over the US Presidentship on January 20, will also be eyed.
Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher, said:Markets are likely to remain volatile in the first half of 2025, shaped by global factors such as the policies of the new Trump administration and the upcoming Union Budget in India. India’s macroeconomic stability, supported by strong foreign exchange reserves and controlled fiscal deficits, provides a positive outlook despite the GDP slowdown. “High US bond yields, a strengthening dollar, and FII outflows continue to exert pressure. Global markets remain cautious ahead of US December CPI data, which may limit the Federal Reserve’s ability to ease rates. Rising oil prices and dollar appreciation could further drive domestic inflation, making a buy-on-dips strategy appealing,” he added.
- Also read: Stocks that will see action today: January 16
Satish Chandra Aluri, Lemonn Markets Desk, said: Technically, Nifty 50 looks weak with prospects of a further breakdown, although RSI indicates near-term conditions look oversold. Expect 23000 as a key psychological support, with the next support around 22800. Bank Nifty closed largely flat, with 48000 acting as near-term support.
According to F&O data, the market will remain cautious.
Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities, said: Derivatives data presents a cautious market sentiment as call writers held sway, reflecting investor wariness. “Open interest at the 23,300-strike call surged to 1.49 crore contracts, marking it as a key resistance zone. Meanwhile, the 23,200-strike put amassed 1.16 crore contracts, underscoring critical support. Intense activity between the 23,200 and 23,300 strikes suggests a stand-off between bulls and bears. The swelling in call positions signals a formidable ceiling for upward moves. The Put-Call Ratio (PCR) eased to 0.72 from 0.79, reflecting a restrained yet stabilising market mood. The “max pain” level at 23,300 hints at limited downside potential for the near term,” he said.
India VIX, the market’s barometer for volatility, dipped by 1.37% to 15.25, indicating easing investor apprehension. Historically, VIX levels above 15 imply heightened market turbulence, often triggering selling pressure, he added.
Meanwhile, equities across the Asia-Pacific region are up in early deals on Thursday following a strong closing at the US overnight.
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