 "Market Today: Manufacturing PMI, Nifty weekly F&O expiry, IndoFarm IPO ends")
Stock Market Today, Thursday, January 2, 2025: Share markets today will track a host of economic data and global market mood to shape Thursday’s trading session. At 6:40 AM, GIFT Nifty futures were mildly lower at 23,885 level.
Stock Market Prediction Today, January 2, 2025:
Share market today is looking to open flat, tracking mixed cues from the global markets.
Australia’s S&P/ASX 200 rose 0.17 per cent at open, while South Korea’s Kospi was down 0.3 per cent as the global markets resumed trading after New Year Holiday on January 1. Japan’s Nikkei will remain closed on Thursday and Friday for Bank Holiday.
Among the data on radar is India’s Manufacturing PMI data for December. Globally, China’s Caixin Manufacturing PMI for December, and the US’ weekly jobless claims and Manufacturing PMI data will be on tap on Thursday.
Besides, India Nifty’s weekly F&O expiry will also keep investors hooked today.
IPO subscription status, IPO listing Today
In the primary market, Indo Farm Equipment IPO from the mainboard section will close for bidding today. Indo Farm IPO has been subscribed 54.5 times in two days. Indo Farm GMP today is Rs 90, reflecting a 42 per cent listing gain over the upper end of the price band of Rs 215.
Meanwhile, in the SME segment, today is the last day to subscribe to Technichem Organics IPO. It has been subscribed 38.5 times in two days.
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That apart, Leo Dry Fruits and Spices IPO will enter its second day of subscription, while Davin Sons Retail IPO and Parmeshwar Metal IPO will open for subscription today.
Anya Polytech and Fertilisers shares will debut on the NSE SME platform today.
Sebi simplifies disclosures norms
The Securities and Exchange Board of India (Sebi) has made integrated filing for Listing Obligations and Disclosure Requirements (LODR) effective for all disclosures starting with the quarter ending December 2024.
The measures aim to ease compliance and simplify disclosure requirements by integrating periodic filings under two broad categories: governance and financial. READ MORE
Economic Pulse: News to track
The net goods and services tax (GST) collection grew marginally by 3.3 per cent year-on-year (Y-o-Y) to Rs 1.54 trillion in December, amid an increase in refunds.
That apart, vehicle retail sales in India grew by 9 per cent in 2024, reaching a record of nearly 26.1 million units and surpassing the pre-Covid peak of 25.4 million units set in 2018.
Fertiliser stocks will be on investor radar today as the Centre, on Wednesday, extended the additional subsidy on di-ammonium phosphate (DAP) beyond December 31, 2024.
How to trade Sensex, Nifty today, January 2? Key levels to watch today:
Rupak De, Senior Technical Analyst at LKP Securities:
Short-term sentiment for the Nifty index appears strong, with the index rising for the second consecutive session. However, the key hurdle remains the index's position below the 200-day moving average (200-DMA). The ongoing rally may face resistance around 23,900–24,000. A decisive move above 24,000 could trigger an extension towards 24,500. On the downside, support is seen at 23,550.
Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates:
The Nifty index has held its trend line support on the daily chart and formed a bullish candle, indicating strength. On the upside, 200-Days Simple Moving Average (200-DSMA) is placed near 23,880, which will act as a short-term resistance, while 23,500 will serve as support.
Bank Nifty, meanwhile, held its 200-Days Exponential moving average (200-DEMA), which is near 50,480 and closed above trend line support. Furthermore, the index has formed a green candle on the daily chart, indicating strength. On the upside, 50-Days Exponential Moving Average (50-DEMA) is placed near 51,880, which will act as resistance. In the short term, Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout on either direction determining its future direction.
Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities:
The 24,000-strike call witnessed significant open interest accumulation of 90.67 lakh contracts, reinforcing it as a formidable resistance level. Meanwhile, the 23,500-strike put gathered 78.32 lakh contracts, confirming it as a strong support level. Active trading in the 23,800–24,000 call range and the 23,700–23,500 put band underscored immediate resistance at 24,000 and solid support at 23,500.
Nearly equal additions in both call and put options established a constrained range of 23,500–24,000, reflecting a persistent deadlock between market participants. The Put-Call Ratio (PCR) ticked up to 1.03 from 0.93, indicating a marginal shift toward bullish sentiment. Despite this, the "max pain" level at 23,800 suggests limited downside in the near-term.