Updated January 2nd, 2024 at 18:04 IST
Indian shares open flat with a bearish bias; banks gain
Nifty experienced a fluctuating session in the previous trade, managing to conclude slightly above its starting point on the first trading day of the year.
Indian benchmarks opened Tuesday, January 2, on a flat note, and slipped to red taking cues from global peers even as a rebound was expected. Sensex opened today at 72,332.85 and Nifty opened at 21,751.35. Nifty experienced a fluctuating session in the previous trade, managing to conclude slightly above its starting point on the first trading day of the year.
"The predominant theme in the market was volatility, evident in Nifty's trading action. Looking ahead to Tuesday, the outlook indicates a lack of significant market movements. Nifty's options data suggests a trading range of 21300-22300, with the crucial resistance zone at 22000," said Prashanth Tapse, Senior VP of Research, Mehta Equities Ltd.
"The technical analysis for Nifty reveals immediate upside targets at 22,000, with a make-or-break support at 21,487,” added Tapse.
The market anticipates volatility, influenced by factors such as the surge in COVID-19 sub-variant JN.1 cases in India, FOMC minutes on January 4, and US non farm payrolls figures later in the week. “The recommended trade for Nifty (21,742) is to buy at the current market price with a stop at 21,301 and targets at 21,900/22,100, including aggressive targets at 22500-22750," Tapse added.
Published January 2nd, 2024 at 09:36 IST