Market Outlook 13th Dec 2024
The Nifty Index opened negative and after the initial spike to 24,675 zones, it cascaded throughout the day. It dropped to 24,527 zones and closed with losses of around 90 points. It formed a bearish candle on daily frame and has been consolidating in a range from the last five sessions.
Now it has to continue to hold 24,500 zones for an up move towards 24,700 then 24,850 zones whereas supports can be seen at 24,500 and 24,400 zones.
On option front, Maximum Call OI is at 26,000 then 25,000 strike while Maximum Put OI is at 23,500 then 24,000 strike. Call writing is seen at 24,600, then 25,000 strike while Put writing is seen at 23,900, then 24,500 strike. Option data suggests a broader trading range in between 24,000 to 25,000 zones while an immediate range between 24,400 to 24,800 levels.
The S&P BSE Sensex Index opened on a flat note but quickly faced selling pressure after an initial upward move, encountering resistance around 81,700 level. The index subsequently breached the key support level of 81,500 and traded with volatility within a range throughout the day.
The S&P BSE Sensex Index opened on a flat note but quickly faced selling pressure. | Representative Image
On the daily chart, it formed a bearish candle with an upper wick but has been moving in a range between 81,200 to 82,000 zones from last four trading sessions. Now it has to hold 81,200 zones, to witness a recovery towards 81,750, then 82,000 zones whereas supports are placed at 81,000, then 80,750 zones.
The Bank Nifty Index opened on a negative note but witnessed a sharp up move from the first tick as it tested 53,500 zones. However it failed to sustain at higher levels and gradually drifted lower to close near its day’s low. It formed a small bodied candle on the daily scale with upper shadow which indicates profit booking coming in at higher levels, while support are intact at lower levels.
Now it has to hold 53,000 zones for a bounce towards 53650, then 54,000 levels while a hold below the same could see some weakness toward 52,800, then 52,500 zones.
Nifty future closed negative with losses of 0.36 per cent at 24,647 levels. Positive setup seen in Coforge, Max Health, Muthoot Finance, Bajaj Finance, Lodha, Persistent, Tech Mahindra, Polycab, LTI Mindtree, LTTS, SAIL and Dixon while weakness in Indus Tower, Max Financial Services, Concor, Aurobindo Pharma, Atul, Gujrat Gas, Hindustan Unilever, Aarti Industries, RBL Bank, MGL, Coal India and Cipla.
MAX HEALTH CARE - TECHNICAL CALL OF THE DAY
Stock has given cup & handle breakout on daily chart and managed to close above the same.
It has formed a strong bullish candle on daily scale and base is shifting higher. ROC indicator is positively placed.
Buy MAX HEALTHCARE CMP 1167 SL 1140 TGT 1220
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