Today Headlines: 26-01-2025
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
Nifty ends flat on expiry day, defends 23200
1. Global Market:
On Thursday, all 3 major US indices exhibited strong momentum. The S&P 500 gained 0.53%, while the #Nasdaq 100 and the #Dow ended the day 0.22% and 0.92% higher respectively.
Going ahead, the S&P 500 is likely to test 6180-6200 zone followed by 6300 level. While on the downside, the zone of 6100-6050 is likely to act as a support.
The #BrentOil ended on a negative note for the sixth consecutive day with a 1.36% loss. Going ahead, resistance is placed at the zone of $78-79, while on the downside, support is seen at $77-76.
The U.S. Dollar Index (#DXY) has been consolidating in the 108.50-107.50 range since the last four trading sessions. A decisive breakout on either side of the range will provide cues about the future direction of the currency index.
2. Nifty View:
On the expiry trading day, Nifty moved up steadily in the first half before parring off gains marginally in the second half, ending 0.22% higher at 23,205. The index has closed above its previous day high of 23,269.
The Midcap and Smallcap Index showed signs of bounce after witnessing intense selling pressure for the past two days. It is still advisable to wait for more visible signs of trend reversal. Midcap Index ended 1.86% higher at 54,099 while the Smallcap ended 1.12% higher at 17,365.
Going ahead, for Nifty, the zone of 23,100-23,050 will act as a crucial support for the index. Any sustainable move below the level of 23,050 will lead to further correction upto the 22,900 level.
On the upside, a move above the 23,350-23,400 zone could lead to a short-term pullback in the Index.
On the #derivatives front, January #futures rose by 0.28 percent, while the combined #OpenInterest for the current, next, and far series reduced marginally by 0.08 percent, indicating short covering.
Among the constituents of the #Nifty index, 17 stocks have witnessed a long build-up, and 16 of the stocks have witnessed a short covering rally. While 8 stocks have witnessed a short build-up, and 9 stocks have witnessed a long unwinding.
The 23,300 strike has significant call open interest, followed by the 23,500 strike. On the put side, 23,200 has a substantial open interest, followed by a 23,000 strike.
For the January monthly series, OI PCR is at 0.87.
Bank Nifty has formed a small bodied candle on the daily chart. It ended 0.28% lower at 48,589. Going ahead, the zone of 48,700-48,800 will act as an immediate hurdle for the index. While, on the downside, the zone of 48,400-48,300 will act as crucial support for the index.
3. Sensex View:
The benchmark index #Sensex nudged higher for the second consecutive day. It ended 0.15% higher at 76,520.
Going ahead, the zone of 76,250-76,200 will act as a crucial support for the index. Any sustainable move below the level of 76,200 will lead to a further correction in the Index upto the 75,800 level. On the upside, the zone of 76,800-76,850 will act as an immediate hurdle for the index.
On the #derivative front, January #futures rose by 0.16 percent, and the #OpenInterest of the current series reduced by 3.10 percent, indicating short covering.
The 76,700 strike has significant call open interest, followed by the 77,000 strike. On the put side, 76,500 has a substantial open interest, followed by a 76,200 strike.
For the weekly series, OI PCR is at 0.80
4. Key Market Indicators:
The volatility index, India #VIX, cooled off for the second consecutive day, giving some comfort to the bulls. It ended the day 0.46% lower at 16.70 level. Going ahead, any sustainable move above the level of 17.50 will lead to an increase in the overall market’s volatility, giving discomfort to the bulls.
The #Advance/Decline ratio was largely tilted in favor of advancers.
5. Key Sectors:
Technically, financial services, FMCG, Auto, Metal, PSU Bank, Energy, Media, and Realty are likely to underp!!!