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Bizz Buzz Pre-market Friday: Things to know before opening bell

As of January 11, 2024, the stock market is poised for a potential upward move, with the Nifty 50 showing signs of a reversal.

Indian stock market to attract more flows as funds avoid China
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Indian stock market to attract more flows as funds avoid China

As of January 11, 2024, the stock market is poised for a potential upward move, with the Nifty 50 showing signs of a reversal. Experts suggest that the Nifty may target the 21,700-21,850 range in the upcoming sessions. Technical analysis indicates a false downside breakout, and the index is expected to retest the upper trajectory around 21,750-21,850 levels, with immediate support at 21,450 levels.

Nifty Outlook: The Nifty 50 is likely to move towards the 21,700-21,800 range, supported by a sharp recovery and consistent holding above the 21,500 mark.

Recent Market Performance: On January 10, the BSE Sensex gained 272 points, closing at 71,658, while the Nifty 50 was up 74 points at 21,619. The Nifty formed a bullish candlestick pattern, indicating buying interest at lower levels.

Technical Analysis: The Nifty's rebound from the lower levels is seen as a positive indication, with experts suggesting a short-term trend reversal after a minor decline in the last two sessions.

Short-Term Trend: The Nifty is expected to retest the upper trajectory around 21,750-21,850 levels in the next few sessions, with immediate support at 21,450 levels.

Key Support and Resistance Levels: The Nifty's immediate resistance levels are 21,636, 21,689, and 21,763, while support levels are at 21,496, 21,450, and 21,377.

Bank Nifty Outlook: The Bank Nifty is expected to continue positive momentum, with initial resistance at 47,550-47,680 and support at 47,100-47,000.

Options Data: Maximum Call open interest is at 21,800 strike, with significant Call writing at 21,800, 22,000, and 21,900 strikes. Maximum Put open interest is at 21,500 strike, with meaningful Put writing at 21,500 and 21,600 strikes.

Delivery Percentage: Stocks with high delivery percentage include ICICI Lombard General Insurance Company, Torrent Pharmaceuticals, Kotak Mahindra Bank, Havells India, and Godrej Consumer Products.

Long Build-Up: 60 stocks, including Zee Entertainment Enterprises, JK Cement, Vedanta, Polycab India, and IRCTC, witnessed a long build-up with an increase in open interest and price.

Long Unwinding: 38 stocks saw long unwinding, including Gujarat Gas, Chambal Fertilisers and Chemicals, BPCL, Dalmia Bharat, and Zydus Lifesciences, indicating a decline in open interest and price.

Short Build-Up: 49 stocks, including PVR INOX, Ramco Cements, United Breweries, State Bank of India, and AU Small Finance Bank, showed a short build-up with an increase in open interest and fall in price.

Short Covering: 38 stocks, including Delta Corp, National Aluminium Company, GMR Airports Infrastructure, LTIMindtree, and Birlasoft, witnessed short-covering with a decrease in open interest and a price increase.

Put Call Ratio (PCR): The Nifty PCR climbed to 1.06 on January 10, indicating an increase in bearish sentiment as traders bought more Puts options than Calls.

Bulk Deals: Notable bulk deals include ICICI Lombard General Insurance Company, Torrent Pharmaceuticals, Kotak Mahindra Bank, Havells India, and Godrej Consumer Products.

Upcoming Results: Companies like Tata Consultancy Services, Infosys, HDFC Asset Management Company, and others will be in focus ahead of quarterly earnings on January 11.

Disclaimer: The views and investment tips expressed are those of the experts and not the website or its management. Readers are advised to consult with certified experts before making any investment decisions.

Dwaipayan Bhattacharjee
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