Stock market: Indian equity indices closed on a strong note on January 1 with Nifty reaching above 23,700. At the end of the trading session, Sensex closed 368.40 points or 0.47 per cent higher at 78,507.41 and Nifty closed 98.10 points or 0.41 per cent higher at 23,742.90. Today about 2642 shares advanced, 1177 shares declined and there was no change in 83 shares. BSE Midcap index rose 0.5 per cent and Smallcap index rose 1 per cent.
Maruti Suzuki, M&M, Bajaj Finance, L&T and Eicher Motors were among the top gainers in Nifty. While those who fell included Dr Reddy’s Labs, Hindalco Industries, Adani Ports, ONGC, Tata Steel. Except realty and metal, all other sectoral indices closed in the green. In which auto, electricity and capital goods indices were up by 1 percent each.
Aditya Gaggar, Director, Progressive Shares Says that the Indian equity market has started the new year on a sluggish note. It was trading under pressure early today. But the auto sector and other selected stocks helped lift the market. After this, maintaining the momentum, Nifty closed at 23,742.90 with a gain of 98.10 points. Positive divergence played a good role in RSI. Now to gain further strength, Nifty needs to cross the regimes of 23,850-23,900. Nifty’s 200-day moving average (DMA) is also located here. On the downside, support for Nifty is visible at the level of 23,560.
Anand James of Geojit Financial Services Says that although the market has not yet gained momentum, Nifty is expected to trade in the range of 23,710-23,580 in the near future. He further said that if the rise is surprising then we may also see a level of 24,025 but the probability of this is less.
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Ajit Mishra of Religare Broking Says that Nifty has now entered its second week of consolidation. Current indicators suggest that this trend is expected to continue. In such a situation, we should adopt stock specific strategy. There is a need to focus on counters showing comparatively stronger momentum. Apart from pharma and healthcare, select opportunities are visible in FMCG and energy sectors.
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