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Angel Broking Pvt Ltd

Published on 21/01/2021 3:02:08 PM

Below are Quote on Sensex all time high By Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd

The Nifty has hit levels of 50,000 on the back of strong global cues post inauguration of Joe Biden as the new president of the US. We expect global cues to remain strong in the near future which will lead to global flows remaining strong over the near term. Markets will also look to  the Union Budget on the 1st of February and the ongoing Q3FY2021 results season for further cues. However valuations at current levels are expensive with the Senses trading at P/E multiples of  ~21xFY2022 EPS estimates. While the markets may be expensive at current levels we believe that India equities will command a premium given that we are still in the early part of an earnings recovery cycle where multiples tend to be higher. However if we look at the markets on an FY2023 basis then valuations appear to be more reasonable at ~17.5x. Moreover we believe that liquidity will keep coming into India given zero interest rates in developed countries and continued monetary stimulus by the central banks globally. Therefore we continue to remain positive on the Nifty from a medium to long term perspective despite any possible short term volatility in the markets. Corrections if any are likely to be short lived and should be used as an opportunity to buy into the market from a long term perspective.

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Jainam Share Consultants Pvt Ltd

Published on 21/01/2021 1:58:18 PM

Nifty OI Analysis :
Tug of war at 14700 PE writers added 86K lots and 14800 CE writers added 66K lots. Expiry range 14650-14800. If sustains below 14680 than we can see more downside till 14600-14580. Higher side if sustain above 14780, than we can see 14850.

Banknifty OI Analysis :
32700 PE writers added 104K lots and 32900 CE writers added 69K lots. Expiry Range 32600-32900. If market sustain above 32800 than we can see upside till 32900-33000. Lower side if market sustain below 32600 we can see 32500- 32400.

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SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Disclaimer. This is not a buy / sell recommendation. Posted for education purpose only. Please consult your financial advisor before taking the trade. Profit / loss is your own responsibility for your trade

LKP Securities

Published on 21/01/2021 1:46:57 PM

Midday Review

Markets remain firm on sustained buying support

Mirroring their Asian peers, Indian equity markets were trading in fine fettle with Sensex and Nifty crossing 50,100 and 14,700 levels in the afternoon session due to heavy buying in consumer durables, energy and auto stocks. Gains in frontline blue chip stocks such as Bajaj Finserv, Bajaj Finance and Bajaj Auto also helped to lift the markets. Traders took note of private report stating that the India eyeing to start negotiations on an investment deal with the European Union simultaneously with a trade agreement in a renewed push to boost bilateral ties with the trade bloc. On sectoral front, solar stocks were in focus as government gave ex-post facto approval to a memorandum of understanding (MoU) between India and Uzbekistan for cooperation in the field of solar energy.

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Jainam Share Consultants Pvt Ltd

Published on 21/01/2021 12:47:13 PM

Nifty OI Analysis :
14700 PE writers added 77K lots and 14800 CE writers added 60K lots. Expiry range 14650-14800. If sustains below 14680 than we can see more downside till 14600-14580. Higher side if sustain above 14780, than we can see 14850.

Banknifty OI Analysis :
32700 PE writers added 108K lots and 32700 CE writers added 58K lots. Expiry Range 32500-32800. If market sustain above 32800 than we can see upside till 32900-33000. Lower side if market sustain below 32600 we can see 32500- 32400.

Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Disclaimer. This is not a buy / sell recommendation. Posted for education purpose only. Please consult your financial advisor before taking the trade. Profit / loss is your own responsibility for your trade

Jainam Share Consultants Pvt Ltd

Published on 21/01/2021 12:07:15 PM

Nifty

Nifty opened on a flat note but buying led the index upwards to end in the green. Nifty closed at 14645 with a gain of 124 points. On the daily chart the index has formed a long Bullish candle fo rmi n g h i g h e r Hi g h - L ow formation indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 14670 level it would witness buying which would lead the index towards 14705- 1 4 7 5 0 l e v e ls. I m p o rt a n t Supports for the day is around 14500 However if index sustains b e l ow 1 4 5 0 0 t h e n it ma y witness profit booking which would take the index towards 14350-14220 levels.

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Please refer disclaimer at https://jainam.in/
SEBI Registration No.: INZ000198735, Research Analyst: INH000006448, PMS: INP000006785

Disclaimer. This is not a buy / sell recommendation. Posted for education purpose only. Please consult your financial advisor before taking the trade. Profit / loss is your own responsibility for your trade

Axis Securities

Published on 21/01/2021 12:05:36 PM

HIGHLIGHTS:

Nifty futures closed at 14645 on a positive note with 3.57% increase in open interest indicating Long Build Up. Nifty Futures closed at a premium of 0.50 points compared to previous day premium of 49 points BankNifty closed at 32545 on a positive note with 9.43% decrease in open interest indicating Short Covering.

BankNifty Futures closed at a premium of 41 points compared to the previous day premium of 96 points. FII's were Sellers in Index Futures to the tune of 1313 crores and were Sellers in Index Options to the tune of 661 crores, Sellers in the Stock Futures to the tune of 333 crores. Net Sellers in derivative segment to the tune of 2348 crores.

