Morning Mint: Your Daily Market Brief
Thursday, January 30, 2025
Market Recap
- Indices Rally: On Wednesday, the BSE Sensex rose by 631.55 points (0.83%) to close at 76,532.9. The Nifty 50 increased by 205.85 points (0.90%), closing at 23,163.1.
- Sector Performance: Information Technology stocks led the gains, reflecting a global tech rebound.
Technical Insights
- Nifty’s Movement: A bullish candle formed on the daily chart indicates strength. Breaking above the 23,000-23,100 resistance zone suggests potential for further gains. Key resistance levels are at 23,265-23,300, with immediate support at 23,070-23,000.
FII Activity
- Foreign portfolio investors stayed net sellers of Indian equities for the 19th straight session on Wednesday as they sold stocks worth Rs 2,586.4 crore.
Global Factors to Watch
- US Federal Reserve: Investors are keenly awaiting the Federal Reserve’s statements on interest rates, which could influence global market sentiment.
Trading Strategy
- Key Levels: A decisive move above 23,265-23,350 may negate the bearish trend, opening doors for more upside. Immediate crucial support is at 23,000.
- For a long position entry, it is advised to enter a long trade at a pullback towards 23,000/23,070 level, as the risk-reward would be more favorable at those levels.
Earnings Update
- Tata Motors Q3 Results: Tata Motors reported a 22% year-on-year decline in net profit to Rs 5,451 crore, missing market estimates. The drop was attributed to lower margins in its Jaguar Land Rover business.
- Quess Corp Performance: Quess Corp reported a 14% increase in revenues, driven by strong hiring in the retail, telecom, and GCC sectors. The company’s total headcount also saw a significant boost.
Stay informed and trade wisely.
Note: This newsletter is for informational purposes only and should not be considered financial advice.
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