Will Nifty consolidate on the last trading day of the week.
Good Morning, Everyone, Nifty opened with a big gap up yesterday at 17374 but could not sustain the levels and went on to fall till it took support at 17200 and finally closed at 17248. IT was a pretty easy expiry with all our Gold members making a profit yet again in the market.
Nasdaq again fell yesterday, and it was bearish sentiment across the global markets yesterday.
Being the last trading of the week, we might see lesser excitement in the Nifty today. However, 17200 will be a level to watch, which if broken down can lead to a bigger fall to 17000.
On the higher side, 17400 remains the resistance followed by 17600.
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On the daily time frame, Nifty has formed a bearish candle. However, our main watch will be on the levels discussed earlier.
Index Watch:
It was broad-based selling in all indices, however Nifty 50 was the only index to close in green mainly supported by Infosys, Wipro, Reliance, and Bajaj Finance.
Sector Watch:
Every sector except IT closed in the red. IT was majorly supported by Infosys and Wipro.
Top Gainers:
Bajaj Finance saw some short-covering rally yesterday after the fall in previous days. Otherwise, Infosys, Wipro, and Reliance were among the top gainers.
Top Losers:
Hindalco, Cipla, Sun Pharma, and ICICI Bank were among the top losers of the day.
Global Markets:
Tech stocks pulled Wall Street lower Thursday as investors considered moves by other global central banks such as the Bank of England that became the first major bank to raise interest rates. The tech-heavy Nasdaq fell 2.5 percent. The Dow Jones and the S&P 500 fell nearly 0.1 and 1 percent, respectively.
Asian shares were mixed this morning following overnight losses on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan declined 1.8 percent. Japan's Nikkei index slipped over 0.5 percent. Chinese blue chips were down 0.4 percent. Hong Kong’s HSI rose half a percent. South Korea’s Kospi was up 0.11 percent. Elsewhere, Australian shares rose over half a percent.
Indian Market:
Trends on the SGX Nifty indicate a flat to a positive start to the market today. However, 17200 needs to be watched.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,468.71 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,533.15 crore in the Indian equity market on December 16
Stock Specific News:
Information Technology stocks | Accenture reported strong quarterly earnings and raised its business outlook for FY22. Accenture's robust earnings provide a positive read-through for Indian technology stocks.
Gujarat Fluorochemicals | A fire broke out on Thursday in one of the multi-product plants at the company's Ranjitnagar site situated in Gujarat. Three casualties and 10 injuries have been ascertained as a fallout of this incident.
Engineers India | The company inked an agreement with the Institute of Chemical Technology for joint development of technology for large-scale cultivation of algae and extraction of value-added products.
Persistent Systems | ATOSS, a Germany-based software provider for workforce management, has selected Persistent to transform its customer relationship management with the help of salesforce integrations.
Union Bank of India | Life Insurance Corporation of India acquired 2.01 percent stake in the bank through open market transactions. With this, LIC's shareholding has risen to 5.16 percent from 3.15 percent earlier.
Redex Protech | The company has invested in the capital of CVM Industrial Park LLP as a business partner to carry out the project Yash CVM Industrial Park at Sakarda near Baroda. The project size would be around Rs 100-125 crore.
Dhunseri Tea & Industries | The company entered into an agreement for the sale of 'Santi Tea Estate' for Rs 6.01 crore. It also entered into an agreement with Warren Tea for the acquisition of Balijan North Tea Estate at Chabua, Assam.
KPI Global Infrastructure | The company has received confirmation of the orders for executing a solar power project of 2.78 MWdc capacity from two clients under the Captive Power Producer segment.
Greenlam Industries | The company has received permission from the appropriate authority, allowing Greenlam Industries to resume manufacturing activity at the plant located in Behror, Rajasthan.
Motherson Sumi Systems | Fitch Ratings has affirmed Long-Term Issuer Default Rating at ‘BB’ for Samvardhana Motherson Automotive Systems Group BV, a material subsidiary of Motherson Sumi Systems with a stable outlook.
Ujjivan Financial Services | The company's board of directors has approved the appointment of Renzo Christopher Viegas as the Additional Director for 3 years with effect from December 17.