MARKET VIEW
GLOBAL MARKETS
US main indices closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple.
Dow Jones fell 10.88 points, or 0.03 percent, to 33,136.37.
S&P 500 lost 15.36 points, or 0.40 percent, to 3,824.14.
Nasdaq Composite dropped 79.50 points, or 0.76 percent, to 10,386.99.
Asia-Pacific shares traded mixed as investors look ahead to the Federal Reserve’s meeting minutes for December.
Australia’s S&P/ASX 200 was up 0.64 percent, while Nikkei 225 in Japan fell 0.32% percent in its first hour of trade. Topix declined 1.1 percent. South Korea’s Kospi gained 1.34 percent, Kosdaq was up 0.75 percent.
Oil prices tumbled 3.5 percent in volatile trade on Tuesday, pressured by weak demand data from China, a gloomy economic outlook and a stronger US dollar.
INDIAN MARKETS
Sensex gained 126 points to close at 61,294, while the Nifty50 rose 35 points to 18,232 and formed a bullish candle on the daily charts by making higher high higher low formation. Banknifty rose 222 points closed at 43425 formed a inside candle with higher high higher low formation.
The sectors which outperformed were IT, PSUBank, Pharma and the sectors that underperformed were Media, Metal, Auto.
Foreign institutional investors (FII) sold shares worth Rs 628.07 crore, while domestic institutional investors (DII) bought shares worth Rs 350.57 crore.
TODAY’S VIEW
The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 42 points.
As per the pivot charts, the Nifty may have the key support level at 18,172, followed by 18,148, and 18,109. If the index moves up, the key resistance levels to watch out for will be 18,250, followed by 18,274 and 18,313.