Market Outlook 27th December
The Nifty Index opened positive and witnessed spikes twice during the day but remained consolidated for the rest of the session. It formed a Doji sort of candle on daily frame and has been making multiple Dojis which indicates indecisiveness.
A lack of follow up buying is seen which is making the index stuck. Now it has to hold above 23,700 zones for a bounce towards 23,850 and then 24,000 zones whereas supports are seen at 23,600 then 23,500 zones.
On option front, Maximum Call OI is at 24,000 then 25,000 strike while Maximum Put OI is at 23,800 then 23,000 strike. Call writing is seen at 23,800, then 24,000, strike while Put writing is seen at 23,800, then 23,000 strike. Option data suggests a broader trading range in between 23200 to 24,200 zones while an immediate range between 23,500 to 23,900 levels.
The S&P BSE Sensex Index opened on a positive note and moved higher but faced resistance at 78,900 levels. It traded within a range with some volatile moves and ended the session flat. It formed a doji candle on a daily time frame indicating a sideways move. Now till it holds above 78,200 zones, strength could be seen towards 78,750 then 78,900 zones whereas supports are placed at 78,200 then 78,000 zones.
The Bank Nifty Index opened on a positive note and extended the momentum towards 51,750 zones in the initial tick of the session. However it failed to hold at higher levels and drifted lower towards 50,,950 zones in the latter part of the day. It formed a small bearish candle on daily scale as momentum is missing at higher levels.
The index got stuck in between its 50 DEMA and 200 DEMA and stock-specific action is seen. Now till it holds below 51,500 zones some weakness could be seen towards 50,750 then 50,500 levels while on the upside hurdle is seen at 51,500, then 51,750 zones.
Nifty future closed negative with losses of 0.09 per cent at 23,748 levels. Positive setup seen in Indigo, IRB Infra, M&M, Oberoi Realty, IEX, Hindpetro, Drreddy and Apollo Tyres while weakness in Hind Copper, Bandhan Bank, PVR Inox, SBI Card, AU Bank, SAIL, Birla soft, GNFC, Deepak Nitrite and IDFC First Bank.
HIND PETRO - TECHNICAL CALL OF THE DAY
The stock has formed a cup and handle pattern on the daily chart and headed up after testing its 200 DEMA support zones.
RSI indicator has given a bullish crossover and heading up confirming the upward momentum.
Buy HINDPETRO CMP 419 SL 399 TGT 454
Top 5 Stocks To Watch Out For December 27
Dixon Technologies:
Dixon Electro Manufacturing has entered into an MOU with Cellecor for manufacturing of refrigerators and its related components for Cellecor. Cellecor offers a diverse range of products encompassing Mobile Phones, Smart TVs, Soundbars, Smartwatches, Kitchen Appliances and Home Appliances like Washing Machine, Air Conditioners, Refrigerators, Air Coolers, Geysers, Heaters & many more products.
By this partnership, Dixon Electro Manufacturing will increase its customer base in the Refrigerator segment.
Redtape:
The Board has proposed to issue Bonus Shares to its equity shareholders in the proportion of 3: 1 i.e. 3 new fully paid-up equity shares of Rs 2 each for every 1 existing fully paid-up equity share of Rs 2 each.
Further, the Board has also declared and approved an Interim Dividend of Rs 2 per equity share for FY25.
Gujarat Fluorochem:
The Board approved the slump sale of Power Undertaking (57 MW captive power plant) of the Company to IGREL Mahidad Ltd, a wholly owned subsidiary of the company, for a lump sum consideration of Rs 200 crores. The Board has also approved investment by way of equity shares of IGREL Mahidad amounting to Rs 40 crore.
Apart from this, the board also approved investment in Flurry Wind Energy Pvt Ltd, and entered into power purchase agreement with Flurry Wind Energy and IGREL Mahidad.
NHPC:
The company has shared an update Subansiri Lower HE Project and Teesta-V Power Station which is now anticipated that 3 units of 250 MW each of the aforesaid project will be completed by May 2025 and the remaining units i.e. 5 units of 250 MW each will be completed by May 2026 in phased manner.
Power Mech:
The company has secured a Rs 186 crore order from Jaiprakash Power Ventures Limited (JPVL). This order entails providing Field Operation and Maintenance services for the 2 x 660MW Jaypee Nigrie Super Thermal Power Plant located in Nigrie, Madhya Pradesh, over a 5-year period starting from 1st January 2025 to 31st December 2029.
The contract value/ month for the first year would be Rs 3.10 crore per month and thereafter, a monthly price escalation, based on the Wholesale Price Index (WPI), shall be applicable for the remaining period of 48 months from 1st January 2026 to 31st December 2029.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.