InvestorQ : How do you see the stock market panning out on Monday 10th January 2022? Do you see the positive trend of last continuing?
Arusha Ray made post

How do you see the stock market panning out on Monday 10th January 2022? Do you see the positive trend of last continuing?

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diksha shah answered.
4 months ago
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During the first week of the new year, the Nifty traded in the range of 17,500 and 18,000 albeit with a strong positive bias. However, 18,000 looks like a resistance based on the F&O accumulation data. On Friday, commodity stocks in cement and metals did well. The first Advance Estimates of GDP have given an encouraging signal and that should help.

On Friday, the Nifty gained 67 points but the underlying structure of the market was extremely favourable. The advance decline ratio was extremely positive at 32:17. At the same time, the fear Index or the India VIX trended lower to 17.60 levels. Key stock gainers on Friday were Grasim, Hindalco, Shree Cements and ONGC; largely commodity plays.

For a change, FPIs were net buyers in the first week. On Friday, the FPIs bought equities to the tune of Rs.496 crore while domestic funds were marginal sellers. In global market trends, Dow closed flat on Friday but NASDAQ was down nearly 145 points. Europe was mixed but the SGX Nifty trades nearly 40 basis points in the positive in Monday trades.

The data has been positive over the weekend and the first results of Avenue Supermarts were also extremely positive. This week, the inflation data is coming out and the hope is that the data is not much higher, although 90-100 bps spike in inflation is expected. The focus will also shift to the Tech results with 3 IT biggies putting out numbers this week.

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