January 15, 2024 / 09:06 AM IST
Sensex Today | Prashanth Tapse, Senior VP (Research), Mehta Equities:
The GIFT Nifty reflects a positive start for the stock market, with Nifty and Sensex reaching historic highs fueled by robust gains in IT stocks. Despite the bullish momentum, concerns arise from India’s retail inflation hitting a four-month high of 5.69% and a significant drop in the industrial growth rate to an 8-month low of 2.4%.
Technically, Nifty’s bias remains positive, targeting 22,100, while Bank Nifty’s intraday support is at 47,401. Recommended trades include buying Nifty at CMP with a stop at 21,501 and targets at 22,000/22,100, and Bank Nifty at CMP with a stop at 46,851 and targets at 48,100/48,636.
The chart of the day is bullish on specific stocks, and Ceinsys Tech is highlighted as a top buy with a rationale for a 12-15 months holding period. Noteworthy corporate earnings include Jio Financial Services, Angel One, PCBL, Choice International, Kesoram Industries, Fedbank Financial Services, and Nelco. Finally, a reminder that Wall Street is closed today for Martin Luther King Jr. Day.
