Market Outlook 20th Dec 2024
The Nifty Index opened the gap down by 320 points and slipped to 23,870 zones in the first half of the session which was followed by some recovery and consolidation. It formed a small-bodied bullish candle on daily frame with longer upper shadow and has been making lower lows from the last four sessions.
Now till it holds below 24,000 zones weakness could be seen towards 23,850 then 23,500 zones whereas hurdles can be seen at 24,150 and 24,350 zones.
On option front, Maximum Call OI is at 25,000 then 26,000 strike while Maximum Put OI is at 23,000 then 24,000 strike. Call writing is seen at 24,000 then 24,200 strike while Put writing is seen at 24000 then 23,500 strike. Option data suggests a broader trading range in between 23,400 to 24,400 zones while an immediate range between 23,700 to 24,200 levels.
The S&P BSE Sensex Index began the trading session on a negative note and made an attempt to recover, however, it faced resistance at the 79,500 level. Sensex traded sideways for the rest of the day and index eventually dropped by around 950 points. Now till it holds below 79,500 zones, weakness could be seen towards 78,900 then 78,700 zones whereas hurdles are placed at 79,500 then 79700 zones.
The Bank Nifty Index opened gap down by more than 700 points due to weakness in global cues and remained under bear’s grip throughout the session. It formed a small bodied candle on a daily scale but the structure of lower lows is intact from the last three sessions and ended with losses of around 560 points.
The index has seen a corrective move of almost 2,000 points in the last few sessions and closed below its 50 DEMA. Now till it holds below 51,750 zones some weakness could be seen towards 51250 then 50,750 levels while on the upside hurdle is seen at 51750 then 52000 zones.
Nifty future closed negative with losses of 0.97 per cent at 24,021 levels. Positive setup seen in IPCA Labs, Abbott India, Dr. Reddy, Muthoot Finance, Torrent Pharma, OFSS, Coforge, Persistent system, Laurus Labs, Polycab, Apollo Hospital and Indian Hotel while weakness in Cummins India, PEL, Adani Green, Ashok Leyland, NALCO, Bajaj Finserv, UPL, Tata Motors, Escorts, Bharat Forge, Asian Paints, Berger Paints and Nestle India.
MUTHOOTFIN - TECHNICAL CALL OF THE DAY
A pole and flag pattern has appeared on the daily chart and it has given highest daily close ever which has bullish implications.
The ADX line is in a steep uptrend confirming the strength of the up move.
Buy MUTHOOTFIN CMP 2136 SL 2080 TGT 2250
Top 5 Stocks To Watch Out For December 20
KPI Green:
KPI Green Energy has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan for the development of Hybrid, Solar & Wind Power Projects at Jaisalmer (Ramgarh), Rajasthan.
By signing this MOU, KPI Green demonstrates mutual commitment to the growth of the renewable energy sector and vision for a sustainable, clean energy future.
Indigo:
The Board at its meeting held on 19th December 2024 considered and approved grant of loan to InterGlobe Aviation Financial Services IFSC Private Limited, a wholly owned subsidiary of the company.
As per the agreement, a loan amounting to USD 43 million is approved for funding requirements for acquisition of aircraft.
BASF:
The Board has accorded its in-principle approval for demerger of company’s Agricultural Solutions business into a separate listed legal entity. This will enable operational flexibility, leverage differentiated steering and create value.
The company’s Agricultural Solutions business has generated sales of Rs 2,006.46 crore, representing 14.57 per cent of the total revenues of the company for FY24.
GE Vernova:
The company has received an order from Sterlite Grid 32 Ltd for supply and Supervision of HV Equipment for TBCB Project amounting to more than Rs 400 crore. The time period for completion of the said orders is 2 years.
Ice Make Refrigeration:
Ice Make Refrigeration has launched new product segments: Commercial Freezers (Chest Freezers/Coolers) and Visi Coolers. Production of Chest Freezers will begin on 1st January 2025, at their automated facility in Bavla, Gujarat, with a daily capacity of 200 units.
These products, ranging from 100 to 900 liters, include Hardtop Freezers, Glass Top Freezers, and Combi Cooler & Freezers. Visi Coolers, with an initial annual capacity of 8,000 units, will cater to the food, beverage, and retail sectors, with plans to transition to full automation for increased efficiency.
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