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Today’s share market’s key developments include - the Indian markets are poised for action as IOL Chemicals announces a stock split, IL&FS Engineering secures a ₹302.82 crore Read more..metro project, JSW Energy completes its largest ₹12,468 crore acquisition, KEC targets 9% EBITDA by FY26, Max Estates records ₹845 crore pre-sales, and DIIs outpace FIIs in Friday’s trading with net equity buys of ₹2,544.64 crore. Read less
1. IOL Chemicals Board approves stock split in the ratio of 1:5.
2. IL&FS Engineering bags project worth ₹302.82 crore of Bhubaneswar Metro Phase-I from Ceigall India.
3. JSWEnergy buys O2Power for ₹12,468 crore – Its largest acquisition till date.
4. KEC International expects a 9% EBITDA margin by FY26, securing a robust order book.
5. Max Estates receives pre-sales booking worth ₹845 cr within a week of the Phase II Estate 128 project launch in Noida.
6. FIIs net sell ₹1,323.29 crore while DIIs net buy ₹2,544.64 crore in equities on Friday.
US Share Market News
Performance Overview:
US benchmark equity indexes retreated on Friday amid declines in certain mega-cap stocks.
Sector-Specific Movements:
The Nasdaq Composite fell 1.5% to 19,722, while the S&P 500 dropped 1.1% to 5,970.8. The Dow Jones Industrial Average lost 0.8% to 42,992.2. Consumer discretion saw the biggest drop among sectors, while energy saw little change. No sector posted a gain.
Economic Indicators:
For the year so far, the Nasdaq has gained 31%, while the S&P 500 has advanced 25%. The Dow is up 14%. Tuesday will be the last trading day of this year.
Other Asset Classes
Treasury Yields:
The US 10-year yield rose five basis points to 4.63%, while the two-year rate was little changed at 4.33%.
Currency:
The dollar index was flat at 107.98.
Commodities:
West Texas Intermediate crude oil rose 0.9% to $70.27 a barrel Friday & Brent crude futures fell 6 cents to $74.11 a barrel
Gold fell 0.8% to $2,632.60 per troy ounce, while silver lost 1.5% to $29.95 per ounce.
Asian Markets
General Trends:
Asian shares edged lower on Monday as high Treasury yields challenged lofty equity valuations.
Specific Index Performance:
South Korea's Kospi slipped 0.3%, while the Kosdaq lost 0.41%
Australia's S&P/ASX 200 traded 0.4% lower.
Japan's Nikkei 225 was 0.21% lower in its first hour of trade, while the Topix traded around the flatline.
This week, traders await China's manufacturing PMI on Tuesday, while markets will be closed on Wednesday for the New Year's Day holiday.
India Market Outlook
GIFT Nifty Projection:
Gift Nifty suggests a flat opening for the Indian markets and is likely to consolidate in the broad range of 23,500 -24,200.
Market in Previous Session:
The benchmark indices, Nifty and Sensex, traded firmly in the green, holding on to gains despite slipping from the day’s highs.
A strong rally in auto and pharma stocks brought renewed energy to the market, sustaining a positive sentiment as the final two trading sessions of 2024 are near.
This time of year usually sees subdued activity, with investors wrapping up their books in the festive spirit.
Attention now turns to the upcoming third-quarter earnings, following two muted quarters, and the Union Budget, which is anticipated to play a key role in shaping market trends in the months ahead.
At the close, the Sensex was up by 226.59 points (0.29%) at 78,699.07, while the Nifty advanced 63.20 points (0.27%) to 23,813.40.
The broader market witnessed significant volatility, swinging between positive and negative territory. The midcap index settled 0.3% lower, whereas the small-cap index gained 0.2%.
Amongst sectors, Nifty PSU Bank, Metal, and Oil & Gas indices were among the major laggards whereas Nifty Pharma, Auto & Healthcare were gainers.
Nifty Short-Term Outlook:
The index has formed an inside bar candle on the weekly chart, indicating the potential for a directional move upon a breakout on either side of the range. As long as it holds above the 52-week EMA, it will signal extension of consolidation in the coming week.
Moving forward, the market is expected to continue its consolidation phase within the immediate range of 23,500 to 24,260. If it holds above the previous week's low, immediate support levels are positioned at 23,500, followed by 23,260 which is the recent swing low on the weekly chart.
On the upside, immediate resistance is seen at 24,260, aligning with the 20-week EMA, followed by 24,790, the recent swing high on the daily chart.
Intraday Levels:
Nifty: Intraday resistance is at 23,870 followed by 23,990 levels. Conversely, downside support is located at 23,640, followed by 23,500.
Bank Nifty: Intraday resistance is positioned at 51,550, followed by 51,800, while downside support is found at 50,950, followed by 50,700.
Derivative Market Analysis
Nifty:
Highest call OI is positioned at 24500 followed by 24000 level, whereas the highest put OI is positioned at the 23500 followed by 23800 level.
In the previous session, call writers were active above 24100 making it a crucial resistance while high put writing was observed at 23500.
According to option chain analysis, a broader range for Nifty is 23800 and 24200.
The Nifty put-call ratio is now positioned at 1.03.
Bank Nifty:
Highest call OI is positioned at 52000 followed by 53000 level, whereas the highest put OI is positioned at the 51500 followed by 50000 level.
Call and put writers shifted their base from 51000–51500 zone to 51500-52000 zone indicating a tighter trading range in the upcoming week.
According to option chain analysis, an immediate range for Bank Nifty is 51500 and 52000.
The Bank Nifty put-call ratio is now positioned at 1.03.
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