Both indices ended up on a flat note, a consolidation process is going on

NIFTY:

The NIFTY opened at 21477.65 with a gap up of 59 points. The index could not sustain itself at the higher level and started drifting downwards Prices have filled the gap and then moved further on the downside. A decline brought prices to its intraday low at 21337.75. The index found support there and bounced up. A rally took place that lasted almost till the end and took prices to its intraday high at 21505.05. However, prices found strong resistance around 21505 and for the last hour of trading, the index again turned down and finally closed at 21453.10 near its opening tick with a gain of 34.45 points or 0.16% up. The short-term trend is up and very strong as prices are moving around its lifetime new highs and recorded a fresh one above the 21500 mark. We have been tracking support of around 21000 while there is no visible resistance. We should look for buying only as far as prices are moving above the 21000 mark. At close below the 21000 level may suggest a sideways market. We are expecting this week to be narrow and choppy. However, since the trend is up, we should be buyers only. Wait for a sharp dip to take a trade on the long side of the markets.

BANK NIFTY:

the BANK NIFTY opened at 47940.40 with a gap up of 78 points. The index initially moved down, filled the gap, and then moved further on the downside. Prices have recorded its intraday low at 47646.05 and then bounced up sharply. A rally took place which brought the index to its intraday high at 48017. Prices have seen a minor dip towards the end and finally closed at 47848.45 with a loss of just 14 points. PSU BANKS have outperformed, saw a sharp upside rally, and finally ended with a gain of 0.79% PVT BANKS have moved sideways and ended with a minor loss of 0.08%. Within the index, in terms of points, SBIN contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is up. There is no doubt about it as the index is trading near its lifetime new highs and making a bullish pattern of Higher Highs and Higher Lows. The support is now visible around 47500 whereas there is no visible resistance.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

Domestic                                                                                                                                                  International
INR: Current Account % of GDP (QoQ) (Q3) on 29th December, 2023 INR: Current Account (USD) (Q3) on 29th December, 2023	USD: Existing Home Sales (Nov) on 20th December, 2023 USD: Crude Oil Inventories on 20th December, 2023

News Updates

• Benchmark indices ended in the green in the volatile session on December 19 with Nifty at 21,450. At close, the Sensex was up 122.10 points or 0.17 percent at 71,437.19, and the Nifty was up 34.40 points or 0.16 percent at 21,453.10. About 1833 shares advanced, 1797 shares declined, and 132 shares unchanged.
• Tata Consumer Products has edged ahead of other suitors like ITC and is now the frontrunner in fray for a majority stake in Fabindia-backed organic herbal and Ayurvedic health products firm Organic India, multiple industry sources in the know told Moneycontrol.
• The Adani Group has raised $200 million from Qatar National Bank as part of debt refinancing of a $3.5 billion loan taken for the acquisition of ACC Ltd and Ambuja Cements Ltd last year, sources aware of the development told Moneycontrol.
• The International Monetary Fund (IMF), on December 19 (India time), in its Article IV consultations staff report praised Indian authorities for the way the economy is progressing. The multilateral agency expects India’s GDP to grow by 6.3 percent in the current year as well as the next.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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