By theindianinvestor 
Tuesday, 21st January 2025
Time : 8:15 AM IST
1) Yesterday, Nifty gained 142 points and closed at 23,344.
2) Kotak Bank, which was up more than 9%, contributed nearly 55 points to Nifty as its results came out above expectations.
3) Nifty has been trading between 23,047 and 23,397 for the last six days.
4) This range is expected to be broken today if market sustain above 23400.
5) FII’s are using any intraday high as an opportunity to sell.
6) Tomorrow, we have Hindustan Unilever and HDFC Bank Q3 results.
7) With good results from Reliance and Kotak Bank, if HDFC Bank also delivers positive results, markets could move higher from the current range.
8) Yesterday, FII’s sold ₹4,300 crores in the cash market.
9) However, they added both longs and shorts yesterday, and their shorts stand at 83% compared to 84% the previous day.
10) It is unusual for FII’s to enter the budget period with significant shorts, as they typically reduce shorts before major events. Any short covering could significantly lead to a rally.
11) US markets were closed yesterday, Asian markets are trading lower, and Dow futures are trading marginally positive as US President Donald Trump stated he would enact tariffs on Canada and Mexico on February 1.
12) The dollar index was sharply lower, down by 1% at one point. After Trump’s comments on tariffs, the dollar index spiked and is now trading at 108.3.
13) US 10-year bond yield has cooled off from recent highs, trading at 4.55%.
14) India VIX was up more than 4% yesterday, trading at 16.42. VIX may go even higher before the budget as speculation increases.
15) Nifty has been rejected twice from 23,400 in the last six days. If it tries to cross and sustain above 23,400 today, we could move higher.
16) Nifty’s range could be between 23,200 to 23,400.