Market Outlook 3rd Dec 2024
The Nifty Index opened flattish and after the slight sip in the initial hour, it quickly regained strength and remained afloat in a range for the first half. Buying interest emerged in the latter part of the day and it closed with gains of around 150 points.
It formed a bullish candle with longer lower shadow indicating buying interest at lower levels and has been making higher lows from the last two sessions. Now it has to hold above 24,250 zones for an up move towards 24,500 then 24,650 zones whereas supports can be seen at 24,150 and 24,000 zones.
On the option front, Maximum Call OI is at 25,000 then 24,800 strike while Maximum Put OI is at 24,000 then 23,500 strike. Call writing is seen at 24,800 then 24,600 strike while Put writing is seen at 24,000 then 24,100 strike. Option data suggests a broader trading range in between 23500 to 25,000 zones while an immediate range between 24,000 to 24,600 levels.
The S&P BSE Sensex index opened on a flattish note and traded higher for the entire day. The index managed to close above its important resistance of 50 DEMA at 80,100 levels. Bulls dominated in the second half of the day and it closed with gains of around 450 points.
It formed a hammer candle on daily frame indicating bullish move. Now it has to hold above 80,100 zones, for strength to be seen towards 80,500, then 80,800 zones whereas supports are placed at 80,000, then 79,750 zones
The Bank Nifty Index opened on a flattish note and drifted lower towards 51,700 zones in the first half of the session. However good recovery was seen from lower levels and gradually extended the move towards 52,200 levels but ended on a flattish note near 52,100 zones.
It formed a Doji kind of pattern on daily scale as buying is visible at lower levels but momentum is missing at higher zones. Now it has to hold above 52,000 zones for a bounce towards 52,500, then 52,750 levels, while on the downside support is seen at 51,750, then 51,500 zones.
Nifty future closed positive with gains of 0.51 per cent at 24,429 levels. Positive setup seen in Dixon, JK Cement, OFSS, Prestige Estate, Godrej Properties, Ultratech Cement, Oberoi Realty, Max Health, Grasim, CAMS, Biocon and Mphasis while weakness in IRFC, LIC Housing Finance, Kpit Tech, Union Bank, Max Financial, Cummins, Goodrej Consumer Products, Idea, SBI Life, HPCL, Britannia, Dabur and AU Bank.
OBEROI REALTY – TECHNICAL BUY CALL OF THE DAY
Stock is on the verge of giving a range breakout near all the high levels with a large bodied bullish candle visible on the daily chart.
The RSI Momentum indicator is positively placed which may support the bullish sentiment.
Buy OBEROIRLTY CMP 2069 SL 2012 TGT 2185
Image: Wikipedia (Representative)
Pricol:
Pricol marked a pivotal moment in its journey with the proposed acquisition of Sundaram Auto Components Ltd (SACL)’s Injection Moulding business through Pricol Precision Products (a wholly owned subsidiary of Pricol ). With this acquisition, Pricol will see a consolidated topline addition of approximately Rs 730 crore combined with SACL’s healthy financial parameters that are value accretive to Pricol.
The debt-free acquisition was made through an all cash deal for an amount of Rs 215.3 crore and is subject to adjustments, if any, as defined in the Agreement at the time of closing the deal.
This acquisition presents Pricol with an opportunity to scale the injection moulding business into an independent business vertical and leverage SACL’s strength combined with Pricol’s capabilities, thereby paving a way for growth in this vertical.
It also further fortifies the opportunities to expand the customer base and product offerings through effectively integrating the synergies of Pricol and SACL.
Protean eGov:
Protean eGov Technologies has received and acknowledged Work Order from Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) (a Government of India Undertaking) for providing services as “System Integrator for Design, Development, Implementation and Operations & Maintenance of Central KYC Records Registry (CKYCRR 2.0)” for the amount of Rs 161 crore (approx.) and are expected to be executed in 69 months from the date of execution contract.
Nazara Technologies:
Nazara has expanded into physical entertainment with the acquisition of a 60 per cent stake in Funky Monkeys Play Centers Private Limited, a leader in indoor soft play centers for children, for Rs 43.7 crore.
Funky Monkeys operates 11 centers across India, offering interactive play experiences for children.
Nazara will also invest Rs 4.2 crore for a 4.7 per cent stake in Learntube.ai, an AI-powered platform revolutionizing education with 1:1 interactive and gamified learning. Catering to over 20 lakh learners, LearnTube is the world’s largest personalised learning platform that offers affordable, interactive gamified learning experiences for professional skilling.
Lastly, Nazara will invest Rs 148 crore in its existing subsidiaries including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth.
BPCL:
Bharat Petroleum Corporation Limited (BPCL), and Coal India Limited (CIL), have executed a Non-Binding Memorandum of Understanding (MoU) on 2nd December 2024 in Mumbai to explore setting up of Coal to Synthetic Natural Gas Project at Western Coalfields Limited (WCL) through Surface Coal Gasification.
Gateway Distriparks:
Gateway Distriparks launched a new container train service to Kandla Port, connecting all five of its Inland Container Depots (ICDs) located in Gurgaon, Faridabad, Ahmedabad, Ludhiana, and Kashipur to the Port.
With this addition, Kandla becomes the fourth port in the Western region serviced by Gateway Distriparks, alongside Mundra, Pipavav, and Nhava Sheva ports.
This strategic expansion strengthens the company’s logistics network, offering enhanced services to customers across key industrial regions.
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