Market Outlook 5th Dec 2024
The Nifty Index opened positive and crossed a major hurdle of 24,500 marks but witnessed a sharp fall within seconds during mid-day. The good part is that it respected support of 24,350 zones and witnessed a quick recovery from the intraday fall to a later close with marginal gains.
It formed a Doji sort of candle with a longer lower shadow indicating buying interest is intact at lows and has been making higher lows from the last four sessions. Now it has to hold above 24,400 zones for an up move towards 24,650 then 24,750 zones whereas supports can be seen at 24,350 and 24,250 zones.
On option front, Maximum Call OI is at 25,000 then 24,800 strike while Maximum Put OI is at 24,000 then 24,200 strike.
Call writing is seen at 24,600 then 24,750 strike while Put writing is seen at 24,500 then 24,400 strike. Option data suggests a broader trading range in between 24000 to 25,000 zones while an immediate range between 24,200 to 24,700 levels.
The S&P BSE Sensex index opened on a flattish note and traded in a volatile manner throughout the day. The index managed to close above its resistance of 80,700 levels. It traded positive initially but profit booking was witnessed in the second half of the day.
It formed a Doji candle on the daily chart indicating volatile move. Now it has to hold above 80,700 zones, for strength to be seen towards 81,300, then 81,500 zones whereas supports are placed at 80,700, then 80,500 zones.
The Bank Nifty Index opened on a positive note and witnessed strong buying interest throughout the session to extend the momentum towards 53,400 zones. It formed a strong bullish candle on daily scale and finally gave a range breakout on daily scale.
It relatively outperformed the broader market and closed with decent gains of around 570 points. Now it has to hold above 53,000 zones for an up move towards 53,750 then 54,000 zones while on the downside support shifts higher to 53,000, then 52,750 levels.
Nifty future closed positive with gains of 0.07 per cent at 24,563 levels. Positive setup seen in Lodha, Oberoi Realty, Indian Bank, Paytm, Policybazar, Bank of India, Apollo Tyres, Canara Bank, CDSL, Prestige Estate, Federal Bank and MCX while weakness in Adani Green, Adani Total gas, ACC, Nykaa, Bajaj Auto, Escorts, Marico, Tata Motors, MGL, Britannia, Hero Motocorp, Maruti and ICICI Prudential Life insurance.
CDSL – TECHNICAL BUY CALL OF THE DAY
Price has broken out of a consolidation zone and gave highest daily close ever. It is perfectly respecting its 50 DEMA with slight dips being bought into.
The MACD momentum indicator has turned up suggesting upward momentum.
Buy CDSL CMP 1718 SL 1660 TGT 1840
The Bank Nifty Index opened on a positive note and witnessed strong buying interest throughout the session to extend the momentum towards 53,400 zones. | Image: Wikipedia (Representative)
Suraj Estates:
Suraj Estate Developers, leading real estate developer of South Central Mumbai, through its wholly-owned subsidiary Iconic Property Developers acquired through Conveyance a vacant parcel of land admeasuring ~ 1,464 square meters (~15,758 square feet) situated at Senapati Bapat Marg, Mahim (W), Mumbai – 400016, for a consideration of Rs 101.00 crore.
The entire consideration along with stamp duty and registration charges has been fully paid. The project envisions the development of a commercial building with an estimated RERA carpet area of 1.03 lakhs square feet with a gross development value (GDV) of around Rs 525 crore.
Indraprastha Gas:
The Board Meeting is scheduled to be held on 10th December 2024 to consider the proposal for issue of Bonus Shares to the equity shareholders of the company in the ratio, as may be fixed, subject to the Shareholders’ approval.
Torrent Pharma:
Torrent Pharmaceuticals entered into an agreement to acquire brands Cospiaq (empagliflozin) Cospiaq Met (empagliflozin + metformin) and Xilingio (empagliflozin + linagliptin) from Boehringer Ingelheim International GmbH (BI) related to anti-diabetes.
The acquisition is expected to be completed in March 2025. The acquisition further strengthens Torrent’s existing diabetes care portfolio and its presence in the Oral Anti Diabetic market.
Blue Dart:
Blue Dart launched the first-of-its-kind Blue Dart Affiliate Program (BDAP) for technology partners and ecosystem enablers. This innovative program is designed to foster collaboration with top technological enablers in the industry, offering seamless integration of Blue Dart’s advanced logistics solutions while creating new revenue opportunities for affiliates.
Participants can promote Blue Dart’s suite of services, onboard new customers, and earn attractive monthly incentives.
Dynamic Services:
The company has received an offer letter for “Mega Project” from the Government of Maharashtra to set up a New Project for Manufacturing of Solar PV Panels 1800 MW in Raigad District. Dynamic Services decided Fixed Capital Investment of Rs 1,080 crore for the same.
The award has been awarded under the state’s Package Scheme of Incentives (PSI) 2019.
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