RETURN OF THE BEARS

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Investors remained cautious ahead of the outcome of the FOMC minutes and US manufacturing PMI data later tonight, causing the benchmark indices in India to fall 1% on January 4 and the Nifty to fall below 18,100. The market opened flat with a negative bias and extended the selling as the day progressed, with the Nifty and BSE Sensex touching an intraday low of 18,020.60 and 60,593.56. JSW Steel, Hindalco Industries, Coal India, Tata Steel, and ONGC were among the top losers on the Nifty. At close, the Sensex was down 636.75 points, or 1.04%, at 60,657.45, and the Nifty was Divis Labs, Maruti Suzuki, HDFC Life, Dr. Reddy's Laboratories, and UltraTech Cement, on the other hand, made gains. The Nifty metal index decreased by 2%, the PSU Bank index decreased by 1.8%, the Nifty Energy index decreased by 1.5%, and the Nifty Bank, Information Technology, and Infrastructure indices each decreased by 1%. Among individual stocks, a volume spike of more than 300 percent was observed in Chambal Fertilisers and Chemicals, Petronet LNG, and PVR. A short build-up was observed in Hindalco Industries, Balrampur Chini Mills, and JSW Steel, while a long build-up was observed in Havells India, GNFC, and HPCL. All of the sectoral indices ended in the red, with the metal index losing nearly 3% and the information technology.

OUTLOOK FOR TOMORROW:- For yet another session, the Nifty encountered resistance near the primary daily moving averages and a rising trendline. The index plunged sharply toward 18,000 as a result. The bulls were successful in preserving the crucial psychological level for the day. The Nifty could once more surge toward 18,250-18,300 if it does not fall below 18,000 on the downside. The Nifty, on the other hand, will be able to move further toward the lower end of the short-term consolidation, which is 17,800, if it breaches 18,000.