Tech View: After hitting a fresh record high on the first day of the calendar year, Nifty on Monday ended 11 points up to form a high wave type candlestick pattern on the daily chart. The positive chart pattern like higher tops and bottoms is intact on the daily chart and Nifty is currently forming a new higher top of the sequence. A decisive move above 21850 levels is expected to nullify the present bearish effect and that could open more upside for the near term. Immediate support is placed at 21550 levels, Nagaraj Shetti of HDFC Securities said. OI data showed that on the call side, the highest OI was observed at 22,000 followed by 21,800 strike prices while on the put side, the highest OI was at 21,700 strike price.
The government has approved the issuance of the 30th tranche of electoral bonds that will open for sale on Tuesday. Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding. General elections are due later this year as the term of the 17th Lok Sabha is coming to an end.
The Nifty Bank index closed in the red for the second consecutive day on Monday weighed down by muted global cues and profit-booking at higher levels. The Nifty Bank rose over 8% in December 2023 and more than 11% in a year, Trendlyne data showed. The level of 48,000 will now act as a crucial support for the index, suggest experts. The Nifty Bank underperformed the Nifty50 as it closed 57 points lower at 48,234. The Nifty50 hit a fresh record high of 21,834 on Monday but failed to hold on to the momentum. The last 30-minute sell-off pushed the index to close flat.
Indian government bond yields ended the first trading session of the New Year with a marginal uptick after a higher-than-expected borrowing plan by states hurt demand, while traders await a pickup in volumes. The 10-year benchmark bond yield closed at 7.1969% on Monday, after ending at 7.1754% in the last session of 2023. The benchmark bond yield ended lower for the second consecutive month in December and closed the year with a drop of 15 basis points (bps).
Rupee traded sideways on the first day of the new year 2024 with range between 83.23-83.31. The opening was positive with 0.03rs gains but minor profit booking was observed after opening towards 83.31 during the day. The range for the day remains between 83.15-83.45 as dollar index weakness and Global market volatility along with RBI keeping rupee stable shall keep the rupee range bound, says Jateen Trivedi, VP Research Analyst at LKP Securities.
Crude oil futures on Monday declined 0.17% to Rs 5,997 per barrel as participants trimmed their positions on low demand. On the Multi Commodity Exchange, crude oil for January delivery fell Rs 10 or 0.17% to Rs 5,997 per barrel with a business volume of 14,868 lots. Globally, West Texas Intermediate crude oil traded 0.17% lower at USD 71.65 per barrel, while Brent crude was trading down 0.14% at USD 77.04 per barrel in New York.
Sensex ends 32 points higher in volatile trade, Nifty near 21,750; DCB Bank climbs 8%, Airtel falls 3%. Kotak Mahindra Bank on Monday said veteran banker Ashok Vaswani has assumed charge as the managing director (MD) and CEO of the bank. He replaced Dipak Gupta, who was the interim MD and CEO, following founder director Uday Kotak stepping down as the head of the bank, effective September 1, 2023.
Gold prices on Monday climbed Rs 136 to Rs 63,339 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 136 or 0.22 per cent at Rs 63,339 per 10 grams in a business turnover of 15,152 lots. Fresh positions built up by participants led to a rise in gold prices.
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Source: [https://economictimes.indiatimes.com/markets/stocks/live-blog/bse-sensex-today-live-nifty-stock-market-updates-01-january-2024/liveblog/106429163.cms](https://economictimes.indiatimes.com/markets/stocks/live-blog/bse-sensex-today-live-nifty-stock-market-updates-01-january-2024/liveblog/106429163.cms)
