Market Outlook 6th December 2024
The Nifty Index opened positive and witnessed highly volatile swings within 550 points throughout the day. It dropped in the initial hours after which bulls drove the index for the entire day and took it above 24,850 levels. The last hour again witnessed swings of 400 points on either side.
It formed a bullish candle and an outside bar and closed with gains of around 240 points. Now it has to hold above 24,650 zones for an up move towards 24,850, then 25,000 zones whereas supports can be seen at 24,650 and 24,500 zones.
On option front, Maximum Call OI is at 25,500 then 25,000 strike while Maximum Put OI is at 24,500 then 24,000 strike. Call writing is seen at 24,800, then 24,850, strike while Put writing is seen at 24,500 then 24,700 strike. Option data suggests a broader trading range in between 24000 to 25,200 zones while an immediate range between 24,300 to 25,000 levels.
The S&P BSE Sensex index opened on a positive note and traded with high volatility throughout the day. The index managed to close above its resistance of 81,500 levels. Bulls dominated in the second half of the day after the initial dip and it closed with gains of around 800 points.
It formed a Bullish candle on daily chart indicating positive move. Now it has to hold above 81,500 zones, for strength to be seen towards 82,350, then 82,500 zones whereas supports are placed at 81,500, then 81,300 zones.
The Bank Nifty Index opened on a positive note but failed to hold at higher zones and drifted sharply lower towards 52,850 levels in the first half of the session.
However, swift recovery was seen from lower levels and the Index extended the momentum towards 53,888 marks but remained highly volatile in the last hour of the session.
It formed a bullish candle on daily scale and is forming higher highs – higher lows from the last three sessions. Now it has to hold above 53,250 zones for an up move towards 54,000, then previous lifetime high of 54,467 marks while on the downside, support shifts higher to 53,250, then 53,000 levels.
Nifty future closed positive with gains of 0.87 per cent at 24,775 levels. Positive setup is seen in BSE, CDSL, Angel One, Zomato, CESC, MCX, Varun Beverages, TCS, Infosys, Apollo Tyres, Persistent system and Wipro while weakness in Idea, Adani Green, Aditya Birla Fashion, Bajaj Auto, Escorts, SBI Life, HDFC Life, Astral, IDFC First Bank, Asian Paints, Indusind Bank and ICICI Prudential Life.
TECH MAHINDRA – TECHNICAL CALL OF THE DAY
Stock has given consolidation breakout on daily chart and gave highest daily close ever.
Buying is visible across IT stocks which may support the ongoing up move. Strength indicator ADX is headed up which confirms the uptrend.
Buy TECHM CMP 1786 SL 1705 TGT 1935
Nifty future closed positive with gains of 0.87 per cent at 24,775 levels. | File/ Representative image
Kolte Patil:
Kolte-Patil Developers has entered into an agreement for Sale of 17 per cent equity stake held by the company in Kolte-Patil Planet Kiwale Project Pvt Ltd, an Associate Company.
Through this Share Purchase Agreement, Kolte-Patil Planet Real Estate Private Buyer is purchasing a 17 per cent Equity stake held by the Company in Kolte-Patil Planet Kiwale Project Private Limited.
Waaree Energies:
Waaree Energies Ltd., has added another feather to its cap by securing NABL accreditation for its cutting-edge PV Module Test Lab (PMTL). Located at Waaree’s state-of-the-art module manufacturing facility in Chikhli, Gujarat this accreditation further strengthens the company’s deliverance to quality, innovation, and sustainability.
This marks Waaree’s second NABL accreditation, following the first achieved for its Tumb manufacturing facility.
Ramco Systems:
Ramco Systems announced that it has entered into a partnership with Hanjin Information Systems & Telecommunication Co., Ltd. (HIST), a leading ICT services company and a subsidiary of the Hanjin Group, Korea.
This partnership leverages Ramco’s next-gen aviation maintenance software in collaboration with HIST’s expertise in IT consulting for the aviation industry. Together, both the parties will enable the aviation organizations headquartered in Korea to digitally transform their M&E and MRO operations.
Subex:
Based on Subex request to surrender the in-principle approval granted by Reserve Bank of India (RBI) to Subex Account Aggregator Services Private Limited, a wholly owned subsidiary of the Company, has acceded to the Company’s request and the in-principle approval has been revoked.
Aurobindo Pharma:
Aurobindo Pharma’s wholly owned subsidiary company, Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pazopanib Tablets, 200 mg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Votrient Tablets, 200 mg, of Novartis Pharmaceuticals Corporation.
The product is expected to be launched in Q4FY25. The approved product has an estimated market size of US$ 106 million for the twelve months ending October 2024, according to IQVIA.
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