Market Outlook 4th Dec 2024
The Nifty Index opened positive and bulls were driving the index steadily throughout the day. It crossed and closed above its 50 DEMA with gains of around 180 points. It formed a bullish candle with a longer lower shadow indicating buying interest from intraday lows and has been making higher lows from the last three sessions.
Now it has to hold above 24,350 zones for an up move towards 24,650 then 24,750 zones whereas supports can be seen at 24,250 and 24,100 zones.
On option front, Maximum Call OI is at 25,000 then 24,500 strike while the Maximum Put OI is at 23,500 then 24,000 strike. Call writing is seen at 24,900 then 24,500 strike while Put writing is seen at 24,400 then 24,300 strike. Option data suggests a broader trading range in between 24,000 to 24,900 zones while an immediate range between 24,200 to 24,700 levels.
The S&P BSE Sensex index opened on a positive note and traded higher throughout the day. The index managed to close above its resistance of 80,500 levels. Bulls dominated the entire trading session after the initial dip and closed with gains of around 600 points.
It formed a Bullish candle on daily chart indicating a positive move. Now it has to hold above 80,500 zones, for strength to be seen towards 81,300 then 81,500 zones whereas supports are placed at 80,500 then 80,250 zones.
The Bank Nifty Index opened on a positive note and witnessed buying interest throughout the session to extend the momentum towards 52,780 marks. It formed a strong bullish candle on daily scale and closed with decent gains of around 590 points near 52,700 zones. It gave the highest daily close of the last forty-one sessions and is on the verge of a range breakout on daily scale.
Now it has to hold above 52,500 zones for an up move towards 53,000 then 53,250 zones while on the downside support shifts higher to 52,500 then 52,250 levels.
Nifty future closed positive with gains of 0.43 per cent at 24,534 levels. Positive setup seen in Angel One, CESC, APL Apollo, JK Cement, Canara Bank, Ultratech Cement, Dalmia Bharat, PNB, TVS Motor, Jio Financial, PEL and LT while weakness in Granules, Deepak Nitrite, Ipca Lab, Dr. lalpath lab, ICICI Prudential, Hero Motocorp, HDFC Life, Asian Paints, Jsw Energy, Escorts, Kotak Bank, Britannia Industries and Aarti Industries.
AVANTEL - TECHNICAL CALL OF THE DAY
The stock has given a falling supply trendline breakout on the daily chart and managed to close above the same.
Breakout is supported by a surge in volumes which has bullish implications.
Buy AVANEL CMP 167.19 SL 153 TGT 182.52
Top 5 Stocks To Watch Out For December 4
RVNL:
Rail Vikas Nigam Limited (RVNL) has received Letter of Acceptance from East Central Railway amounting to Rs 186 crore for “Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations with associated Switching Posts for upgradation work of electric traction system from 1X25 to 2 X 25 KV AT feeding system in Gomoh - Patratu Section of Dhanbad Division of East Central Railway.” The said project is to be executed in 540 days.
Wipro:
Wipro announced a partnership with Netskope, a Secure Access Service Edge (SASE) leader, to provide global enterprises with an integrated service that optimizes and improves cybersecurity outcomes for people, processes, and technology investments.
Through this partnership with Netskope, Wipro will be able to deliver tailored SASE business cases and comprehensive financial analyses, enabling clients to optimize their cybersecurity spend and achieve superior performance outcomes.
Nitiraj Engineers:
Nitiraj Engineers Limited has been authorized as a "DroneRemote Pilot Training Organization (RPTO)" by the Directorate General of Civil Aviation (DGCA), Government of India.
Defence Stocks in Focus:
The Defence Acquisition Council (DAC) on 3rd December 2024, accorded Acceptance of Necessity (AoN) for 05 capital acquisition proposals amounting to over Rs 21,772 crore.
DAC granted Acceptance of Necessity (AoN) for the procurement of 31 New Water Jet Fast Attack Crafts (NWJFACs) for the Indian Navy. These are designed to perform the task of Low-Intensity Maritime Operations, Surveillance, Patrol, and Search and Rescue (SAR) operations close to coast. In addition, these vessels will play an effective role in Anti-Piracy missions, especially in and around our Island territories.
DAC also accorded AoN for procurement of 120 Fast Interceptor Craft (FIC-1). These vessels are capable to perform multiple roles, including escorting High Value Units such as Aircraft Carriers, Destroyers, and Frigates, Submarines for coastal defence.
Indian Energy Exchange:
Indian Energy Exchange achieved an electricity traded volume of 9,689 MU in November’24, marking a 15.7 per cent YoY increase. The Real-Time Electricity Market (RTM) achieved monthly volume of 3,019 MU in November‘24, as compared to 2,359 MU in November'23, registering an increase of 28 per cent YoY.
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