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Market will stay below 18,738 into the year end: Jai Bala
"The markets are very clearly signaling that the fresh record highs registered in 2022 is unsustainable. It's come off 684 points from the all-time highs registered in December. This is not a sign of strength. And as I pointed out there's a head and shoulder breakdown on the Nifty as well as the Nifty auto index and an auto has been the leader for the market. So this is again not a good sign," says Jai Bala of Cashthechaos.com. "But the takeaway from here is that we still don't have a critical support breakdown on the Nifty, which is about 18,130, which I've been repeating for the last three, four weeks now. And that is still too given. My sense is that the market will stay below 18,738 into the year end – probably lifted by some mutual fund managers or the Santa could come on bear instead of reindeer and surprise the market and break the 18,130 support. So we are just watchful of what the market is going to do."
It's more stock picking market now: Amit Gupta
"What we have done in this particular move when the market has slipped. So, now, we are doing some kind of rebalancing and we are buying some more stocks now, wherever we believe there is more growth actually is going to come. So I think it's more stock picking market now," says Amit Gupta, Principal Officer & Fund Manager, ICICI Securities PMS. "You are seeing certain sectors rotations here and there, but my sense is there are two broad things, which were negative to us, one was dollar which was continuously rising, and then there was a crude while actually which was sticky. Now, we have seen both of them actually have come down. So those two risks have come off and that is where I think the markets can find some consolidation around 18,000 levels."
Market at Close | Sensex and Nifty ends with minor cuts following a sharp recovery in last hour
— Reliance is top Nifty contributor on the upside for second straight session.
— Adani Enterprises surges two percent to record high after group’s luanch of ‘super app’.
— IT stocks too see a recovery with Nifty IT gaining two percent from lows.
— Sharp rise in yen after BoJ decision leads to a fall of one percent in maruti stock.
— Private financials (ICICI and Axis) along with SBI support Nifty Bank.
— Tata Motors is top Nifty loser as COVID cases rises in China.
— Concerns on China’s reopening drag realty, DLF and Godrej Prop fall 2-3 percent.
— Indigo gains nearly two percent as co regains top spot in on-time.
— Dabur closes in the red but off lows after one percent equity sale by promoters
— Market breadth favours declines, advance-decline ratio at 3:4
Buzzing Stocks | Ramco Systems to consider fund raising during December 22 board meeting
The company on Monday announced that the company will consider raising funds via a preferential issue, private placement, or through any other permissible mode or any combination thereof. (Read more)
Buzzing Stock | JK Paper shares hit a fresh 52-week high
Global Market Cues | Dow Futures rise nearly 300 points from lows
Stock Market News | AXISCADES Technologies gains 5% on engineering services contract renewal with Airbus
This is the fourth time that the company has been awarded a contract by Airbus for engineering services. (Read more)
Stock Market News | Salasar Tech bags orders worth Rs 748.5 crore from Pashchimanchal Vidyut Vitran Nigam Ltd
Stock Market Update | Buy Nelcast: Rahul Sharma
Rahul Sharma of Equity99 Advisors suggests buying Nelcast for a target of Rs 130 with a stop loss at Rs 100.
Stock Market News | Nestle hopes worst of inflation is over but finds spelling out 2023 outlook difficult
The fast-moving consumer goods firm hopes that the worst of inflation is behind it but it would be premature to foretell if 2023 would be easier compared to 2022, the firm’s CMD Suresh Narayanan said on Tuesday. (Read more)
Stock Market News | Momentumiser: German truck forging business sale next trigger for Mahindra CIE?
Mahindra CIE Automotive is the listed subsidiary of CIE Automotive S.A., Spain. Mahindra & Mahindra, the India partner, holds 9.25 percent stake in the company. (Read more)
Stock Market News | IRB Infra to hold board meeting on January 4 to consider a stock split
The mid-cap company, in a filing on Monday, said that the board will consider changing the share capital by sub-division/split of existing equity shares having a face value of Rs 10 each, fully paid up. (Read more)
Stock Market News | This Credit Suisse analyst thinks China is a bright spot despite COVID surge
Credit Suisse's Co-Head of Equity Strategy for Asia Pacific Dan Fineman thinks while developed markets head towards slowdown, China will March towards growth despite COVID surge. (Read more)
Buzzing Stock | Hinduja Global shares down over 2%
The board has approved a buyback price of Rs 1,700 per equity share payable in cash for an aggregate amount of up to Rs 1,020 crore. (Read more)
