Stock market today: All you need to know before opening bell on January 7

US markets

Global markets traded in a rejoiced mood as tech stocks continued to lift sentiments in US markets. Semiconductor stocks like Nvidia (+3.5%) and Micron (+10%) rallied following the Foxconn report on record revenue and a positive outlook for the sector. Consequently, the NASDAQ and S&P500 closed over 1% on Monday.

Asian markets

Taking cues from the rally in US tech stocks, Japanese indices traded over 2% higher on Tuesday morning, led by gains in technology stocks. The Korean indices, too, rallied over 1% as political turmoil settled down in the Asian economy.

Crude oil prices

The crude oil prices snapped a five-day rally on Monday to close 0.5% lower. The Brent crude oil prices closed below $77 per barrel, and WTI crude fell 0.5% to $73.5 per barrel. The prices remained steady after rising for five consecutive days. However, weak demand sentiment in global markets and expectations of oversupply weighed down on the prices.

FII and DII data

The DIIs took yesterday’s market fall as an opportunity to grab equities worth ₹5,749 crore compared to FIIs who sold equities with over ₹2500 crore. In derivatives markets, FIIs reduced their short position from 2.29 lakh contracts to 2.2 lakh contracts on Monday.

Chart check

The NIFTY50 and SENSEX closed below the 200 EMA after taking resistance at 20 SMA levels on a daily chart. The OI data on NIFTY50 shows resistance at 24,000 levels with the highest call writing at the strike price, while the downside remains open until 23,300 with the highest put-side OI on the strike price.

Similarly, for SENSEX, the highest OI on the call side was 79,000, indicating resistance at similar levels.