Can Nifty break out from the 17500 zones?
Good Morning, Everyone, The market has been really bullish for the last 2 days and global markets continue to be positive as people have forgotten the Omicron virus and are on a positive mode. However with 2 days of rally, we may see some consolidation and as I have been telling, 17500-17550 has been a major resistance, and we can consider the market bullish only after a strong close above that, and on the bottom, 16800-16900 remains a major support zone. Let's keep a watch on it.
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On the daily timeframe, Nifty has shown a strong bullish candle, however, with such a rise in the last 2 days, we might see some consolidation today.
Index Watch:
Every index was up yesterday, major led by the small-cap.
Sector Watch:
All sectors closed in the green, majorly led by PSU banks and the auto sector, which was up more than 2%.
Top Gainers:
Bajaj Finance, Maruti, Hindalco & SBIN were among the top gainers, up close to 3%.
Top Losers:
Only 5 stocks are slightly in red, in the Nifty 50 pack.
Global Markets:
Stocks closed modestly higher on Wall Street Wednesday after a day of choppy trading. The tech-heavy Nasdaq rose 0.6 percent. The Dow Jones rose nearly 0.1 percent. And S&P 500 rose over 0.3 percent.
US investment bank JP Morgan predicted on Wednesday that 2022 will mark the end of the coronavirus pandemic and see a full global economic recovery. The bank's outlook report for next year said new vaccines and therapeutics would result in a "strong cyclical recovery, a return of global mobility, and a release of pent-up demand from consumers.
Marko Kolanovic, its Chief Global Markets Strategist & Co-Head of Global Research, said the bank expected the US S&P 500 to rise nearly 8 percent to 5050 points, emerging market stocks to surge 18 percent, and 10-year US Treasury yields - a key driver of global borrowing costs - to rise to 2.25 percent by the end of 2022.
US job openings surged in October while hiring decreased, suggesting a worsening worker shortage, which could hamper employment growth and the overall economy. Job openings, a measure of labor demand, increased by 431,000 to 11.0 million on the last day of October. This was the second-highest on record.
Asian shares were trading mixed this morning as investors assessed risks posed by the Omicron variant. MSCI's broadest index of Asia-Pacific shares outside Japan was up over 0.4 percent. Japan's Nikkei index was down 0.05 percent. Chinese blue chips were trading flat-to-positive. And South Korea’s Kospi was up 0.7 percent. Elsewhere, Australian shares declined marginally.
Japan's economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local COVID-19 cases hit private consumption and a global chip supply shortage hurt corporate sentiment.
Japan's economy declined an annualised 3.6% in July-September, revised Cabinet Office data showed Wednesday, worse than the preliminary reading of a 3.0% contraction.
Indian Market:
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 76 points.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 579.27 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,735.50 crore in the Indian equity market on December 8
Stock Specific News:
RailTel Corporation of India | The company has received a work order from Ircon International for design, supply, installation, testing & commissioning of tunnel communication system consisting of emergency call & service telephone, CCTV, tunnel radio, and PA system in tunnel environment at a total cost of Rs 210.77 crore.
HCL Technologies | The company and apoBank have signed an agreement with Atruvia AG to acquire IT consulting company Gesellschaft für Banksysteme.
Nazara Technologies | Founders of Turkey-based Arrakis Tanitim Organizasyon Pazarlama San.Tic has subscribed to a 30.82 percent stake in Publishme Global FZ LLC. Accordingly, through its wholly-owned subsidiary, Nazara is now holding a 69.18 percent stake in Publishme Global FZ-LLC.
United Breweries | The beer maker has approached the appellate tribunal NCLAT against Rs 751.8 crore penalty imposed on United Breweries by the fair trade regulator CCI.
REC | The company approved the proposal for sale and transfer of Kallam Transmission to the successful bidder, selected through Tariff Based Competitive Bidding Process.
NHPC | NHPC's board of directors has approved the merger of subsidiary Lanco Teesta Hydro Power with the company.
Westlife Development | Pankaj Roongta resigns as the Chief Financial Officer of Westlife Development, effective from December 8.
Venus Remedies | The company has been selected for the Production Linked Incentive Scheme of the Indian Government.
Gland Pharma | The company has received tentative approval from the US Food and Drug Administration for Cangrelor for Injection.
Can Fin Homes | The company's board will meet on December 14 to fix the record date and for the declaration of interim dividend.
Mahindra & Mahindra | Reliance BP Mobility (RBML), operating under the brand name Jio-BP and The Mahindra Group, announced a non-binding agreement for exploring the creation of electric vehicle products and services, alongside identifying synergies in low-carbon and conventional fuels.
Indiabulls Housing Finance | The company has announced the issue of secured, redeemable, non-convertible debentures of a face value of Rs 1,000 each. The issue opens on December 9 and closes on December 20 with an option of early closure. The Issue has a base size of Rs 200 crore with an option to retain oversubscription up to Rs 800 crore, aggregating up to Rs 1,000 crore.
Dr. Reddy’s Labs | The company has partnered with Prestige BioPharma to commercialise Trastuzumab in select Latin-American and South-East nations