Market Outlook 31st Dec 2024
The Nifty Index opened negative and after the initial swings in the first half of the session, it further slipped and touched 23,600 zones. It formed a bearish candle on daily frame and the index has got stuck within the band of the previous Friday’s session. Now till it holds below 23,800 zones weakness could be seen towards 23,500, then 23,350 zones while hurdles are placed at 23,750, then 23,900 zones.
On option front, Maximum Call OI is at 25,000 then 24,500 strike while Maximum Put OI is at 22,500, then 23,000 strike. Call writing is seen at 24,000, then 23,800 strike while Put writing is seen at 23,200, then 23,000 strike. Option data suggests a broader trading range in between 23,200 to 24,200 zones while an immediate range between 23,500 to 23,900 levels.
The S&P BSE Sensex Index opened on a flat note and attempted a recovery after the initial dip. However, it encountered resistance near 79,100 and faced sharp selling pressure. The index remained bearish for rest of the day, ultimately declining by 450 points. It formed a bearish candle with a higher wick signalling a sell-on-rise sentiment.
Now till it holds below 78,500 zones, weakness could be seen towards 77,900 then 77,700 zones whereas hurdles are placed at 78,500 then 78,700 zones.
The Bank Nifty Index opened on a flattish note and gradually extended the momentum towards 51,979 marks in the first half of the session. However, it failed to hold at higher levels and drifted sharply towards 50,700 zones in the latter part of the day to closed with losses of around 360 points.
It formed a small bearish candle with long upper shadow on daily scale as selling pressure is seen at higher zones. Now till it holds below 51250 zones weakness could be seen towards 50,750 then 50,500 levels while upside hurdle is seen at 51,250 then 51,500 zones.
Positive setup seen in Biocon, Divis Lab, Lupin, PB Fintech, Coforge, Ipca Lab, Manappuram Finance, Indian hotels, Persistent system, Muthoot Finance and United Spirits while weakness in Jindal Stainless, BHEL, HAL, SBI Card, SAIL, Atul, Hindalco, GNFC, NMDC, and PFC.
AUROPHARMA – TECHNICAL CALL OF THE DAY
Stock has broken out of a double-bottom pattern on the daily chart with a surge in buying volumes.
Buying was visible across the pharma space which may support the up move. The MACD indicator is headed up confirming the upward momentum.
Buy AUROPHARMA CMP 1298 SL 1265 TGT 1350
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Hindalco Industries:
Hindalco Industries achieved a significant milestone with the allocation of the Meenakshi Coal Mine in Odisha through a vesting order by the Ministry of Coal. This development follows the successful signing of the Coal Mine Development and Production Agreement (CMDPA) on 22nd November 2024, marking a pivotal step in the company’s journey towards resource securitisation, energy efficiency and sustainable growth.
The Meenakshi coal mine is a fully explored block with a Peak Rated Capacity (PRC) of 12 million tonnes per annum and ~285.23 million tonnes of geological reserves.
With a favourable coal-to-waste stripping ratio of less than 1, the G12 grade mine is poised to be a cost-effective and sustainable energy source for the company’s operations, making the company self-reliant in coal production.
Prataap Snacks:
The company informed exchanges that a fire accident took place on 30th December 2024 at one of their manufacturing units situated in Jammu and Kashmir. The fire resulted in damage to inventories, plant and machineries, building and furniture, thereby disrupting the operations of the Jammu unit.
Till the time, the operations resume in the Jammu unit, the demand of the Northern market will be catered from the company’s third party manufacturing units located at Hisar and Karnal.
Lupin:
Lupin announced the acquisition of Huminsulin® in India from Eli Lilly and Company (Lilly) to further enhance its diabetes portfolio. Lupin has been marketing the Huminsulin range of products consisting of Insulin Human through existing Distribution and Promotion Agreements with Lilly, India.
The Huminsulin range of products is indicated for the treatment of type 1 and type 2 diabetes mellitus to improve blood sugar control in both adults and children.
Lupin has been at the forefront of providing holistic diabetes care to patients. This acquisition further strengthens its diabetes portfolio and enables them to offer a broad range of human insulin options to millions of patients, thereby helping them lead healthier lives.
Easy Trip Planners:
According to media sources, Promoter Nishant Pitti is likely to sell up to 14.21 per cent stake in the company via block deals. The floor price for the deal is at Rs 15.6 per share and the deal size is amounting to Rs 780 crore. Nishant Pitti has been gradually reducing his stake in the company from 37.26 per cent stake in March 2022 to 14.21 per cent stake in December 2024. With the current stake sale, Nishant Pitti will fully exit from Easy Trip Planners.
Bank of India:
The Bank has informed exchanges about the revision in Marginal Cost of Fund based Lending Rate (MCLR) with effect from 1st January 2025 by 5 basis points across overnight MCLR, 1 Year MCLR and 3 Year MCLR.
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