By theindianinvestor 
Thursday, 16th January 2025
Time : 8:30AM IST
Insights :
1) Let’s understand yesterday’s market: Nifty gained 37 points and closed at 23,213. The market remained range-bound but failed to cross the previous day’s high.
2) FIIs net sold ₹4,500 crores in the cash market. They added 2.9k longs and covered 1.8k shorts in index futures, with their shorts now standing at 83%.
3) US core CPI inflation, which excludes food and energy, rose by 3.2% compared to market estimates of 3.3%. Markets now expect a 40 bps rate cut by the Fed by year-end versus 31 bps before the CPI data.
4) US markets rallied yesterday. Nasdaq closed 2.45% higher, Dow Jones was up by 1.65%, and Tesla gained 8%.
5) US 10-year bond yields are trading at 4.67%, and the Dollar Index has cooled to 109.
6) Brent crude oil is trading at $82 per barrel due to increasing risks to global supplies.
7) Asian markets are trading higher, following Wall Street, as US core inflation has kept alive expectations for a rate cut this year.
8) GIFT Nifty indicates a 130-point higher opening for our markets.
9) Today, Infosys and Reliance will announce their Q3 results.
10) As per the gap-up, the market is expected to open near 23,350. Resistance is at 23,350, and sustaining above this level is crucial for a short-term positive move. Support is at 23,160.