BUY ON A DIP OR CONSOLIDATION BREAKOUT

NIFTY:

Nifty touch fresh highs above 18800 levels However, profit  booking on last trading session and closed almost 1 % down at  18812. This week belongs to midcap and small cap space and both  the indices gained 2% as Technology and Financial midcaps took  the limelight. Going ahead, we expect some consolidation in Nifty  and levels near 18400-18500 to provide immediate support to the index.

Sectorally, we believe the ongoing positive bias in mid cap and  small cap space may continue while Nifty may take some breather.  However, we remain positive in technology space which has seen some reversal after significantly underperforming markets in last  one year. Nifty is trading at its one of the lowest volatility post  pandemic. Hence a round of uptick in volatility can not be ruled out which may triggers some profit booking.

BANK NIFTY:

Bank Nifty opened at 42976 with a gap down of 200 points. The  index finds support quickly and again bounced up.Banknifty  recoves form the day low but it was most of dull session with the  index but stock specific movement specially in psu sector kept the  trades busy .

On the option front, 42500 Put whereas 44000 strike Calls are  witnessing major writing . No major out-performance is expected  in the banking stocks and the performance would be inline with

Nifty. However, in the current leg of consolidation, we don’t expect  Bank Nifty to violate 42500 which remains the strong support

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices broke eight-day gaining momentum and ended lower with Nifty around 18,700.At Close, the Sensex was down 415.69 points or 0.66% at 62,868.50, and the Nifty was down 116.40 points or 0.62% at 18,696.10. About 1995 shares have advanced, 1376 shares declined, and 137 shares are unchanged.

 

• After a healthy subscription, investors who bid for Uniparts India’s initial public offering (IPO)will be closely tracking the share allotment and listing dates.Opened on November 30, the Rs 836-crore public issue closed on December 2 and was subscribed more than 25 times, supported by all categories of investors

 

• Ambit Asset Management CEO Sushant Bhansali thinks that the Indian market, which has been scaling new highs, shrugging off weak global cues, has already priced in rate hikes by the Reserve Bank of India and the US Federal Reserve

 

• The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.

 

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

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