Nifty Closed Higher But Short-Term Trend Is Sideways

NIFTY:

The NIFTY opened at 18288 with a gap up of 19 points. The index initially went higher but faces resistance quickly and saw a sharp dip to fill the gap. Prices recorded its intraday low at 18244.55 and then again moved higher. The index rises and recorded its intraday high at 18431.65. Prices have finally closed at 18420 near its daily highs with a gain of 151 points or 0.83% up. All the sectoral indices have moved higher today except IT & PSU BANK which ended with a loss of 0.51% & 0.12% respectively. AUTO, FMCG, and PSE outperformed today and ended with a gain of over 1.5%. We have mentioned short-term support of around 18200-18000. The index is holding this support despite closing lower yesterday. A trading range between 18600 -18200 remained intact. The short-term trend is sideways.

BANK NIFTY:

The BANK NIFTY opened at 43346.35 with a gap up of 127 points. The index initially went sideways and recorded its intraday low at 43110. Prices have broken on the upside and then rallied sharply to record its intraday high at 43451. The index finally closed at 43413 with a gain of 194 points. PSU BANK underperformed whereas PVT BANKS have saw a sharp intraday rally on second half, and closed by -0.12% & 0.50% respectively. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while PNB contributed the lowest. The index consolidated in the first half while moving higher in the second half. Tomorrow, we should look to buy on a breakout above 43450 or sell short below 43100. In case of a gap up or down beyond the suggested entry-level, apply the first 15-minute rule. Keep a stop of 100 points and a target of 300 points.

TECHNICAL PICKS

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TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Nov) on 30th December, 2022 INR: Infrastructure Output (YoY) (Nov) on 30th December, 2022	USD: Building Permits (Nov) on 20th  December, 2022 USD: GDP (QoQ) (Q3) on 22nd  December, 2022

NEWS UPDATES

• Benchmark indices ended higher on December 22 with Nifty above 18,400.At Close, the Sensex was up 468.38 points or 0.76% at 61,806.19, and the Nifty was up 151.50 points or 0.83% at 18,420.50. About 2071 shares have advanced, 1436 shares declined, and 155 shares are unchanged.

 

• Sugar stocks saw heavy buying for the second straight session on December 19 as the government may weigh raising the sugar export quota for the current marketing year after assessing domestic production in January.

 

• Bharat Sanchar Nigam Ltd (BSNL) plans to raise up to Rs 4,200 crore through government of India-guaranteed bonds maturing in 10 years on December 21, a merchant banker close to the issue said.

 

• Epic Concesiones Pvt Ltd, a portfolio company of Edelweiss Alternatives-backed Infrastructure Yield Plus Strategy, will acquire a 100 percent stake in L&T Infrastructure Development Projects Limited (L&T IDPL) at an enterprise value of Rs 6,000 crore, the two companies have said.

 

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

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