Stocks of Adani Enterprises, Apollo Hospitals, Sun Pharma and L&T held their positions as major gainers, while Bajaj Auto, Ultra Tech Cement, JSW Steel, Hindalco, and Dr. Reddy’s Laboratories were early gainers on the NSE. There was a big loss in the hour.
Both indices posted solid gains in 2024, with the Sensex and Nifty 50 up more than 8 percent each, despite pulling back from their recent highs. However, sluggish consumption and sluggish capex activity are weighing on corporate earnings, leaving investors hopeful of stimulus measures. Government and India Inc. to drive growth in 2025.” With global risks and uncertainty clouding the near-term outlook, markets are expected to remain cautious, with clear views of future growth prospects. Looking forward as companies report their third quarter results next week,” said Varun Aggarwal, MD, Profit Idea.
Market experts noted after looking at weak sentiment that any upward movement in markets now depends on quarterly results and Trump’s policies after taking office in January.
On the last trading day of 2024, the BSE Sensex fell to a low of 77,561, reflecting weakness in global markets, but ended at 78,248 before closing down 0.14 percent or 109 points at 78,139. Returned to altitude.
The Nifty50 formed a small positive candlestick on the daily chart, suggesting a possible upside bounce from the 23,500 support level with a near-term target of 24,000. Nifty open interest data indicates resistance at 23,800-24,000 and support at 23,500-23,200.
“Nifty’s recovery yesterday detected a weak-shaped “piercing line” candle, with a long lower shadow. This means bulls are trying to keep their heads above water, but prominent resistance 23774 – 23940 zone and the trend is in the 24150 level,” said Akshay Chinchalkar, Head of Research, Axis Securities.
“Support comes between 23440 and 23263, but one needs to remember that – measured by the percentage of stocks in the nse200 from the central moving averages (50, 100 and 200) – has not fallen to the level where historical The lower bounds are very high
This means further weakness is likely,” he added, “Looking ahead, the market is expected to remain cautious, with the Nifty facing support at 23,210 and resistance at 23,610.
Bank Nifty’s support level is at 50,350, while resistance is seen at 51,170,” Agarwal said. Global markets, including major Asian stock exchanges, remained closed for the new year, while US stocks pared losses in the previous session. The Dow Jones fell 0.07 percent, the S&P 500 fell 0.43 percent, and the Nasdaq Composite fell 0.90 percent.