After trading in the range for 2 consecutive weeks, Dalal Street’s reins were seen in the hands of the bulls on the last day in 2021 and the market closed with a gain of 1 per cent today amid mixed global cues. The market started the January series on a strong note. It gained further momentum as the trading session progressed.
The market closed near the day’s high at the end of trading on the basis of all-round buying. Today the Sensex closed at 58,253.82 with a gain of 459.50 points or 0.80 percent. On the other hand, Nifty closed at 17,354.05 with a gain of 150.10 points or 0.87 per cent.
In the week ended today, the BSE Sensex closed at 58,253.82 with a gain of 1,129.51 points or 1.98 per cent. On the other hand, Nifty 50 closed at 17,354 with a gain of 350.25 points or 2 percent.
Vinod Nair of Geojit Financial Says that amidst the challenges related to one new variant of Corona, there was a strong recovery in 2021 and the market managed to close on the edge today. India outperformed most of its global peers on the back of rising retail investor participation, a good economy recovery, accelerating vaccination and rising demand for Indian goods and services.
He further added that despite the threat from Omicron, the domestic market is expected to remain strong. The market will be supported by strong long-term growth prospects and measures taken for reforms.
This multibagger stock has made Rs 1 lakh in 9 months to Rs 67.5 lakh, let’s take a look at its journey from Rs 147 to Rs 9928
technical view
Chandan Tapadiya by Motilal Oswal Financial Says Nifty crossed 50 DMA level with Bullish candle formation on Daily and Weekly charts today. Nifty has to stay above 17300 to move towards 17500-17777. At the same time, the support for this has now shifted upwards towards 17,250 and 17,100.
How was the market performance in 2021?
In 2021, the BSE Sensex and Nifty saw a rise of about 20 percent. On 19 October 2021, the Sensex touched 62,245.43 and the Nifty touched a level of 18,604.45. During this period, the performance of small-medium stocks was much better than the giants. In 2021, BSE Midcap and Smallcap saw a rise of 37 per cent and 61 per cent, respectively. If we look at different sectors, in the year 2021, all the sectoral indices closed in the green. BSE Power and Metal indices have gained 60 per cent. On the other hand, BSE IT, Realty and Capital Goods index has given returns of more than 50 per cent.
How will the market move on January 3
Palak Kothari of Choice Broking It says that the index is trading above the 21 and 50-HMA which is a sign of strength in the counter. However, momentum indicators like STOCHASTIC and MACD are trading with positive cross overs on the daily time frame.
Currently, support for Nifty is around 17,150 while resistance is at 17,450 levels. If this resistance is broken, Nifty can move towards 17,550-17,700. On the other hand, there is support for Banknifty at 34,800 level while resistance is at 35,800 level.
Mohit Nigam of Hem Securities Says that the overall structure for Nifty looks positive. For the last few trading sessions, Nifty has managed to stay above 17200 on a closing basis, which is a positive sign for it. In the near term, the level of 17500 can be seen for Nifty. For Nifty, there is immediate support at 17,200 and immediate resistance at 17,500. Whereas for Bank Nifty there is 35,000 Immediate Support and 36,000 Immediate Resistance.
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