Outlook

NIFTY:

NIFTY opened at 16865.55 with a gap up of 95 points. The index first moved down and then quickly turned up. An attempt to fill the gap failed and prices have recorded its intraday low at 16819.50. The index then started a process of consolidation. Prices have moved in a tight range and repeatedly moved from one extreme to another. The consolidation finally broke on the upside. Prices have seen a sharp intraday rally in the last one and half hours of trading. That rally broke the range and led prices to record its intraday high at 16971. Finally, the index closed at 16955.45 with a gain of 184.60 points or 1.10% up. All the sectoral indices have participated in today’s rally and closed with gains. The REAL1Y and METAL outperformed and ended 2% higher. FMCG has seen an underperformance today.

The short-term trend is sideways now since prices are in a process of correction after a recent fall. If this correction holds 17000 resistances, then we should be ready to take a short trade on a sign of weakness. However, if the index breaks 17000 resistance and closes above it then we will be looking for a buying opportunity on any sign of strength. Hence, we should now wait and see how prices will behave around the 17000 level.

BANK NIFTY:

BANK NIFTY opened at 34863.35 with a gap up of almost 200 points. The index first moved down, filled the gap and then recorded its intraday low at 34687.60.Prices then started a process of consolidation for almost the whole day. Eventually that consolidation broke on the upside as prices have seen a sharp rally in the last hour of trading and finally closed at 35098.65 near its intraday high with a gain of 434 points. PSU and PVTBANKS both have seen an upside move today and ended with a gain of 1.74% and 1.28% respectively. Within the index, in terms of points, ICICI BANK contributed the highest while AU BANK contributed the lowest. If the index breaks 35500 on the upside and closes higher then we will look for a buying opportunity. As of now, we should step aside and wait for a clear sense of direction.

TECHNICAL PICKS

COMPANY NAME CMP B/S RATIONALE+
GODREJCP 4847 BUY The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be buy above 960 with a stop loss of 944 and for the target of 980.
NATIONALUM 103 BUY The  immediate trend of the script is bullish. There is a positive cross over of moving averages  as well as of the indicators therefore  it can be bought above 104 with a stop loss of 101 and target  of 108.

DERIVATIVE PICKS

Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
RELIANCE 2360 CE BUY 36 CMP 25 60 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ADANIPORTS.Dec 30 725.9 0.09 17.75 1E+08 DIXON.Dec 30 5414.25 -1.62 14.67 382125
ASIANPAINT.Dec 30 3282.4 0.19 1.19 3392850 ICICIGI.Dec 30 1349.75 -1.55 1.45 3101225
HINDUNILVR.Dec 30 2281 0.21 1.27 9540300 APOLLOHOSP.Dec 30 4796 -1.13 2.81 2375875
HDFCLIFE.Dec 30 640.5 0.22 1.21 18979400 WHIRLPOOL.Dec 30 1775.9 -1.01 5.74 967000
INDHOTEL.Dec 30 181.75 0.28 3.19 13413370 SBILIFE.Dec 30 1127.35 -0.92 2.79 6941250
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ZEEL.Dec 30 349 0.13 -7.44 81165000 DALBHARAT.Dec 30 1850.45 -0.01 -1.25 493250
ITC.Dec 30 212.95 0.19 -0.1 2.06E+08
PETRONET.Dec 30 212.8 0.21 -0.13 18048000
HEROMOTOCO.Dec 30 2358.8 0.23 -0.38 4026000
JSWSTEEL.Dec 30 662.5 0.33 -0.13 40990050

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Whirlpool 1762.55 -1.8 317227 0 86.53 Nifty 50 16955.45 1.1 76287
Gujarat State Petronet l 294.85 -0.03 1536795 0 79.94 Nifty Bank 35029.5 1.22 76287
Icici Lombard General In 1345.2 -1.78 539150 0 74.79 Nifty it 36989.15 0.99 76287
Sbi Life Insurance Compa 1124.3 -0.96 846447 0 65.93 India Vix 16.58 -5.47 76287
Colgate Palmolive (india 1439.35 -0.36 424759 0 65.34 Nifty Metal 5521.1 1.78 76287
Hdfc Bank Ltd. 1445.2 0.24 4288714 0 64.19 Nifty Pharma 13547.7 1.99 76287
Sun Pharma  Ltd 797.5 2.43 5871025 0 62.84 Nifty Auto 10652.55 1.61 76287
Tata Consultancy Serv Lt 3630.75 0.62 1224328 0 62.83 Nifty Media 2272.8 1.36 76287
Hdfc Ltd. 2539 -0.07 2763683 0 61.88 Nifty Realty 473.5 2.95 76287
Escorts India Ltd. 1839.05 0.65 292901 0 60.86 Nifty Psu Bank 2506.8 1.74 76287

