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9 Jan 2020

Market Mantra:- All About World Market Analysis

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US indices see huge swings as Dow Jones climbs over 250 points before closing up 160 points. S&P 500 & Nasdaq hit fresh new record all time highs, even as crude oil falls over 5%, while bond yields climb slightly to 1.86%. Further, overnight Dow Jones futures traded down 600 points on Iran firing rockets.

Asian indices opened in the green as thaw in US/Iran tension saw stocks gyrate from low to high with Dow Jones futures trading lower by 600 points and then recovering to close up 160 points. The address of President Trump last night saw peace talks make headway with no further military action, which saw stocks jump. Fall in oil prices bodes well for Asian stocks with most indices trading near highs

Nifty closed in the red marginally after seeing fall of over 120 points before recovery process started with intra day swings saw stocks bounce both sides. The sell-off in oil sensitive stocks saw OMC, paint and auto stocks see selling while IT, pharma & FMCG led the gains with banks also recovering most intra day falls. The huge recovery in global markets will see gap up open in local bourses as mid caps lead the rally for today.

Technical view: Nifty will find support around 11929, while 12250 will act as resistance on the upside. Bank Nifty finds support around 31150, while 31700 will act as resistance on the upside.

Trading Ideas (Time period: 1-7 days)

Quess Corp Limited (Buy Rs525, Target Rs550, Stop Loss Rs510): Stock has given a strong reversal and has given a bullish double bottom breakout on daily chart.

Derivative Strategies (Time period: Till expiry)

Buy M&M Finance January future at Rs326-328, Stop Loss Rs320.5 & Target Rs334.

Corporate and Economy Snippets:

Maruti Suzuki India (MSI) reported a 7.88% increase in production in December at 1.15 lakh units, the second successive month of hike after reducing it for nine months in a row due to demand slump.

Alembic Pharma’s JV Aleor received zero observations by USFDA for its formulation manufacturing facility in Gujarat. Inspection was carried on from Jan. 6-8.

Equity mutual funds saw net inflows worth Rs4,499cr in December 2019, the second lowest in the last 39-months or since October 2016, shows the data from the Association of Mutual Funds in India.

The banking sector is going to see good recoveries from non-performing assets in the third and fourth quarters of the current fiscal, helped by resolution of some large stressed accounts, SBI Chairman Rajnish Kumar said.

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