Market Outlook 12th Dec 2024
The Nifty Index opened flattish and witnessed steady buying in the first half of the session. The second half witnessed some profit taking but overall it remained in a narrow range of 100 points throughout the day.
It formed a doji sort of a candle on the daily frame and negated its lower highs formation of the last three sessions. Now it has to hold above 24,550 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 24,600, then 24,000 strike.
Call writing is seen at 24,650, then 25,000 strike while Put writing is seen at 24,600, then 24,500 strike. Option data suggests a broader trading range in between 24200 to 25,000 zones while an immediate range between 24,400 to 24,800 levels.
The S&P BSE Sensex index started the day flattish and saw significant volatility as the session progressed. Despite the fluctuations, it managed to hold above its crucial support level of 81,350 by the close. After a turbulent trading day, the Sensex ended flat, forming a doji candle pattern on the daily chart. Now it has to hold above 81,350 zones, for strength to be seen towards 81,750, then 82,000 zones whereas supports are placed at 81,350, then 81,200 zones.
The Bank Nifty Index opened on a negative note and had a dip towards the 53,300 zone in the opening hour, but smart recovery from the lows lifted the index towards 53,650 zones. It witnessed some profit booking in the last hour of the trade, which got the index off the highs.
It formed a small bodied candle on the daily scale, as the intraday range is getting narrower from the past three trading sessions. Moreover it is trading within the range of its 5th Dec’24 candle. Now it has to hold above 53,150 zones for an up move towards 54,000 then previous life time high of 54,467 marks while on the downside support shifts higher to 53,150 then 52,850 levels.
The Nifty future closed positive with gains of 0.22 per cent at 24,738 levels. Positive setup seen in Infosys, Dalmia Bharat, Vedanta, Bajaj Finance, Jio Finance Services, Syngene International, Mphasis, PEL, IEX, Trent, IRCTC and JK Cement, while weakness in Adani Green, Max Financial Services, Glenmark, Aurobindo Pharma, GNFC, HDFC Life, Adani Enterprise, Bandhan Bank, Adani Ports, GAIL, NTPC, Idea, Axis Bank and Cipla.
VOLTAS – TECHNICAL CALL OF THE DAY
Stock has given triangle breakout on daily chart and holding well above the same. It is continuously forming higher highs-higher lows from past four trading sessions.
Momentum indicator RSI is positively placed which may support the ongoing up move. The stock has seen relative outperformance within Consumer durable space which has bullish implications.
Buy VOLTAS CMP 1797 SL 1740 TGT 1900
The S&P BSE Sensex index started the day flattish and saw significant volatility as the session progressed. Despite the fluctuations, it managed to hold above its crucial support level of 81,350 by the close. | File Image
Waaree Energies:
Waaree Energies wholly owned subsidiary, Waaree Forever Energies has received Letter of Award (LoA) for the development of a 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limited (RUMSL).
The Solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS).
The project will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways thus contributing significantly to India’s renewable energy goals.
Gland Pharma:
Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL Single Dose Ampulses.
This Product is indicated in coagulation disorders caused by Vitamin K deficiency or interference with Vitamin K activity. The company expects to launch this Product through its marketing partners in the near future. According to IQVIA, the product had US sales of approximately USD 15 million for the twelve months ending September 2024.
Ami Organics:
The Board approved enhancement in capital expenditure amounting upto total cost of Rs 177 crore for its brownfield project of electrolytes additives products at Jnagadia facility, owing to additional expenditure required for building dedicated ancillary infrastructures which includes transforming manual Operations to fully automised operations, building of dedicated utilities and storage & packaging facility.
Afcons:
M/s. Afcons – Hindustan JV; a joint venture between the company and Hindustan Project has been declared as lowest bidder (L1) for the Water Supply Project of 353 villages of District Dungarpur form Kadana Back Water (Mahi Dam) Package -1 under Jal Jeevan Mission with O&M for 10 Years after Defect Liability Period of 1 Year from Public Health Engineer Department, Udaipur, E- procurement System, Government of Rajasthan amounting to Rs 503.85 crore.
Reliance Power:
Reliance Power subsidiary, Reliance NU Suntech won a landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9th December 2024. As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.
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