Market Outlook 18th Dec 2024
The Nifty Index opened negative and cascaded throughout the session and slipped below to 24,300 levels. Bears had control over the index right from the opening tick and it closed with losses of around 330 points. It formed a bearish candle on daily frame and has been making lower lows from the last two sessions.
Now till it holds below 24,500 zones weakness could be seen towards 24,150 then 24,000 zones, whereas hurdles can be seen at 24,500 and 24,650 zones.
On option front, Maximum Call OI is at 25000 then 26000 strike while Maximum Put OI is at 24,000, then 23,900 strike. Call writing is seen at 24,500, then 24,400 strike while Put writing is seen at 23,900, then 24350 strike.
Option data suggests a broader trading range in between 23,900 to 24,800 zones while an immediate range between 24,100 to 24,600 levels.
The S&P BSE Sensex Index opened on a negative note and faced significant selling pressure early in the trading session, leading to a sharp decline of over 1,000 points. Despite attempts to recover, the index was unable to regain momentum and closed near its intraday low, signalling continued weakness in the market.
It has formed a bearish candle on daily time frame. Now till it holds below 81,000 zones, weakness could be seen towards 80,400, then 80,200 zones whereas hurdles are placed at 81,000, then 81,250 zones.
The Bank Nifty Index opened on a negative note and remained under selling pressure as it corrected towards 52,700 zones in the latter part of the session. It formed a Bearish candle on the daily scale as selling pressure was seen across banking heavyweights and ended with losses of around 750 points below 53,000 zones.
Index has again got stuck in a wider range of 52,500 to 53,750 zones, and volatile swings are seen within this range. Now till it holds below 53,000 zones some weakness could be seen towards 52,500 then 52,250 levels while on the upside hurdle is seen at 53,000 then 53,250 zones.
Nifty future closed negative with losses of 1.36 per cent at 24,401 levels. Positive setup seen in Oberoi Realty, United Spirits, Max Health, LODHA, Prestige Estate, Indian Hotel, BSE, Zomato, MCX, Granules, Dixon and Coforge while weakness in Shriram Finance, L&T Finance, LIC Housing Finance, Bandhan Bank, MGL, Grasim, TVS Motor, Escorts, Hero Motocorp, Aurobindo Pharma, Tata Consumer Products, Adani Enterprise and Indusind Bank.
UNITED SPIRITS - TECHNICAL CALL OF THE DAY
Price has broken out of an inverted head and shoulder pattern with a surge in volumes visible on the daily chart.
The RSI indicator is headed up confirming the positive momentum.
Buy UNITDSPR CMP 1563 SL 1520 TGT 1645
Top 5 Stocks To Watch Out For December 18
Ambuja Cement:
Ambuja Cements announced separate Schemes of Arrangement of its subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL). Aimed at enhancing shareholder value, this consolidation will help to streamline the organisation structure and simplify compliance requirements for effective governance.
For every 100 equity shares of SIL with a face value of Rs 10 each, Ambuja Cements will issue 12 equity shares with a face value of Rs 2 each, to eligible shareholders of SIL.
Subject to requisite approvals, the transaction is expected to be completed within 9-12 months.
Gujarat Industries Power:
The Board has approved EPC Contract for Balance of System (BoS) Package for Implementation of 500 MW(AC) Solar PV Project at Khavda, Great Rann of Kutch area, Gujarat; Debt Syndication for availing Term Loan for 500 MW Solar Power Project (Phase -II) at Khavda, Kutch; and Debt Syndication for availing Term Loan for 75 MW Solar Power Project at Vastan.
Cellecor Gadgets:
Cellecor Gadgets announced its partnership with EPACK Durable Private Limited, a leading Original Design Manufacturer and Original Equipment Manufacturer in the living appliances space. This collaboration aims to enhance Cellecor's air conditioner portfolio by leveraging EPACK Durable's advanced manufacturing capabilities and technical expertise.
As part of this collaboration, EPACK will manufacture a range of Cellecor-branded air conditioners, including completely new SKUs in the premium segment, such as 1-ton, 1.5-ton and 1.8-ton models. These premium air conditioners will feature cuƫing-edge cooling technologies, sleek modern designs, and energy-efficient systems tailored to meet the growing demand for advanced living solutions in Indian households.
Aditya Birla Real Estate:
Birla Estates Pvt Ltd, a wholly owned subsidiary of Aditya Birla Real Estate has acquired a land parcel covering 70.92 acres in Boisar for Rs 104.3 crore.
Exide Industries:
The company has invested Rs 99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, "Exide Energy Solutions Ltd" ('EESL'), on rights basis. With this investment, the total investment made by the company in EESL stands to Rs 3,152.24 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.
ESSL is in the process of setting up a green field plant at Bengaluru for manufacturing & selling lithium-ion battery cells, modules and pack business. The equity investment in ESSL on a right basis is to fund the above green field project and meet its various funding requirements.
With the current investment, Exide's shareholding in EESL remains unchanged at 100 per cent.
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