The market kicked off the new year with optimism, extending morning gains and closing nearly half a percent higher on January 1, 2025. Despite an initial dip, buying activity in heavyweight stocks across various sectors quickly reversed the losses, helping push the index higher. However, a significant hurdle remains as the index trades below its 200-day moving average (200DMA).
Broad-Based Recovery Across Sectors
Most sectors contributed to the recovery, with auto and energy stocks emerging as the top performers. The biggest contributors to Nifty’s gains were HDFC Bank, Larsen & Toubro, Reliance Industries, and M&M. Additionally, Maruti Suzuki and M&M saw significant gains, fueled by strong monthly sales data.
The broader market followed the same positive trend, with gains ranging from 0.4% to 1.05%.
Read More: https://thecioconnect.com/trade-strategy-for-january-2-nifty-eyeing-breakout-beyond-23800-ahead-of-weekly-expiry/