Market Outlook 17th Dec 2024
The Nifty Index opened flattish and failed to hold at higher zones and dripped lower in the first half of the session which was followed by some consolidation. It respected 24,600 zones and closed with losses of around 100 points. It formed an inside bar on daily frame as it remained within the range of the previous session.
Now it has to hold 24,600 zones for the next up move towards 24,800 then 25,000 zones whereas supports can be seen at 24,500 and 24,300 zones.
On option front, Maximum Call OI is at 26,000 then 25,000 strike while Maximum Put OI is at 24,000 then 24,500 strike. Call writing is seen at 24,700 then 25,000 strike while Put writing is seen at 24,000 then 24,200 strike.
Option data suggests a broader trading range in between 24200 to 25,200 zones while an immediate range between 24,400 to 25,000 levels.
The S&P BSE Sensex Index opened on a slightly negative note and traded in a narrow range throughout the session. Despite the subdued movement the index managed to close above its key support level of 81,600 zones.
It ended the day with losses of around 380 points and formed a small bodied inside bar on the daily chart suggesting a consolidation phase. Now it has to hold above 81,600 zones, for strength to be seen towards 82,000, then 82,200 zones whereas supports are placed at 81,600, then 81,400 zones.
The Bank Nifty Index opened marginally lower but quick recovery was seen from lower levels to extend the momentum towards 53,750 zones in the initial hour of the session. However, it failed to hold at higher levels and remained consolidative in between 53,350 to 53,700 zones in the latter part of the day.
It formed a small bodied candle on daily scale as buying is visible at lower zones but momentum is missing at higher levels. Now it has to hold above 53,300 zones for a bounce towards 54,000 then 54,250 levels while support is seen at 53,300 then 53,000 zones.
Nifty future closed negative with losses of 0.45 per cent at 24,720 levels. Positive setup seen in Oberoi Realty, Prestige Estate, Dixon, Lodha, Indian Hotels, Coromandel International, DLF, Zomato, MCX, CUB, Godrej Properties and Paytm while weakness in Adani Green, National Aluminium, Colpal, Chola Finance, BPCL, Hindalco, Poonalwalla Fincorp, Concor, Crompton, ONGC, Tata Consumer Products, Adani Enterprise and SBI Life.
AGSTRA – TECHNICAL CALL OF THE DAY
The stock has given a falling supply trendline breakout on the daily chart and managed to close around the 20-DEMA.
Breakout likely supported by a surge in volumes which has bullish implications.
Buy AGSTRA CMP 81.94 SL 74.88 TGT 87.13
The S&P BSE Sensex Index opened on a slightly negative note and traded in a narrow range throughout the session. | Representative Image
Texmaco Rail & Engineering:
The company has received an order for construction of 9 transmission lines on turnkey basis valuing Rs 187.41 crore from Chhattisgarh State Power Transmission Co. Ltd., a Government of Chhattisgarh Undertaking, which is to be executed over a period of 15 months.
RVNL:
Rail Vikas Nigam Limited (RVNL) received Letter of Acceptance from Maharashtra Metro Rail Corporation Limited for construction of elevated metro stations for various locations.
The domestic order won by the company is to be completed in 30 months and the value of the said order won is Rs 270 crore.
NITCO:
The company has secured a new order valued at Rs 105.40 crore from Prestige Estates Projects. Additionally, based on the current ongoing projects, NITCO anticipates receiving orders worth Rs 104 crore in the near future from Prestige Estates Projects.
GMR Airports:
The company has released its monthly business update for the month of November. It said they handled more than 11.2 mn Pax across all airports reflecting a growth of 13.6 per cent YoY. Of this, the domestic traffic was up 14.3 per cent YoY while International Traffic was up 11.3 per cent YoY.
GMR Airports handled highest-ever Pax Traffic as well as ATMs in YTD FY25, crossing 85 mn Pax & 0.55 mn ATMs.
Gravita:
The Board has approved fund raising via the qualified institutional placement (QIP) on 16th December 2024, keeping a floor price of Rs 2,206.49 per share, a discount of 1.45 per cent from the current price which is Rs 2,239.05.
Further, the company may, at its discretion, offer a discount of not more than 5 per cent on the Floor Price so calculated for the QIP.
Disclaimer: The Free Press Journal assumes no liability for loss or damage, including, but not limited to, lost profits, that may result directly or indirectly from the use or reliance on the opinions, news, investigations, analyses, prices or other information offered in this article.
