Jan 12th 2024 Share Market Analysis Report

Nifty 50 hits a new milestone: IT stocks gains stronger

On January 12, Indian equity indices extended their upward trajectory for the fourth consecutive day, reaching new record highs. This surge was predominantly driven by robust performances in the IT sector, buoyed by the release of quarterly earnings reports from industry giants Infosys and TCS, both of which met market expectations.

In the face of subdued global signals, Indian indices commenced the session with a gap-up opening and further advanced their gains throughout the day, ultimately reaching a new all-time high. This upward momentum was fueled by widespread buying activities across various sectors, excluding auto and pharmaceutical stocks.

In the stock market today, Nifty 50 witnessed an increase, reaching 21,894.55, marking a gain of +1.14%. Simultaneously, Sensex points raised to 72,568.45, reflecting a high of +1.18%. Among the notable performers in the Nifty, Infy demonstrated a substantial gain of almost 8.08%, trading at 1615, followed by ONGC, which saw a hike of +5.74% and traded at 224. TechM also experienced positive movement, rising by +4.69% and reaching a trade value of 1308.

Conversely, there were some Nifty losers during this trading period. Cipla was observed trading at 1309.7, reflecting a decrease of -1.20%, while Apollo Hospital traded at 5807.45, showing a decline of -1.06%. Bajaj Finserv also experienced a decrease, trading at 1652.3, down by -1.02%. Despite these individual fluctuations, the Nifty IT sector displayed an overall positive trend, with a notable increase of +5.14% and a trade value of 36,521.70.

Technical Outlook on 15th Jan

Nifty has created an all time high once again and may possibly test 22000 levels nearby. And for intraday Nifty may expect an immediate support near 21788 then 21682 and resistances are 22001 then 22054. Now the nifty is looking in a positive direction.

Bank Nifty may expect an immediate support near 47477 then 47245 and resistances are  47942 then 48058. Now the bank nifty is looking in a positive bias.

Derivative Outlook on 15th Jan

PCR Analysis: Nifty PCR-OI has increased with nifty has positive close which shows PUT WRITING.

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

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

India VIX Analysis: India VIX has closed at 13.08 vs 12.83 (DoD) basis which shows increase in volatility.

KPI Green Energy Achieves Milestone: Surges 250% in a Year Amidst Fresh Orders, Hits Record High"

KPI Green Energy's shares rose over 3% to a new 52-week high after its subsidiary, KPIG Energia Pvt Ltd, secured an order for a 2 MW solar power project from Sanwariya Processors Pvt Ltd. The project is scheduled to be completed in tranches by FY25, as outlined in the order terms. As of 11:30 am, KPI Green Energy was trading at Rs 1,507 on the National Stock Exchange (NSE), reflecting a 0.6% increase from the previous close.

KPI Green Energy generates solar power and supplies it as Solarism to Independent Power Producers (IPPs) and serves Captive Power Producer (CPP) customers as a service provider.

In the past year, the stock has tripled investors' money with gains of over 250%, outperforming the benchmark Nifty 50, which rose around 22%. Over the last six months alone, the stock has surged by nearly 74%.