Nifty closed above 17000. Time for reversal or will the uptrend continue?
Good Morning, Everyone, The Nifty opened with a big gap up at 17066 yesterday and was flat throughout the day and closed the day at 17042.
Nifty has formed an indecisive candle on the daily time frame, which indicates an equal power to the bears and the bulls. So I will watch out for 17200-17300 as a resistance on the higher side and on the lower side, I will see 16800-16900 as the supporting range to the Nifty. A strong break on either side can give us the direction of Nifty today.
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Index Watch:
The Small-cap was up 1.7% led by MMTC up 9.81%, FSL up 9.46%, JBCHEPHARM up 7.74%. While the top losers were Bajaj electric down 2.99%, PNBHOUSING down 2.43%, TV18BRDCST down 1.55%
The Mid-cap was up 0.96%, led by L&TFH up 4.08%, M&MFIN up 3.76%, EXIDIND up 3.55%. While the top losers were ZEEL down by 2.82%, IDEA down 1.08%, IDFCFIRSTB down 0.94%
The Nifty 50 was up 0.69% led by Powergrid up 3.67%, IOC up 3.03%, ONGC up 2.7%. While the top losers were DIVIS LAB down 1.76%, JSWSTEEL down 1.66%, BHARTIARTL down 0.84%.
The Realty sector led the day with major support from LODHA up 5.74%, PHOENIXLTD up 5.45%, PRESTIGE up 3.25%.
PSU Banks were closely below Realy sector led by INDIANB up 2.69%, UNIONBANK up 2.3%, BANKINDIA up 2.13%
Global Markets:
Stocks closed higher on Wall Street Thursday leaving indices with solid gains ahead of the Christmas holiday. The Dow Jones and the S&P 500 rose over half a percent, each and tech-heavy Nasdaq rose 0.8 percent.
The number of Americans applying for unemployment benefits was unchanged last week, remaining at a historically low level that reflects the job market’s strong recovery from the coronavirus recession last year.
Asian shares were trading in the green Friday morning following Wall Street’s overnight rally. MSCI's broadest index of Asia-Pacific shares outside Japan rose over 0.24 percent. Japan's Nikkei index surged 0.14 percent. Chinese blue chips were up 0.03 percent. Hong Kong’s HSI rose 0.2 percent. South Korea’s Kospi was up 0.6 percent. Elsewhere, Australian shares rose over 0.6 percent.
Japan’s November consumer inflation marked the biggest year-on-year rise in nearly two years on surging fuel costs, a sign that the fallout from global commodity price gains is broadening.
Japan’s core consumer price index (CPI), which excludes volatile fresh food but includes oil costs, rose 0.5 percent in November from a year earlier, government data showed, exceeding a median market forecast for a 0.4 percent gain.
Indian Market:
Trends on SGX Nifty indicate a gap-up opening for the index in India with a 70 points gain.
FII and DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 271.59 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,196.48 crore in the Indian equity market on December 23
Stock Specific News:
Data Patterns India | The company will make its debut on the bourses today. The issue price is fixed at Rs 585 per share.
PSP Projects | The company has divested its entire stake in the company's wholly-owned subsidiary PSP Projects INC.
L&T Finance Holdings | The company will sell its mutual fund business L&T Investment Management to HSBC Asset Management (India) for $425 million.
InterGlobe Aviation | The company appoints Neetan Chopra as Chief Digital & Information Officer. Chopra will join IndiGo with effect from January 3, 2022.
Allcargo Logistics | The company has approved to restructure the business by way of a scheme of arrangement and demerger. Container freight station/inland container depots and any other related logistics businesses of the company will be demerged into Allcargo Terminals, and engineering and equipment leasing and hiring solutions, logistics park, warehousing, real estate development and leasing activities, and other related businesses of the company will be demerged into Translndia Realty & Logistics Parks.
Tega Industries | The board of directors has given in-principle approval for an investment of Rs 175 crore for an additional plant in Chile, to be set up in around two years.
Mphasis | Subsidiary Mphasis Consulting, UK, and Ardonagh have agreed to set up a shared services entity to service middle and back-office functions. To execute this, Mphasis and Ardonagh, signed a Business Venture Agreement wherein, Mphasis has acquired 51 percent stake in Mrald, a company incorporated in England and Wales.
United Breweries | The National Company Law Appellate Tribunal has stayed the order passed by the Competition Commission of India upon a condition of pre-deposit of 10 percent of the penalty amount imposed on United Breweries. The company will comply with directions and the 10 percent amount shall be deposited through a fixed deposit receipt within stipulated time as mentioned in the order.
