Market Outlook 7th Jan 2025
The Nifty index opened flattish and cascaded right from the start of the session and gave up the gains of the last three sessions. Bears had complete control and dropped to 23550 zones by 390 points. It formed a big bearish candle on daily frame and closed with losses of around 420 points.
Now till it holds below 23800 zones, weakness could be seen towards 23550 then 23450 zones while hurdles are placed at 23800 then 24000 zones.
On option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 23000 then 22500 strike. Call writing is seen at 24000 then 24200 strike while Put writing is seen at 23300 then 23000 strike.
Option data suggests a broader trading range in between 23200 to 24200 zones while an immediate range between 23400 to 23900 levels.
The S&P BSE Sensex Index started the day on a flattish note and moved higher but faced resistance around 79500 and a sharp selloff was witnessed in the index. Sensex ended the session below its important support of 200 DEMA with losses of around 1070 points. It formed a bearish candle on the daily chart, signalling a sell-on-rise sentiment.
Now till it holds below 78200 zones, weakness could be seen towards 77700 then 77500 zones whereas hurdles are placed at 78200 then 78400 zones.
The Bank Nifty Index opened on a flattish note but remained under selling pressure throughout the session as the Index corrected by almost 1200 points from its day’s high to close below 50000 zones.
It formed a Big Bearish candle on daily scale and gave a range break down on daily scale as intense selling pressure was seen and it closed below its 200 DEMA. Now till it holds below 50250 zones weakness could be seen towards 49500 then 49250 levels while on the upside hurdle is seen at 50250 then 50500 zones.
Nifty future closed negative with losses of 1.50% at 23730 levels. Positive setup seen in Godrej Consumer Products, Dr. Lal path labs, Apollo Hospital, Abbot India, Tata Consumer products, Jubilant Food works, SBI Cards, Titan, Granules India and HCL Tech while weakness in SJVN, HFCL, CESC, HPCL, NCC, Adani Green, Hind Copper, MCX, IRFC and JSW Energy.
APOLLO HOSPITAL – TECHNICAL CALL OF THE DAY
Stock is on the verge of a breakout near ATH levels and is respecting its 50 DEMA support zones.
Buying was visible across the healthcare space which may support the up move. The MACD indicator is rising which may confirm the upward momentum.
Buy APOLLOHOSP CMP 7429 SL 7240 TGT 7800
Ashoka Buildcon:
Ashoka Bowaichandi Guskara Road Pvt Ltd (“SPV”), a wholly owned subsidiary of Ashoka Buildcon has executed a Concession Agreement with National Highways Authority of India (“NHAI”) for the Project viz. “for Development of 4 lane Economic Corridor from Bowaichandi to Guskara-Katwa Road Section in the state of West Bengal under Hybrid Annuity Mode. (“Project”) amounting to Rs 1,391 crore.
Caplin Point:
Caplin Point received the Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (FDA) for the recent inspection conducted at Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi. The unannounced USFDA inspection was conducted between 5th & 9th August 2024 and was concluded with Zero 483 observations, reflecting the company’s commitment to maintaining the highest standards of quality and compliance.
Adani Enterprises:
Adani Enterprises said that its wholly owned subsidiary Adani Petrochemicals Limited (“APCL”) completed the incorporation process of a joint venture company namely “Valor Petrochemicals Limited” (“VPL”) on 4th January 2025 with Indorama Resources Limited, Thailand. APCL shall hold 50% share capital of VPL. VPL is incorporated with the object to set Refinery, Petrochemical and Chemical business.
Vodafone Idea:
The company has entered into a Share Purchase Agreement with iBUS Network and Infrastructure Pvt Ltd for transfer of its entire shareholding (i.e. 50%) in Firefly Networks Limited (“Firefly”), subject to completion of closing conditions, for a consideration of Rs 4.5 crore.
Coal India:
Coal India and IREL (India), a public sector undertaking under the Department of Atomic Energy, GoI have executed a Non-Binding Memorandum of Understanding (MoU) in Mumbai to cooperate and collaborate for development (mining/ extraction/ refining etc.) of mutually agreed assets of critical mineral in general including mineral sands/ REE by acquiring assets /sourcing raw material domestically or internationally.
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