Though most global equity markets remain closed on Thursday, January 1, Indian stock exchanges will operate as usual. Commodity trading platforms, including the Multi Commodity Exchange of India (MCX) and the National Commodity and Derivatives Exchange (NCDEX), will also be functional during the daytime session from 9 am to 5 pm, though trading will be suspended in the evening session.
The equity markets are expected to open slightly higher today, helped by firm signals from the GIFT Nifty. The Nifty’s technical setup also looks stable, as the index is trading above its short-term moving averages. This suggests a mild positive trend.
Immediate support for the Nifty is seen around 26,120. If the index stays above this level, the upward bias could continue. However, global markets are mixed. Weakness in US and Asian markets may limit sharp gains and keep volatility high during the day. Overall, markets are likely to trade with a cautious but positive tone in the early session.
Indian stock markets ended the previous session on a positive note, supported by short covering and fresh buying at lower levels.
The BSE Sensex rose 545.52 points, or 0.64 percent, to close at 85,220.60. The Nifty 50 gained 190.75 points, or 0.74 percent, to settle at 26,129.60.
The Nifty opened higher at 25,971.10 and remained strong throughout the session. It touched an intraday high of 26,187.90 and closed near the day’s high, showing steady buying interest.
Most sectors ended in the green, except IT. Media, metal, PSU bank and auto stocks were the top performers.
Technically, momentum indicators still show a neutral trend. However, the Nifty closed above its short-term moving averages, which is a positive sign.
A long bullish candle on the daily chart and a close above the previous three sessions suggest improving strength. On the downside, 26,120 is the key intraday support. As long as the index stays above this level, the positive trend may continue.
On the upside, 26,230 is the nearest resistance. If the Nifty fails to move above this level, some profit booking could be seen.
Intraday support: 26,120 – 26,050 – 25,965
Intraday resistance: 26,230 – 26,315 – 26,400
Positional support: 25,750 – 25,250
Positional resistance: 26,350 – 27,000
The Bank Nifty closed moderately higher at 59,581.85, gaining 410.60 points, or 0.69 percent. This reflects a positive tone in banking stocks.
Momentum indicators remain neutral, but the index closed above its short-term moving averages. A long bullish candle on the daily chart points to the possibility of further upside.
Immediate intraday support is at 59,550, while resistance is seen at 59,760. A clear move above or below these levels will decide the next direction.
Intraday support: 59,550 – 59,400 – 59,200
Intraday resistance: 59,760 – 59,950 – 60,100
Positional support: 58,580 – 57,200
Positional resistance: 60,000 – 61,250
Institutional flows were mixed. Foreign institutional investors were net sellers worth ₹3,597.38 crore. Domestic institutional investors supported the market with net buying of ₹6,759.64 crore.
As of 6:42 am IST, GIFT Nifty was trading at 26,341.50, up 66 points, indicating a positive start for Indian markets.
US markets
US stocks closed lower. The Dow Jones fell 303.77 points to 48,063.29, while the Nasdaq slipped 177.09 points to 23,241.99.
European markets
European markets were mixed. The DAX closed higher, while the FTSE 100 and CAC 40 ended slightly lower.
Asian markets
Asian markets opened weak. Japan’s Nikkei fell 72.50 points to around 50,560, while Hong Kong’s Hang Seng dropped 264 points to near 25,620.50.
Crude oil was trading lower near $60.91 in early trade. Gold was around ₹4,332.10, while silver slipped to about ₹70.89.
The dollar index was slightly higher near 98.28. The rupee was trading around 89.87 against the US dollar in early trade.