India VIX index is at 21.55 v/s 22.90.Nifty ATM call option IV is currently 14.99 whereas Nifty ATM put option IV is quoting at 20.17

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Axis Securities

Published on 21/01/2021 12:03:51 PM

Nifty

* The high Open Interest concentration on Call side is seen at 14,700 strike followed by 14,800 which may act as immediate resistance.

* The high Open Interest concentration on Put side is seen at 14,500 strike followed by 14,400 which may act as immediate support.

* Total Premium of A-T-M option is at Rs. 99 and probable trading range indicated for the day could be 14,450 to 14,750.

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Axis Securities

Published on 21/01/2021 12:03:31 PM

Bank Nifty

* The high Open Interest concentration on Call side is seen at 32,800 strike followed by 33,000 which may act as immediate resistance.

* The high Open Interest concentration on Put side is seen at 32,500 strike followed by 32,000 which may act as immediate support.

* Total Premium of A-T-M option is at Rs. 317 and probable trading range indicated for the day could be 32,100 to 33,000.

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ICICI Securities

Published on 21/01/2021 12:01:44 PM

Bank Nifty: 32543

Technical Outlook

* The Bank Nifty gained for the second consecutive session and closed higher by 0 . 4 % on Wednesday . The PSU banking stocks outperformed as the PSU bank index closed higher by more than 2%, while the private banking stocks traded in a range and closed on a flat note . Nifty bank index closed at 32543 , up by 0 . 4 % 

* The daily price action formed a small bull candle with a higher high -low signalling continuation of the up trend . The index opened on a firm note and traded in a range with positive bias to form an intraday high (32607 ) in the second half of trade

* Going forward, we expect the index to extend the current up move and head towards our earmarked target of 33000 levels in the coming weeks as it is the measuring implication of the recent range breakout (31000 -29000 ) .

* We believe subsequent up move from here on would be in zig - zag formation wherein intermittent episodes of profit booking at higher levels cannot be ruled out after a 13 % rally (28976 -32718 ) in just four weeks which has hauled weekly stochastic oscillator in overbought territory (currently placed at 92 ) . However, temporary breather should not be seen as negative, instead it should be capitalised as an incremental buying opportunity

* The upper band of the recent range breakout placed around 31000 -30900 levels is likely to act as major support in the short term . It also confluence with the following technical observations : a) 38 . 2 % retracement of the current up move (28976 -32718 ) placed at 31270 levels b)The rising 34 days EMA which has acted as a strong support since October is also placed around 30900 levels

* In the coming session, the index is likely to open on a positive note on the back of firm global cues . Volatility is likely to be high on account of the weekly expiry . However, we expect the index to maintain higher high -low and trade with positive bias . Hence after a positive opening use intraday dips towards 32520 -32580 in Bank Nifty January future for long position for target of 32780 , maintain a stoploss of 32410 Among the oscillators the daily stochastic has generated a buy signal thus supports the positive bias in the index

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ICICI Securities

Published on 21/01/2021 12:01:34 PM

NSE (Nifty): 14645

Technical Outlook

* Equity benchmarks extended gains over second consecutive session amid buoyant global cues. The index steered past its previous high of 14653 and recorded fresh all time high of 14666. The Nifty ended Wednesday’s session at 14645, up 124 points or 0.85%. Market breadth remained positive with A/D ratio of 1.1:1. Barring FMCG, all other indices ended in green led by Auto and IT 

* The daily price action formed a bull candle carrying higher high-low, indicating continuation of ongoing up move as index witnessed follow through strength to last session’s swift up move. As a result, Nifty entirely retraced past four sessions corrective move (14653- 14222) in just two sessions. The faster pace of retracement signifies structural improvement that augurs well for next leg of up move

* Going ahead, we expect index to endure its northbound journey and eventually head towards 14900 by the end of January. Meanwhile, stock specific activity would continue as we proceed Q3FY21 earnings season. The sturdy move above the previous life-time high of 14653 backed by strong market breadth and broad based market participation has also confirmed a higher bottom in place at Monday’s low of 14200 and signals further acceleration of upward momentum towards our target of 14900, as it is confluence of:

* a)138.2% extension of May-September rally (8806-11794), projected from September low of 10790, placed at 14919

* b) Long term resistance trend line, drawn adjoining November 2010 March 2015 highs of 6334-9119, placed around 15000

* The broader market indices have regained momentum after retracing less than 38% of past three weeks rally which has helped daily stochastic oscillator to cool off the overbought condition (currently placed around 50). We expect, broader market indices to relatively outperform the benchmark wherein small cap index would outshine. Key point to highlight is that the Nifty midcap index has surged to new life-time highs, whereas small cap index is still ~22% away from all time high. Thus, we expect small caps to witness catch up activity

* The elevated buying demand highlights robust price structure that makes us confident to retain support base at 14200 as it is 38.2% retracement of current up move (13131-14666) at 14300 coincided with 20 EMA at 14167 and Monday panic low of 14222 In the coming session, volatility would remain high owing to weekly derivative expiry. However, we expect index to trade with a positive bias while maintaining higher-low formation. Hence, post positive opening, use dip towards 14640-14665 for creating long for target of 14744

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