Jan 11th 2024 Share Market Analysis Report

Market Closes with Marginal Gains Amidst Volatility, Notable Performance in Small and Midcaps

Investors Exercise Caution as Equity Benchmarks Secure Marginal Gains Amidst Choppy Trade Ahead of Q4 Earnings and US Inflation Data. At the session's onset, the market responded positively to favourable global cues. Despite profit booking activities at higher levels, it sustained its upward momentum during the first half, maintaining a positive stance. However, a sell-off in the later part of the session briefly pushed indices into the red. Fortunately, a recovery took place, allowing the market to conclude the session with minor gains.

Today's top gainers in the stock market include Hero motocorp, closing at 4288.95 with a 3.65% increase, Bajaj auto concluding at 7299.45 with a 3.48% rise, and Eicher motor finishing at 3904 with a 1.60% gain. The Nifty Oil & Gas sector exhibited positive momentum today, recording a 1.48% increase and reaching 9875 points.

Conversely, the day's top losers feature Drreddy at 5669.95 with a -2.03% decline, INFY trading at 1502 with a -1.18% decrease, and NestleInd trading at 2555 with a -0.90% variation. 

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Technical Outlook on 12th Jan

Today, Nifty trading exhibited consolidation, influenced by anticipation surrounding the release of US inflation data scheduled for Thursday evening, potentially impacting Friday's trades. For tomorrow, Nifty is anticipated to find immediate support around 21,581, followed by 21,515, while resistances are identified at 21,713 and 21,779. The current scenario suggests a market poised for volatility.

In the case of Bank Nifty, immediate support is anticipated near 47,226, followed by 47,014, with resistances identified at 47,650 and 47,862. Similar to Nifty, Bank Nifty is also indicating a market in a state of volatility."

Derivative Outlook on 12th Jan

PCR Analysis: Nifty PCR-OI has decreased with nifty has positive close which shows CALL BUYING.

Open Interest Analysis: Nifty future JAN contract OI has increased with negative close which shows Short Buildup.

Cost of Carry Analysis: Nifty JAN month contract has ended in low compare with FEB contract and low range compare with previous session which indicates a negative bias.

India VIX Analysis: India VIX has closed at 12.83 vs 12.92 (DoD) basis which shows decrease in volatility.

EV and hydrogen technology related stock attracts buyers to hit new 52-week high..!!

On January 11, Wardwizard Innovations & Mobility witnessed a notable surge in its stock price, with shares trading approximately 14 percent higher on an intraday basis. This uptick was accompanied by a significant increase in trading volume, reaching 1.96 times the usual volume on the BSE. This surge not only propelled the stock to its fresh 52-week high but also indicated a price volume breakout. The positive momentum in the market seems to be attributed to the company's recent announcement at the 10th Edition of Vibrant Gujarat Global Summit, where Wardwizard unveiled six concept models of electric vehicles. This includes models under the brand name "Joy e-bike" for electric two-wheelers and "Joy e-rik" for electric commercial vehicles. The company's showcase of high-speed electric scooters, electric commercial vehicle concepts, and the unveiling of next-gen hydrogen fuel cell and electrolyzer technology has garnered investor attention, contributing to the stock's upward trajectory.

Wardwizard Innovations & Mobility Ltd, a key player in the Indian electric vehicle manufacturing sector, stands out as one of the few companies on the stock exchange contemplating the adoption of hydrogen technology. This strategic move positions the company at the forefront of initiatives aiming to redefine the landscape of clean and efficient mobility in India. Investors have responded positively to these developments, with the company's shares showing a remarkable 36 percent increase in value over the past year. Furthermore, on a Year-To-Date basis, the stock has surged by approximately 49 percent. The heightened investor interest indicates a keen focus on Wardwizard's potential and its significant role in shaping the future of sustainable and innovative mobility solutions in the country.