By theindianinvestor 
Friday, 17th Jan 2025
Time : 8: 30 AM IST
insight :
1) Yesterday, Nifty gained 0.42%, closing at 23,311. The rise was due to US CPI inflation data coming in lower than expected.
2) US markets ended lower.
3) US 10-year bond yields and the Dollar Index are cooling off from their recent highs, trading at 4.62% and 108.9, respectively.
4) Asian markets are trading lower.
5) Yesterday, Infosys and Reliance announced results, which seem better than expectations.
6) But Infosys ADR was down by 6%, while Reliance GDR was up by 2%.
7) Infosys usually makes significant moves after the results.
8) However, this time, it seems the result is already factored into the share price.
9) Infosys is down by just 80-90 points from its all-time high, while Reliance is down by 20% from its all-time high.
10) GIFT Nifty is trading about 50 points lower.
11) Infosys is expected to fall by 4-5%, and IT stocks might drag Nifty, but if Reliance supports, it could balance the index.
12) FII selling continues.
13) FIIs have sold more than ₹4,000 crores in the cash market.
14) FIIs unwound 581 longs and added 6.7k shorts, with their long-to-short ratio standing at 17%:83%.
15) After IT stocks, it is time to focus on banking stocks.
16) Axis Bank announced results yesterday, which seem below estimates.
17) India VIX is still above 15.
18) Many brokerage firms have upgraded Infosys and Reliance ratings, but for Axis Bank, it is a mixed call—some have downgraded, while others have upgraded.
19) Nifty may take support at 23,250 and face resistance around 23,400.