Last week, the market saw a gain of more than one percent. The broader market also saw almost the same growth and thus the market has started 2025 on a positive note. Auto stocks got a boost due to good sales figures. Along with this, the market got support from buying in oil & gas stocks and domestic institutional investors. However, the market was once again under pressure due to selling by FIIs, strength in the dollar and weakness in the rupee.

Foreign institutional investors have sold net ₹4,227.25 crore on Friday (January 3). On the other hand, domestic institutional investors have bought net ₹820.60 crore in the cash market on this day.

Where will we find opportunities in the market now?
Religare Broking's Ajit Mishra says that after a three-day rally, the market closed down by about half a percent. On Friday, there was a flat start and the entire session Nifty was seen working in the range. After this, Nifty closed at the day's low i.e. around 24,005. There was a mixed trend on the sectoral front. Energy and FMCG sectors closed in the green. Whereas, pressure was seen in IT and pharma sectors. He said that this pullback looks normal after the recent recovery. This can continue till Nifty decisively crosses the next resistance level of 24,250.

Ajit Mishra said that we currently recommend looking for opportunities only in select stocks. In the short term, outperformance can be seen in FMCG, auto and energy sectors. Stocks with strong returns in smallcaps BSE Smallcap Index has seen a rise of 2% during this period. Stocks like Apollo Micro Systems, ITI, Manoj Vaibhav Gems N Jewellers, EPack Durables, Lloyds Metals and Energy, JSW Holdings, India Tourism Development Corporation, Saregama India, Mercury Ev-Tech, Arihant Superstructures, Taj GVK Hotels & Resorts, Indo Tech Transformers, Sequent Scientific have seen a rise of up to 15-40%.

 

However, stocks like Banco Products (India), Surya Roshni, Jai Corp, Triveni Engineering and Industries, Ethos, TVS Holdings, Balaji Amines, Cyient, PC Jeweller, Paisalo Digital, Tips Music have slipped by 7-54%.

What level is Nifty preparing to reach now?
Nagaraj Shetty, HDFC Securities - The short-term trend for Nifty is intact. After moving decisively above Thursday's upper level i.e. 24,226, new opportunities for buying will be created in the market. After this, Nifty can go up to the level of 24,400 - 24,500. The first support for Nifty is at the level of 23,930 - 23,840.

Rupak Dey, LKP Securities - Nifty could not cross 50-DEMA on the daily timeframe, after which the index also showed correction on Friday. However, Nifty has managed to close above 24,000 and the sentiment remains positive. On the upside, Nifty can reach 24,200 - 24,200. After crossing 24,220, the next target for Nifty will be 24,500. On the other hand, after slipping decisively below 24,000, the index can also slip to 23,700.