| Company | Value | Change | %Change |
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The January expiry is expected to clear the path for the trend of the next month.
Sharma said that the Nifty has immediate support at 23,000, with key lower levels at 22,700–22,800, and a turnaround resistance placed at 23,425.
The December quarter earnings season has been great, with 469 companies declaring results showing a median sales growth of 1.28% and earnings per share growth of 0.1%.
Sharma noted that multiple divergences on the Nifty, alongside signs of easing bearish sentiment from foreign institutional investors (FIIs). Over the past three days, FIIs reduced their index futures positions from 3.5 lakh contracts to 3.09 lakh contracts, coinciding with Nifty’s attempt to stage a weak bounce back. Apart from Tuesday’s selling figure of ₹5,458 crore, FIIs have been net buyers in stock futures on other days, albeit in smaller volumes.
Thrust stocks, as per JM Financial:
Britannia (5101): Bullish setup with positional targets of 5300/5400.
Cipla (1411): Bearish setup on daily charts, with targets of 1365/1320. Stop loss at 1458.
The Indian stock market ended in the red on Friday, reversing early gains as concerns over a potential slowdown in corporate earnings overshadowed optimism about lower US interest rates and declining oil prices. The downturn was primarily driven by a sell-off in pharma, real estate, and auto stocks.
The Nifty50 index experienced volatile swings and eventually closed near the session’s low at 23,092.20.
The Nifty remained volatile with a predominantly bearish bias, said Rupak De, Senior Technical Analyst at LKP Securities. De adding that the sentiment continues to favor the bears as the index once again retreated from the day’s high.
“In the short term, the bears may maintain the upper hand as long as the index fails to surpass the 23,450 level. Any rise toward the 23,350–23,450 zone is likely to encounter selling pressure. However, the downside may remain limited unless the 23,000 level is breached,” he said.