TCS | La Mobilière, the oldest private non-life insurer in the Swiss market, selected TCS as a strategic partner to accelerate its digital transformation agenda.
Ajanta Pharma | The company will consider a proposal to buy back equity shares, on December 28.
Oricon Enterprises | The company and it's material subsidiary United Shippers will subscribe to 2 lakh and 22 lakh shares, respectively, in promoter group company Kopran at 255 rupees per share, being issued on a preferential basis.
GPT Infraprojects | The company has bagged an order worth Rs 56 crore.
Surya Roshni | The company bagged an order worth Rs 124.35 crore for the supply of API 3LPE Coated Pipes for the LPG Pipeline Project.
Surya Roshni | The company bagged an order worth Rs 124.35 crore for the supply of API 3LPE Coated Pipes for the LPG Pipeline Project.
Havells India | The homegrown consumer appliances major said its washing machine manufacturing unit at Ghiloth in Rajasthan has gone on stream. Spread over 50 acres, the unit will significantly strengthen the washing machine production capacity of Lloyd -- a brand of the company -- with a targeted output of 3 lakh units annually.
Ashok Leyland | The Hinduja Group flagship launched dual tyre lift axle truck (DTLA) 'AVTR 3120' making the city-based heavy commercial vehicle maker the first manufacturer to have a full range of such DTLA trucks in the country.
TVS Motor Company | The two-wheeler maker said it has launched Apache RTR 165 RP, tagged at Rs 1.45 lakh (ex-showroom), as the first product under its Race Performance (RP) series. The 164.9-cc motorcycle generates 19.2 PS power and will be limited to 200 units.
Century Plyboards | The wood panel maker will set up a new integrated wood panel manufacturing plant in YSR Kadapa district in Andhra Pradesh, the company said.
REC | The state-owned player has signed a pact with KfW Development Bank to avail USD 169.5 million to the power finance sector and renewable energy projects.
Jindal SAW | The steel pipes maker has entered into an agreement with US-based Hunting Energy Services to form a joint venture (JV) company in India to set up a precision machine shop. Jindal SAW would hold a 51 percent stake in the JV, while Hunting Energy will own the remaining 49 percent.
SJVN | The state-owned utility player and Damodar Valley Corporation (DVC) have inked an MoU for harnessing 2000 MW floating solar energy projects in their command areas. SJVN and DVC will jointly identify suitable water bodies and available land under the SJVN and DVC command areas for setting up renewable power projects.
Man Industries | The homegrown metal player said it has bagged orders worth Rs 225 crore for manufacturing pipes. With the latest win, the company's order book has reached the level of Rs 1,700 crore, and the projects are to be executed in the next six-seven months.
Apollo Micro Systems | The company has bagged orders worth Rs 5.72 crore from DRDO.
Adani Enterprises | The company has incorporated a wholly-owned subsidiary - Adani Data Networks (ADNL) - for providing robust and reliable domestic and international network connectivity services and bespoke solutions.
Glenmark Pharma | CRISIL has upgraded outlook to 'Positive' from 'Stable', while reaffirming long term rating at AA-.
SBL Infratech | The company will be shortly launching its upcoming residential floors project 'Madhav Apartment at Uttam Nagar, New Delhi.
ISGEC Heavy Engineering | Subsidiary Saraswati Sugar Mills (SSML) has commenced commercial production at the 100 KLPD ethanol plant. SSML has invested Rs 178 crore in the construction of the plant and making it operational.
Ircon International | The company has incorporated a wholly-owned subsidiary company - Ircon Akloli-Shirsad Expressway as a special purpose vehicle for the purpose of construction of an eight-lane access-controlled expressway in Maharashtra on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase II - Package XIV).
Biocon | Biocon's partner US-based Equillium Inc. has expanded its EQUALISE study in Systemic Lupus Erythematosus (SLE) and Lupus Nephritis for Itolizumab to clinical centers in India. EQUALISE is a Phase 1b open-label, proof-of-concept clinical study currently studying Lupus Nephritis patients in the Part B portion of the clinical trial.
Gateway Distriparks | Life Insurance Corporation of India sold a 2.07 percent stake in the company via open market transactions, reducing shareholding to 4.06 percent from 6.14 percent earlier.
Godawari Power and Ispat | Subsidiary Godawari Green Energy (GGEL) has temporarily shut down its operations at a 50 MW solar power plant for complete overhauling and major maintenance of the plant at Village Nokh, Rajasthan, which is expected to be completed within 3 to 4 weeks.