Market Outlook 11th Dec 2024
The Nifty Index opened positive but failed to cross its previous day’s high and gradually slipped in the first half of the session. It showed some swings in the next half and finally settled near 24,600 zones. The index has been witnessing a tug of war between the bulls and bears from the last three trading sessions with support-based buying but a lack of follow-up action.
It formed a small bodied candle on daily frame with a longer lower shadow but has been making lower highs from the last three sessions.
Now it has to hold above 24,500 zones for an up move towards 24,700 then 24,850 zones whereas supports can be seen at 24,500 and 24,400 zones.
On option front, Maximum Call OI is at 25,000, then 24,700 strike while Maximum Put OI is at 24,000 then a 23,500 strike. Call writing is seen at 24,600, then 24,700 strike while Put writing is seen at 24,300, then 24,600 strike. Option data suggests a broader trading range in between 24,200 to 25,000 zones while an immediate range between 24,400 to 24,800 levels.
The S&P BSE Sensex index opened on a negative note and remained largely sideways throughout the session. The index traded within the range of its first hour candle.
The index managed to close above its support of 81,400 levels. It formed a small-bodied bearish candle on daily chart and closed with losses of around 200 points. Now it has to hold above 81,400 zones, for strength to be seen towards 81,750, then 82,000, zones whereas supports are placed at 81,400 then 81,200 zones.
The Bank Nifty Index opened on a positive note and gained further in the opening trade and tested 53,600 zones. However it failed to sustain at higher levels and dipped towards the 53,300 zone during mid-day, while a sharp recovery in last hour of trade helped the index to close with gains of around 170 points.
It formed a small bodied candle on a daily scale and is trading within the range of its 5th Dec’24 candle. Now it has to hold above 53,300 zones for an up move towards 54,000 then previous lifetime high of 54,467 marks while on the downside support shifts higher to 53,300, then 53,000 levels.
Nifty future closed negative with losses of 0.04 per cent at 24684 levels. Positive setup seen in Navin Fluorine, LTI Mindtree, Cyient, Shriram Finance, Hudco, Muthoot Finance, Mphasis, PEL, UBL, ABB, Jindal Steel and Power and Persistent Systems while weakness in Adani Green, Sona Coms, Bharti Airtel, Yes Bank, Adani Total Gas, HDFC Life, Adani Enterprise, Trent, Adani Ports, Power Grid, Reliance, Zydus Life science, Escorts and Cipla.
PEL – TECHNICAL CALL OF THE DAY
Stock has formed a Flag and Pole pattern on the daily chart and is in an overall uptrend.
The MACD indicator has turned up which suggest the bullish sentiment has momentum to support it.
Buy PEL CMP 1264 SL 1225 TGT 1350
The index has been witnessing a tug of war between the bulls and bears from the last three trading sessions with support-based buying but a lack of follow-up action. | File/ Representative image
Top 5 stocks to watch out for 11th Dec
NTPC Green Energy:
NTPC Green Energy’s wholly owned subsidiary, NTPC Renewable Energy Ltd (NTPC REL) has emerged as a successful bidder in the e-reverse auction conducted by the Solar Energy Corporation of India (SECI) for the development of 2000 MW ISTS connected Solar PV Power Projects.
The auction also includes the establishment of Energy Storage Systems (ESS) with a total capacity of 1000 MW/4000 MWh.
BEML:
BEML has successfully secured a contract from the Ministry of Defence for supplying of a 50-Ton Trailer valued at Rs 83.51 crore. This order highlights BEML’s strength and capability in delivering advanced, indigenous products to enhance India’s defence infrastructure. The 50-Ton heavy-duty Trailer is specifically designed for the transportation of battle tanks and features 12 twin-wheels for durability and stability in challenging terrains.
This order further strengthens BEML’s reputation as a key partner in India’s defence sector and demonstrates its unwavering commitment to supporting national interests through cutting-edge, indigenous solutions.
Kellton Tech:
Kellton Tech has secured an order from Oil India Ltd worth $2.5 million to implement Optima, their advanced real-time wellhead monitoring system. This collaboration underscores Kellton’s commitment to leveraging cutting-edge technology for modernizing oilfield operations and enhancing efficiency in the energy sector.
By integrating realtime monitoring capabilities, AI-driven analytics, and cloud-based infrastructure, Optima will enable seamless data acquisition and precise performance tracking.
This engagement is expected to significantly improve Oil India’s operational workflows, enhance production efficiency, and reduce potential risks through predictive maintenance.
LTIMindtree:
The company has announced a strategic partnership with GitHub, the most widely adopted Copilot-powered developer platform.
This collaboration integrates GitHub’s advanced DevOps and AI-driven pair programming capabilities with LTIMindtree’s expertise in digital engineering and AI transformation, creating a powerful ecosystem to drive enterprise innovation at scale.
H.G. Infra:
H.G. Infra has received the letter of acceptance from Ministry of Road Transport and Highways (MORTH) for Improvement and up-gradation in two lane with paved shoulders configuration of newly declared NH227B in the State of Uttar Pradesh on Hybrid Annuity Mode Package VI amounting to Rs 898.5 crore.
The said order is expected to be completed in 2 years.
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