#245

Download the Bajaj Broking App for any additional information you may need on today's trades: 



https://bajajbroking.go.link?adj_t=1d9246ju&adj_fallback=https%3A%2F%2Fwww.bajajbroking.in%2Ftrading-app&adj_redirect_macos=https%3A%2F%2Fwww.bajajbroking.in%2Ftrading-app (https://bajajbroking.go.link/?adj_t=1...)



Top news



1. Indian Railway Finance Corporation Limited (IRFC) has signed MoU With REMCL to collaborate on financing Renewable Energy (RE) projects



2. ⁠Wockhardt's new oral antibiotic gets CDSCO approval



3. ⁠Avenue Supermarts | The company reported a strong performance for the third quarter of FY25, with standalone revenue from operations reaching ₹15,565.23 crore, marking a 17.5% increase compared to ₹13,247.33 crore in the same quarter last year.



4. ⁠Biocon | Biotechnology firm announced that its wholly owned subsidiary, Biocon Pharma Ltd, has received approval from the National Medical Products Administration (NMPA) in China for its Tacrolimus capsules in 0.5mg, 1mg, and 5mg strengths



5. ⁠INFRA STOCKS ; The Union government will launch infrastructure projects worth Rs 1 lakh crore in the next two years to transform Delhi, focusing on improving infrastructure and reducing pollution, according to Union Minister Nitin Gadkari.



6. ⁠MOIL ; MOIL achieved record Q3 production of 4.6 lakh tonnes of manganese ore and sales of 3.88 lakh tonnes, up 13% YoY.  For the April-December 2024 period, production rose 4.5% to 13.3 lakh tonnes, and sales increased 3.5% to 11.39 lakh tonnes. Exploratory drilling was up 19%.  MOIL is on track to surpass its best-ever Q3 revenue.



7. ⁠FIIs Net Buy ₹1,506.75 crore & DIIs net buy ₹22.14 crore in equities yesterday 



Indian News 



Gift Nifty 



Gift Nifty suggests a flat to negative opening for the Indian markets and is likely to consolidate in the broad range of 23,900 -24,250



Markets in previous session



On the 2nd day of the new calendar year, Indian benchmark indices continued their upward momentum, with the Nifty crossing 24,200 intraday, fuelled by sector-wide buying, particularly in auto stocks after the release of December sales data.



The bulls took charge as the market opened steadily and maintained a consistent rally throughout the session.



This upward momentum has significantly alleviated recent pressure, bringing the Nifty closer to its next resistance level at the 100-day exponential moving average (DEMA), which is currently near the 24,250 mark.



At the close, the Sensex rose by 1,436.30 points, or 1.83%, to 79,943.71, while the Nifty gained 445.75 points, or 1.88%, to settle at 24,188.65.



The BSE Midcap and Small-cap indices posted gains of 1% each. 



All sectoral indices finished in the green, with the auto index climbing 3.5%, the IT index rising 2%, and FMCG, Metal, Oil & Gas, PSU, Realty, and Bank indices each increasing by 1%.



Nifty Outlook for short-term



Index started the session on a positive note and gained momentum as the session progressed to close near the high. Index in the process formed a strong bull candle with a higher high and higher low signaling strength. 



Nifty witnessed breakout above the upper band of the last two weeks' consolidation 23,500-24,000 and almost tested the immediate resistance area 24,260.



Going ahead, a follow-through strength above 24,260 will open further upside towards 24,500 levels, being the measuring implication of the last two weeks' consolidation range (23,500-24,000).



Immediate support on the lower side is placed at 23,900-24,000, being Thursday breakout area. While key support is placed at 23,500 levels.



Intraday Levels for Nifty & Bank Nifty



Nifty 



Resistance: 24,260 & 24,380



Support: 24,060 & 23,940



Bank Nifty



Resistance: 51,980 & 52,200



Support: 51,320 & 51,100



Global Market Insight



US benchmark equity indexes closed lower on the first trading day of 2025, with the S&P 500 and the Nasdaq Composite weighed down by a sell-off in Tesla  shares.



The technology-heavy Nasdaq and the S&P 500 fell 0.2% each to 19,280.8 and 5,868.6, respectively, on Thursday. The Dow Jones Industrial Average lost 0.4% to 42,392.3. Consumer discretionary saw the steepest decline among sectors, while energy led the gainers.



In economic news, the US manufacturing sector remained in contraction territory in December amid declines in output and new orders, while sentiment reached the lowest since August, according to a survey by S&P Global



Other Asset Class



The US 10-year yield fell 1.4 basis points to 4.56%, while the two-year rate was little changed at 4.25%.



The dollar index was trading above 109 levels.



commodities



West Texas Intermediate crude oil rose 2% to $73.13 a barrel & Brent  climbing to settle at $75.93 per barrel, up 1.73%



Gold increased 1.2% to $2,671.50 per troy ounce, w...