Summary:
- Market Opening: Indian markets are expected to open lower on the first trading day of 2024, as indicated by GIFT Nifty.
- Global Cues: US stocks closed lower on the last trading day of 2023, and most Asian markets remained closed due to global New Year celebrations.
- FPI Investments: Foreign Portfolio Investors (FPIs) infused Rs 1.71 lakh crore in Indian equities in 2023.
- Market Sentiments: Thin trading volumes are anticipated due to global holidays, potentially impacting market sentiments.
- Upcoming Events: Traders are gearing up for Q3 earnings by Indian companies, scheduled later in the month, and an interim union budget ahead of the 2024 general elections.
Nifty Outlook:
- Advice: Caution is advised, and an aggressive stance is not recommended. Booking profits at higher levels is suggested.
- Support Levels: Immediate support is seen around 21,600 and 21,500, with strong support at 21,300.
- Resistance Levels: Uncharted territory with no clear resistance, but immediate hurdles at 21,850 and 22,000.
- Strategy: Any market dip should be viewed as a buying opportunity unless there are clear indications of a major price correction.
Nifty Bank Outlook:
- Analysis: Nifty Bank slipped lower, forming a small red-bodied candle on the daily chart.
- Resistance: Resistance at 48,300; as long as the index stays below, the trend may favor bears.
- Support: A drop below 48,000 might drive the index below 47,500.
- Potential Upside: A move above 48,300 could propel the index towards 48,800-49,000.
GIFT Nifty Signals:
- Indication: GIFT Nifty signals a negative start, with Nifty futures on the NSE International Exchange trading 27 points lower at 21,807.50.
Wall Street Performance:
- Closure: US stocks closed modestly lower on the last trading day of 2023, capping a robust year-end rally.
- Indexes: Dow Jones fell 0.05%, S&P 500 lost 0.28%, and Nasdaq Composite dropped 0.56%.
Stocks in F&O Ban:
- Ban Status: Only Hindustan Copper is under the F&O segment ban by NSE for January 1, 2024.
FPI and DII Activity:
- Friday’s Data: FPIs were net buyers of Rs 1,459.12 crore, while DIIs turned net sellers of Rs 554.39 crore.
Rupee Against US Dollar:
- Appreciation: The rupee gained 4 paise, settling at 83.16 against the US dollar on the last trading day of 2023.
- Factors: Supported by a weak greenback against major rivals and renewed foreign capital inflows, despite subdued domestic equity markets.
Disclaimer: Market conditions are subject to change, and traders should adapt their strategies accordingly. This information is for reference and not for financial advice.
