Jan 9th 2024 Share Market Analysis Report

Jan 9th share market analysis report

Indian benchmark indices, Sensex and Nifty, closed flat on Tuesday, relinquishing most of the day's gains. Despite starting strong, Sensex concluded at 71,386.21, up by only 31 points after erasing 650 points from its peak, while Nifty settled near the 21,550 mark. The rupee remained relatively steady, closing at 83.11 against the US dollar, a marginal change from its previous session's close at 83.13.

Asian stock markets displayed resilience, recording gains following a tech-driven surge on Wall Street. Global investors are eagerly anticipating US inflation data, a pivotal factor that could impact the Federal Reserve's decisions on interest rates. Meanwhile, oil experienced its most significant drop in about a month due to indications of a weaker physical market, including a substantial pricing cut by OPEC leader Saudi Arabia. Gold prices rebounded on Tuesday from a three-week low, aided by a retreat in the dollar.

Foreign institutional investors were net buyers of Indian shares worth ₹160.30 million on Monday, while domestic investors purchased a net ₹1.56 billion in shares. December witnessed a record monthly Foreign Portfolio Investment (FPI) buying in Indian equities.

Investors are closely monitoring key economic indicators such as retail inflation and factory production data, along with upcoming corporate earnings reports from IT giants TCS, Infosys, and Wipro later this week.

Tata Motors shares hits 52 weeks high 

Tata Motors' shares surged by more than 3%, reaching ₹809.20 per share on Tuesday, January 9, as they hit a 52-week high. The notable uptick in the stock was driven by the strong performance of Jaguar Land Rover (JLR), which reported its most significant wholesale figures in 11 quarters for the October-December period.

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In the fiscal year 2024's December quarter, Tata Motors' luxury car division, Jaguar Land Rover (JLR), witnessed an impressive 27 percent growth in vehicle sales compared to the same period in the previous year. 

Tata Motors has emerged as a multi bagger stock, delivering remarkable returns of nearly 105% in the past 12 months. Notably, it has outperformed both the Nifty Auto and Nifty50 indices, surpassing their returns of 44% and 20%, respectively, during the same period.

Technical Outlook on 10th Jan

Nifty may expect an immediate support near 21442 then 21340 and resistances are 21647 then 21760. Now the nifty is looking in a positive range bound trade.

Bank Nifty may expect an immediate support near 47047 then 46852 and resistances are  47438 then 47633. Now the bank nifty is looking in a negative range bound trade.

Derivative Outlook on 10th 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 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 13.26 vs 13.52 (DoD) basis which shows decrease in volatility.

Overall, Nifty has shown some positive bias but Bank nifty has shown negative bias.

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