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: FX Reserves, USD on 24th December, 2021

INR: Deposit and Bank Loan Growth Rate on 24th December, 2021

•USD: Core Durable Goods Orders (MoM) (Nov)on 23rd December, 2021

•USD: Initial Jobless Claims on 23rd December, 2021

NEWS UPDATES

  • ABB India Board considered and approved Incorporation of a wholly owned subsidiary; and Sale of the Company’s Turbocharger Business as a going concern, on a slump sale basis to its wholly owned subsidiary for a consideration of INR 310 crores (“Slump Sale”). The Slump Sale will be consummated by end of February, 2022

  • PNC Infratech Limited: Company been received Letter of Award (LOA) for Project “Collection of user fee at Eastern Peripheral Expressway (EPE) Fee Plazas on National Highway No.NE II in the States of Haryana and Uttar Pradesh on EPC mode (Under PIU- Ghaziabad)” for a period of one year awarded by NHAI for a contact value of Rs. 369.00 crore (Annual Remittance to be made to NHAr).

  • Zydus Cadila has received tentative approval from the USFDA to market Pimavanserin Tablets, 10 mg (US RLD: Nuplazid Tablets). Pimavanserin is used to treat the symptoms of a certain mental/mood disorder (psychosis) that might occur with Parkinson’s disease. It helps lessen symptoms such as seeing or hearing things that are not there (hallucinations) and false beliefs (delusions).

  • Gujarat Fluorochemicals Limited (GFCL) will foray into the battery business for electric vehicles. The company has set up GFCL EV Products Limited, a wholly-owned subsidiary for the purpose.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BVCL General 23-Dec-21 BANASFN Right Issue of Equity Shares 24-Dec-21
EASTWEST Issue Of Warrants;Pref. Issue 23-Dec-21 ENBETRD General 24-Dec-21
EMMSONS Audited Results 23-Dec-21 EQUIPPP General 24-Dec-21
GAIL Interim Dividend;General 23-Dec-21 HILTON Issue Of Warrants 24-Dec-21
IITL General 23-Dec-21 RNBDENIMS General 24-Dec-21
PALRED General 23-Dec-21 SAGL Issue Of Warrants;Right Issue;Pref. Issue 24-Dec-21
RADHEDE General 23-Dec-21 SALSAIN General 24-Dec-21
SANWARIA Quarterly Results 23-Dec-21 SGIL General 24-Dec-21
SIMPLEX Audited Results 23-Dec-21 STEELXIND General 24-Dec-21
TARMAT Preferential Issue of shares 23-Dec-21 VIVIDHA Right Issue of Equity Shares;General 24-Dec-21
TEGA General 23-Dec-21 KISAN Quarterly Results 25-Dec-21
TWL Quarterly Results 23-Dec-21 LGBFORGE Quarterly Results 25-Dec-21
UHZAVERI Preferential Issue of shares 23-Dec-21 PITHP General 25-Dec-21

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AQFINTECH 23-Dec-21 Stock  Split From Rs.10/- to Rs.2/- PTL 23-Dec-21 Stock  Split From Rs.2/- to Rs.1/-
BCG 23-Dec-21 Final Dividend – Rs. – 0.0500 RAJNISH 23-Dec-21 Bonus issue 5:4
CANFINHOME 23-Dec-21 Interim Dividend – Rs. – 1.5000 RAMINFO 23-Dec-21 Interim Dividend – Rs. – 0.5000
HIKLASS 23-Dec-21 Stock  Split From Rs.10/- to Rs.5/- MANOMAY 24-Dec-21 E.G.M.
NEOGEN 23-Dec-21 E.G.M. SHEETAL 24-Dec-21 Stock  Split From Rs.10/- to Rs.5/-

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