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Market Outlook 15th Jan 2025
The nifty index opened positive and attempted for a pullback move but failed to show follow up buying. It witnessed swings within a band in the first half of the session followed by some consolidation. It formed a Doji sort of candle and an Inside bar on daily frame with longer upper shadow indicating pressure is intact at higher zones.
It has been making lower highs from the last eight sessions and wiped off almost 1200 points in this span. Now till it holds below 23200 zones, weakness could continue towards 23000 then 22800 zones while hurdles are placed at 23350 then 23500 zones.
On option front, Maximum Call OI is at 23500 then 24000 strike while Maximum Put OI is at 23000 then 22500 strike.
Call writing is seen at 23200 then 23400 strike while Put writing is seen at 23200 then 23000 strike. Option data suggests a broader trading range in between 22600 to 23600 zones while an immediate range between 23000 to 23400 levels.
S&P BSE Sensex Index opened on a positive note and made an attempt to move higher but faced resistance around 76850 levels. However sideways consolidation was seen in the later part of the day.
The Sensex closed the session with gains of around 170 points. It formed a small bodied candle on the daily chart. Now till it holds below 76800 zones, weakness could be seen towards 76200 then 76000 zones whereas hurdles are placed at 76800 then 77000 zones.
The Bank Nifty Index opened on a positive note near 48250 levels and gradually extended the momentum towards 49000 zones in the latter part of the day. It formed a small bullish candle on daily scale and negated the formation of lower highs after eight sessions to closed with gains of around 690 points.
Some relief rally was seen in the rate sensitive index after a sharp corrective move of around 3500 points in the last few days. Now it has to hold above 48500 zones for a bounce towards 49000 then 49500 levels while a hold below the same could see some weakness towards 48250 then 48000 zones.
Nifty future closed positive with gains of 0.51% at 23280 levels. Positive setup seen in Biocon, BSE, Indus towers, Idea, UPL, Escorts, Chola Finance and Zydus Life while weakness in HCL Tech, United Spirits, LTI Mindtree, LTTS, Persistent System, Angel One, Dr. Lal path labs, Lodha, Aollo Hospital, Colpal and Godrej Consumer products.
SBI LIFE – TECHNICAL CALL OF THE DAY
SBI Life has given a range breakout on daily chart and holding well above the same. It has formed a strong bullish candle with noticeable volumes which has bullish implications.
Momentum indicator RSI is positively placed which may support the ongoing upmove.
BUY SBILIFE CMP 1499.25 SL 1450 TGT 1600
Top 5 stocks to watch out for 15th Jan
Morepen Labs:
The Board has approved hiving off the Medical Devices Business, being an undertaking, to Morepen Medtech, a subsidiary of the company, on a ‘slump sale’ basis as a going concern. This hiving off is subject to the receipt of requisite regulatory approvals, including approval of the members of the company.
Sula Vineyards:
Sula reported its highest ever Own Brands revenue in Q3FY25. The Elite & Premium portfolio recorded a 6% YoY growth, led by a strong double-digit growth in iconic brands – The Source and RASA. The wine tourism business demonstrated strong momentum recording highest ever Q3 revenue, led by higher spend per guest and strong occupancy rates. The company looks forward to the return of SulaFest in Q4, for which excitement is building and advance ticket sales have been strong.
Optiemus Infracom:
Optiemus Unmanned Systems (OUS), a wholly owned subsidiary of Optiemus Infracom announced its partnership with KunWay Technology, a Taiwanbased drone manufacturing company to manufacture their wide range of drones in India. OUS will be selling, manufacturing and localising some of the shortlisted products for the Indian market.
The partnership is also open to explore Kunway’s extended product portfolio on a case-to-case basis.
The announcement is significant as it comes in the backdrop, when the Indian government declared 2025, the year of Reforms for the Indian Defence sector.
Adani Green:
Adani Renewable Energy Forty Eight, a step-down subsidiary of Adani Green Energy has commissioned a 57.2 MW wind power component of its wind-solar hybrid project at Khavda, Gujarat. With commissioning of this plant, AGEL’s total operational renewable generation capacity has increased to 11,666.1 MW. The company says it will operationalize the plant and commence power generation from 15th January 2025.
Hero MotoCorp:
The company launches two new Destini125 in three variants starting at Rs 80,450 /- (ex-showroom price). This innovative 125cc scooter redefines industry standards and solidifies the company’s position. With an impressive segment-leading mileage of 59 kmpl, this family-friendly scooter exemplifies Hero MotoCorp’s commitment to innovation, value and an unparalleled riding experience for customers.
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