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Global markets rise, Can Nifty hold up, with the weekly expiry?

Good Morning, everyone, Nifty opened with a gap up yesterday and sustained the gap up and saw a special power in the noon section which led to a higher close of the Nifty. Today also the Nifty is opening with a gap up. Will it sustain is the question, especially since today is the weekly expiry of derivatives.

17200 will act as a resistance on the higher side and 16900 will act as a support on the lower side, which if broken, can lead to 16800-16700 level as the major support to the market.

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Index Watch:

Nifty formed a strong bullish candle yesterday, however, it needs to be seen if it can hold up to this level on an expiry day.

A major rise was seen in the Small-cap sector up by more than 2% led by IDFC up 7.35%, B soft up 7.13%, Bajaj electric up 6%, While Amber was down 2.44%, Intellect down 1.3%, STL Tech down 1.12%.

The Mid-cap sector was up 1.7% led by SRF up 6.18%, Manappuram up 5.3% & IDFC First Bank up 4.92%, While MFSL was down 0.91%, AU Bank down 0.64%, Torntpower down 0.33%.

Nifty 50 was up 1.1% led by Hindalco up 3.95%, Tata motors up 3.73%, Divis Lab up 3.46%, while SBI Life was down 0.99%, Wipro down 0.69%, Grasim down 0.35%

Global Markets:

Stocks closed higher on Wall Street lower Wednesday adding to the gains ahead of the Christmas holiday. The Dow Jones and the S&P 500 rose 1 percent, each and tech-heavy Nasdaq rose 1.2 percent.

US economic growth slowed in the third quarter amid a flare-up in COVID-19 infections, the government confirmed on Wednesday, but activity has since picked up, putting the economy on track to record its best performance this year since 1984.

Gross domestic product increased at a 2.3% annualised rate, the Commerce Department said in its third reading of GDP growth for the July-September quarter.

Asian shares were trading in the green Thursday morning following Wall Street’s overnight rally. MSCI's broadest index of Asia-Pacific shares outside Japan rose over half a percent. Japan's Nikkei index surged 0.3 percent. Chinese blue chips were up 0.06 percent. Hong Kong’s HSI rose 0.3 percent. South Korea’s Kospi was up 0.4 percent. Elsewhere, Australian shares rose over 0.35 percent.

Indian Market:

Trends on the SGX Nifty indicate a positive gap up to start to the Nifty. However, many a time, high gap ups are sold into. Let us see what happens today on the second last expiry of the year.

The Indian rupee will be protected against severe depreciation as the Reserve Bank of India (RBI) still holds high levels of foreign exchange reserves, said CLSA, a brokerage and investment group.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 827 crore while domestic institutional investors (DIIs) net bought shares worth Rs 1,593 crore in the Indian equity market yesterday

Stock Specific News:

Medplus Health Services | The company will make its debut on the bourses today. The issue price is fixed at Rs 796 per share.

Kotak Mahindra Bank | The bank's subsidiary Kotak Mahindra Prime acquired the passenger vehicle financing portfolio of Ford Credit India, the Indian captive financing arm of Ford Motor company.

PSP Projects | Gujarat Pollution Control Board has granted consent to setting up of industrial plant for manufacturing of precast and the company has started manufacturing activities.

Ceinsys Tech | The company announced the acquisition of Allygrow Technologies.

Inox Wind | The company's board of directors will meet on December 27, 2021, to consider a proposal for raising funds.

Indiabulls Real Estate | The board of directors has approved raising funds aggregating up to Rs 1,500 crore.

Great Eastern Shipping Co | The company's board of directors will meet on December 27, inter alia, to consider and approve a proposal for the buyback of equity shares of Great Eastern Co.

Vivanta Industries | The company has received an order from Vitaanova Healthcare Uganda, for the execution of a pharmaceutical project for manufacturing tablets, capsules and oral liquids on a turnkey basis including planning, designing, engineering, construction, supply, installation and commissioning of plant and machinery along with obtaining WHO approval. The entire project with an aggregate value of $5.9 million is to be completed within 18 months from the date of signing the contract.

Kolte-Patil Developers | The company's board of directors has approved the merger of the two wholly-owned subsidiaries - Tuscan Real Estate and PNP Agotech into the company. Demerger of the retail business of its wholly-owned subsidiary Kolte-Patil Properties has also been approved along with the merger of the retail business into the company.

Axiscades Technologies | The company has approved the appointment of Shashidhar SK as Chief Financial Officer.

Kabra Extrusion Technik | The company on December 25 will consider proposals for raising of funds

Zee Entertainment | The merger between Zee Entertainment and Sony Pictures Networks India (SPNI) will take at least 8 months to close. The two over-the-top (OTT) platforms ZEE5 and SonyLIV will continue to run their businesses independently. We cannot come together until the merger process is completed, said Punit Goenka, Managing Director, and CEO.

Intellivate Capital Advisors | NK Wealth Solution LLP sold an entire 14.17 percent stake in the company via open market transactions on December 22.

Adani Enterprises | Billionaire Gautam Adani is mulling to raise around $1 billion via a bond sale in January next year to refinance the debt of Mumbai’s international airport, Bloomberg reported on December 22. According to the report, Barclays Plc, JPMorgan Chase & Co, and Deutsche Bank AG are among the banks working to arrange the bond sale to raise funds for Adani Airport Holdings Ltd.

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