News Shots
L&T Finance Holdings to sell its mutual fund business L&T Investment Management to HSBC AMC for $425 million.
TCS received a contract from the oldest private non-life insurer in the Swiss market, La Mobiliere to drive its digital transformation agenda.
Tega Industries approved setting up a larger, additional plant in Chile for Rs 175 crore to cater to growing Latin American demand.
Adani Enterprises incorporated wholly-owned subsidiary Adani Data Networks Ltd.
Indian Oil Corporation said it will invest Rs 9,028 crore in laying a new crude oil pipeline from Mundra in Gujarat to Panipat in Haryana.
REC has signed a pact with KfW Development Bank to avail USD 169.5 million to the power finance sector and renewable energy projects.
What to expect?
Yesterday, NIFTY opened with a gap-up at 17,070. An attempt was made to break 17,100 but failed. With profit-booking coming in, the index fell up to 17,015 and there was consistent buying taking NIFTY above 17,100. Consolidation was seen around 17,050 for a while and the index closed at 17,073, up 117 points or 0.69%.
BANK NIFTY opened the day with a gap-up at 35,359 but started moving down contrary to NIFTY. Support was taken at 35,100 and strong buying took the index near 35,500 where resistance pushed BANK NIFTY down to close the day at 35,191, up 162 points or 0.46%.
Major sectoral indices closed in the green except NIFTY MEDIA (-1.1%) and NIFTY METAL(-0.02%) that consolidated.
The US markets and the European markets moved higher on the expectation of economic recovery as Omicron worries have eased.
The Asian markets are mixed but look steady. The U.S. Futures and the European Futures are trading higher except FTSE futures.
SGX NIFTY is trading at 17,150 indicating another gap-up opening in NIFTY.
Major supports for NIFTY are at 17,000, 16,900, 16,820 and 16,770. We can expect resistances at 17,100, 17,200, 17,250 and 17,325.
BANK NIFTY has supports at 35,100, 35,000, 34,900, 34,700 and 34,400. Resistances are at 35,230, 35,330, 35,530, 35,700 and 36,000.
NIFTY has the largest call OI build-up at 18,000 and the largest put OI build-up at 16,000.
BANK NIFTY has the highest call OI build-up at 36,000 and the highest put OI build-up is at 35,000.
INDIA VIX is at 15.83.
Foreign Institutional Investors net sold shares worth Rs 272 crores. Domestic Institutional Investors net bought shares worth Rs 1,196 crores.
The US markets will remain closed for three days as it is Christmas holiday today. The global markets look positive. S&P 500 tested the all-time high yesterday. This is a very good sign for the markets.
BANK NIFTY was unable to fill the gap completely yesterday. But the index exhibited strength in the first half by almost touching 35,500. Profit booking was dominant in the second half. However, BANK NIFTY closed above 35,100. We will have to wait for a move below 35,000 to confirm weakness. Open interest data expect BNF to move up with heavy put writing at 35,000.
NIFTY was able to sustain the gap-up though there was intraday volatility. A close above 17,300 is what bulls are waiting for. 17,200 can be a decisive level. Do you think bears will be able to push NIFTY below 17,000 once again? Let us know in the comments section below. And Merry Christmas!
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!
