Sensex, Nifty open on a positive note; IT sector Q3 results in focus

Markets opened with gains as NSE nifty was up by 0.22 per cent or 47.65 to 21,758.45 points, while the BSE Sensex was at 72,149.33 up by 0.17 per cent or 131.92 points. A total of 3,045 stocks were actively traded, with 1,967 advancing, 970 declining, and 108 remaining unchanged. Additionally, 276 stocks hit a 52-week high and 5 stocks hit a 52-week low at 9:30 am on Monday.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said, “All eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year (Q3 FY24), spanning from November to December. The anticipation is particularly high for India’s IT giants. TCS and Infosys released their Q3 results on January 11th, followed by HCL Tech and Wipro on the 12th. Market participants will be keeping an eye on the movement of the rupee against the dollar and crude oil prices. Investments by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) will also be monitored.”

• Also read: Index Outlook: Sensex, Nifty 50: Resistances holding well

The Nifty is consolidating in the 21,500–21,800 range with intraday volatility. If it slips below 21,500, then the 20-DMA of 21,400 will be immediate support; only below this can we expect any meaningful profit booking. If it manages to sustain above the 21,800 mark, then 22,000 and 22,200 will be the next target levels.

Bank Nifty is respecting its 20-DMA around the 47800 mark. On the upside, 48500–48800 is acting as an immediate supply zone; above this, we can expect a move towards the 49500–50000 level. If it slips below 20-DMA, then 47000 will be the key support level.

FII’s long exposure in index futures remains at 67 per cent, accompanied by a put-call ratio of 1.08, both indicating a neutral to positive market sentiment.

Top gainers on the NSE at 9:30 am include BPCL (1.92%); Tata Steel (1.42%); Eicher Motors (1.20%); ONGC (0.95%); Bharti Airtel (0.90%) Major losers include, UPL (-1.25%); Hindustan Unilever  (-1%); Bajaj Finance (-0.89%); Tata Consumers (-0.82%); TCS (-0.72%).

BSE Smallcap was up by 0.09 per cent and BSE Midcap was down by 0.19 per cent, indicating a slight negative movement.