Market views: On January 14, Indian equity markets closed with a bullish trend. Nifty remained around 23,150. At the end of the trading session, Sensex closed 169.62 points or 0.22 per cent higher at 76,499.63 and Nifty closed 90.10 points or 0.39 per cent higher at 23,176.05. Shrikant Chauhan, Head Equity Research, Kotak Securities, says that today the benchmark indices were seen moving within a limited range. Nifty closed 90 points higher while Sensex closed 157 points higher. Talking about sectoral indices, Metal and PSU Bank indices rose by more than 3 per cent, while IT index declined the most and fell by about 2 per cent.
Technically, after the gap-up opening, the market kept moving between 23130/76300 and 23260/76800 throughout the day. It also formed a small inner candlestick structure on the daily chart, indicating indecision between bulls and bears. The direction of the intraday market is not clear. Traders are probably waiting for a breakout either way. For day traders, 23260/76800 will be an important level to keep an eye on. If the market moves above this, it may climb back to 23400-23425/77500-77600. On the other hand, if it drops below 23130/76300, selling pressure is likely to increase. Below this level, the market may slip to 23000-22950/75900-75800.
Vinod Nair, Research Head, Geojit Financial Services Said that the rise in the global market and moderation in domestic retail inflation provided relief to the broader indices. This may provide some relief to RBI in its next policy meeting. However, rising oil prices and the rise in 10-year bond yields will be carefully monitored. The IT sector declined due to concerns over weak fourth quarter earnings guidance. The market’s eyes will be on the third quarter results and budget related news.
Dollar vs Rupee: Rupee closed at a new record low of Rs 86.64 per dollar.
Prashant Tapse of Mehta Equities Says that the market was declining for the last few sessions. In such a situation, a short-term recovery was expected. Selective buying in banking, telecom, auto, power and metal stocks supported the index. Along with the biggies, small-medium stocks also performed well and the mid- and small-cap indices showed strong growth. However, caution will remain in the markets as rupee falling to new low and strong selling by FII funds will remain a major headwind for the markets.
Disclaimer: The advice or opinions expressed on Moneycontrol.com are the personal views of the expert/brokerage firm. The website or management is not responsible for this. Moneycontrol advises users to always seek the advice of a certified expert before taking any investment decision.