Summary:
Wall Street closed higher on Friday, driven by a surge in tech stocks. Asian markets opened on a positive note after a constructive conversation between former U.S. President Donald Trump and the Chinese leader. GIFT Nifty indicates a flat opening. U.S. markets will remain closed today due to a public holiday.
Domestic Markets:
Nifty traded within the 23,050–23,400 range last week, primarily due to mixed Q3 earnings. A technical breakout on either side of this range will determine further direction. Caution is advised over the next few weeks, considering upcoming key events like the Union Budget, RBI meeting, Q3 results, and Trump’s initial policy decisions in office.
Key Recommendations:
Actionable:
• Buy: BDL, ICICI Lombard, NALCO, Kotak Mahindra Bank
Delivery Idea:
• Buy: Biocon
Mainboard IPO Listing Today:
• Laxmi Dental Ltd.
Global Market Snapshot:
• Dow Jones: +334
• GIFT Nifty: +51 (Previous Close: 23,238)
• Nifty 50: 23,203
• Sensex: 76,619
Institutional Data:
• FII: -₹3,318 Cr
• DII: +₹2,572 Cr
BSE Market Breadth:
• Advances: 1,991
• Declines: 1,955
Currency:
• USD/INR: ₹86.61
• Dollar Index: 109.21
Commodities:
• Gold: $2,695/oz
• Crude Oil: $80.71/barrel
Bonds:
• US 10-Year Bond Yield: 4.63%
• Indian 10-Year Bond Yield: 6.80%
Derivatives:
• PCR: 0.79
• VIX: 15.74
Results Today:
• Paytm, Zomato, APL Apollo Tubes, Central Bank of India, Dixon Technologies, IDBI Bank, Indian Overseas Bank, Indian Railway Finance Corporation, ICICI Securities, Jammu & Kashmir Bank, L&T Finance, MCX India, Newgen Software Technologies, Oberoi Realty, Sunteck Realty.
Q3 Results Performance:
Above Estimates:
• Kotak Mahindra Bank, Wipro, Indian Hotels, SBI Life, ICICI Lombard, Ganesh Housing, Aether Industries, Netweb Technologies, DCM Shriram, Concord Enviro Systems, Sigachi Industries.
Inline Estimates:
• Tech Mahindra, Jio Financial, Can Fin Home, Sterlite Technologies, Avantel, Swaraj Engines, Steel Strips Wheels.
Below Estimates:
• RBL Bank, Rallis India, Ramakrishna Forgings.
Key Updates:
Telecom Sector:
• The government is considering waiving 50% interest and 100% penalties on AGR dues, potentially providing relief of ₹1 lakh crore to telecom companies.
• Vodafone Idea’s dues may drop by ₹52,000 crore.
• Bharti Airtel’s dues may reduce by ₹38,000 crore.
• Tata Teleservices’ dues may decrease by ₹14,000 crore.
Gland Pharma:
• Received an Establishment Inspection Report (EIR) from the US FDA for its Pashamylaram facility in Hyderabad, confirming the closure of inspections conducted from July 25–August 2, 2024.
Kaynes Technology:
• Board meeting on January 22, 2025, to consider raising funds via public or private offerings, including QIP, preferential allotments, or rights issues.
Securities in Ban (F&O):
• AARTIND, ABFRL, ANGELONE, BANDHANBNK, CANFINHOME, HINDCOPPER, KALYANKJIL, LTF, MANAPPURAM, RBL Bank.
Derivative View:
• Maximum Call OI: 24,000 followed by 24,500 strike.
• Maximum Put OI: 22,000 followed by 22,700 strike.
• Range: Broad trading range expected between 22,700–23,700, with an immediate range of 23,000–23,500.
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