IGI Logo

Below are views on Today's market 10 January 2022 By Mr. Parth Nyati, Founder, Tradingo

The Indian equity market is continuing its northward journey and outperforming global markets where Nifty and Sensex manage to close above the 18000/60000 mark respectively. No sectorial index ends into red and market breadth was also strong which is a good sign. The market is showing strong strength despite rising covid cases and outperforming most of our global peers because the market is complacent about Covid cases as the hospitalization and mortality rate is very low.

IT index started on a strong note on the back of buyback expectations from TCS but then witnessed profit booking at higher levels because the market already factoring in strong earnings by IT companies and market focus has shifted to an economy facing and value stocks therefore PSU banking index was the best performing index along with realty, auto and infra names. The pre-budget move is likely to continue due to various expectations where Infra, Capital goods, and infra may outperform.

Technically, Nifty manages to close above the psychological level of 18000 however 18100/18200 are immediate resistance levels; above this, we can expect a swift move towards a new all-time high. On the downside, 17800 is immediate support while 17640/17500 are major support levels.

Banknifty is outperforming where 38300-38500 is an immediate resistance zone; above this, we can expect a rally towards 39500/40000 levels. On the downside, 38000-37750 is an immediate demand zone while 37300-37000 is the next support zone.

Above views are of the author and not of the website kindly read disclaimer