Market Outlook 19th Dec 2024
The Nifty Index opened negative and continued to slip lower from the previous day’s repercussions and slipped below to 24,150 zones. It moved in swings within a range with overall weakness prevailing and closed with losses of around 140 points. It formed a bearish candle on the daily frame and has been making lower lows from the last three sessions.
Now till it holds below 24,350 zones weakness could be seen towards 24,000 then 23,850 zones whereas hurdles can be seen at 24,350 and 24,500 zones.
On the option front, the Maximum Call OI is at 25,500 then 25,000 strike while Maximum Put OI is at 24,000 then 23,500 strike.
Call writing is seen at 24,300 then 24,200 strike while Put writing is seen at 24,200 then 24,000 strike. Option data suggests a broader trading range in between 23,800 to 24,800 zones while an immediate range between 24,000 to 24,500 levels.
The S&P BSE Sensex Index started the day on a negative note and tried to recover but couldn’t break its resistance of 81,000 level. Selling pressure increased and every small rise was sold off.
The index remained volatile and eventually closed with losses of around 500 points. It has formed a bearish candle on a daily time frame. Now till it holds below 80,500 zones, weakness could be seen towards 79,900, then 79,650 zones whereas hurdles are placed at 80,500 then 80,700 zones.
The Bank Nifty Index opened on a negative note and remained under sustained selling pressure throughout the session. It formed a big bearish candle on daily scale and ended with losses of around 700 points to close near its 50 DEMA.
The index has corrected by almost 1500 points in the last few days as selling pressure was seen across banking heavyweights. Now till it holds below 52,500 zones some weakness could be seen towards 51,750, then 51,500 levels, while on the upside hurdle is seen at 52,500, then 52,750 zones.
Nifty future closed negative with losses of 0.61 per cent at 24,268 levels. Positive setup seen in Supreme Industries, United Spirits, Dr. Reddy, Prestige Estate, Wipro, Coromandel International, UBL, Granules India, Coforge, HCL Tech, Apollo Hospital and Naukri while weakness in NMDC, PEL, Adani Green, Ashok Leyland, NCC, PNB, Gail, Tata Motors, Dalmia Bharat, Bharat Forge, IOC, Adani Enterprise and Asian Paints.
TRENT - TECHNICAL CALL OF THE DAY
Price has formed a mat hold pattern on the daily chart which has bullish implications.
It has also crossed above its 50 DEMA with a large bodied bullish candle. The MACD indicator is headed up confirming the upward momentum.
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The S&P BSE Sensex Index started the day on a negative note and tried to recover but couldn’t break its resistance of 81,000 level. |
Top 5 Stocks To Watch Out For December 19
Allcargo Gati:
The company has released its monthly business update for the month of November 2024. Total volume for November 2024, including surface and air express, stood at 102kt, as compared to 100kt during November 2023 and 117kt during October 2024.
Manali Petrochemicals:
The company executed a Memorandum of Understanding (MoU) with Fermenta Biotech Ltd (FBL) to acquire lease and related rights of FBL, through assignment, on the leased premises situated at Saykha Industrial Estate, Gujarat, admeasuring at an extant of 40,000 sqm for a consideration of Rs 18.70 crore on the terms and conditions specified in the said MOU, subject to execution of further definitive agreements and approval of Gujarat Industrial Development Corporation.
Infosys:
Infosys announced the inauguration of its new 3,20,000 sq. ft. development center (DC) in Kolkata, West Bengal. This state-of-the-art facility with an investment of over Rs 426 crore is designed to accommodate over 4,000 employees in a hybrid working model.
The centre will provide employees greater flexibility and enable them to work on cutting-edge technologies such as cloud, AI, and digital, across a diverse range of industries, including manufacturing, logistics, financial services, energy & utilities.
ITC:
ITC has acquired 2.44 per cent of the share capital of EIH Limited (‘EIH’) and 0.53 per cent of the share capital of HLV Limited (‘HLV’), from Russell Credit Limited, a wholly owned subsidiary of the company. Post such acquisition, ITC’s shareholding in EIH and HLV aggregates 16.13 per cent and 8.11 p[er cent, of their paid-up share capital, respectively. The objective behind these acquisitions is in order to consolidate shareholding.
IOL Chemicals:
The Board Meeting is scheduled for 27th December 2024 to consider and approve the alteration in the share capital of the Company by sub-division / split of existing equity shares having face value of Rs 10 each, fully paid up, as may be determined by the Board of Directors. A sub division / split is generally aimed at making shares more affordable and to increase liquidity in the market.
In terms of price performance, the stock has surged over 16 per cent in the last month, outperforming the broader Nifty50 index, which has risen just over 3 per cent during the same period. However, the 1-year return on the stock remains negative, down close to 12 per cent.
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