Nifty closed in green yesterday. Is the trend here to stay?
Good Morning Everyone, Yesterday Nifty opened with a gap up and was completely volatile to finally close in green at 16770.
Yesterday Nifty faced resistance at 16900 and fell to close lower. So for today, 16800-16900 will act as resistance and on the lower side, 16400-16500 will act as support to Nifty. However, with the Global market rising yesterday shaking off the Omicron fears, we might see some power in Nifty today, but whenever Nifty gains some power, we see the FIIs coming and selling into the market. So we need to watch out for their game now.
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Index Watch:
On the daily timeframe, Nifty has formed an indecisive candle with a positive bias.
India Vix closed 7.5% down bringing it to 17.54 which means that the fear factor in the market is coming down. And mid-cap stocks rose the highest up by 1.44%, followed by small-cap up by 1.1% and Nifty 50 up by .94%.
Sector Watch:
Every sector rose yesterday, majorly led by Metal sector, up by 2.94%, Media up by 2.54% & IT up by 1.98%.
National Aluminium, Welspun Corp Ltd, APL Apollo tubes, VEDL & SAIL were up by more than 4% each leading the sector.
Network18 was up 4.97%, Hathway up 3.71%, Zeel up 3% leading the media sector.
IT sector was majorly led by HCL Tech up 4.32%, Coforge up 4%, Wipro up 3.8%.
Nifty 50 was led by HCL tech up 4.32%, Wipro up 3.78%, UPL up 3.62%
Major losers in the Nifty 50 were Powergrid down 1.74%, Axis Bank down 1.09%, Bajaj finance down 0.71%
Global Markets:
Stocks closed solidly higher on Wall Street Tuesday, more than regaining the ground they had lost a day earlier. The S&P 500 rose 1.8 percent, the Dow Jones Industrial Average rose 1.6 percent and the Nasdaq rose 2.4 percent. Small-company stocks rose even more than the rest of the market, a signal that investors were feeling more optimistic about the economy.
Asian share markets were gaining ground today as the risk appetite of global investors rises heading into year-end, despite the surging number of Omicron variant cases around the world. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent after US stocks ended the previous session with gains.
Indian Market:
Trends on the SGX Nifty indicate a positive open to the market above 16800, which needs to be watched we any break of 16800 with momentum, can lead the market lower.
World markets being positive, only FII selling will need to be watched which could bring the market down.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,209.82 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,404.89 crore in the Indian equity market on December 21
Stock Specific News:
Metro Brands | The company will make its debut on the bourses today. The final issue price is Rs 500 per share.
HCL Technologies | The company bagged a five-year digital transformation contract from CEMEX.
India Cements | Radhakishan S Damani and Others acquired a 2.03 percent stake in the company through open market transactions. With this, the stakeholding has increased to 22.76 percent from 20.73 percent.
YES Bank | The lender's board of directors has approved raising funds up to Rs 10,000 crore.
MOIL | The company has fixed December 31 as the record date for determining the entitlement and the names of eligible shareholders/beneficial owners of buyback. The total buyback shares represent 14.3 percent of the total number of equity shares in the paid-up share capital of MOIL.
IndiaMART InterMESH | Through its wholly-owned subsidiary, Tradezeal Online, the company has agreed to acquire 4,784 compulsorily convertible series A preference shares and 100 equity shares aggregating to 26.01 percent of Edgewise Technologies.
JSW Energy | The company's wholly-owned subsidiary JSW Energy (Barmer) has completed buyback of shares aggregating to Rs 1,000 crore.
Bal Pharma | ICRA upgraded credit rating outlook from 'stable' to 'positive'.
CreditAccess Grameen | The company will invest up to Rs 250 crore in subsidiary Madura Micro Finance to augment the capital adequacy ratio of the arm.
Visagar Polytex | The company will consider a proposal to raise funds on December 24, by the issue of equity shares to the existing shareholders through a rights issue.