The momentum indicator RSI (14) is in bullish crossover. Chart readers said Nifty is placed at the edge of upside breakout of the crucial hurdle at 18,200 levels. “For Nifty the target is seen at 18,221 and then on the upside major hurdles will be at 18,473 mark,” said Prashanth Tapse of Mehta Equities.
Analysts say the market undertone is bullish, and the major trend of the index is on the positive side. Hence any short-term corrections remain as a buying opportunity until 17,900 is sustained.
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Nifty remained rangebound during the first half of the trading session, only to clear the resistance in the later half of the day. The index could reclaim the 50 EMA on the daily timeframe, suggesting a rise in optimism among investors. The momentum indicator RSI (14) is in bullish crossover. Over the near term, the index is likely to remain positive as long as it remains above 17,950. Therefore, buying on dips would be a good strategy until 17,950 is held. On the higher end, resistance is placed at 18,350.
– Rupak De, Senior Technical Analyst at LKP Securities
Survival Technologies files draft papers with Sebi to raise Rs 1,000 crore
Speciality chemical manufacturer Survival Technologies has filed preliminary papers with markets regulator Sebi to mop-up Rs 1,000 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 200 crore, and an Offer For Sale (OFS) aggregating to up to Rs 800 crore by its promoters and promoter group shareholders, according to its Draft Red Herring Prospectus (DRHP).The OFS will see the sale of shares to the tune of Rs 544.41 crore by Vijaykumar Raghunandanprasad Agrawal, Rs 212.41 crore by Nimai Vijay Agrawal and Rs 43.18 crore by Prabha Vijay Agarwal.
Nifty opened negative on fear of Covid spread to other countries post China relaxing its zero covid policy and remained in pressure for most part of the session. However last hour buying especially in banking space pulled Nifty in green with recovery of 200 points from its intraday low. The benchmark finally ended the monthly F&O expiry day with gains of 69 points at 18191 levels. Even broader market recovered and ended in green. Sugar stocks extended their rally on expectation of increase in ethanol prices. Going ahead, market is likely to remain sideways in a range. While fears of recession and spread of covid in other countries are applying pressure on higher side, we are witnessing strong buying at lower levels which are supporting the markets on the downside. Markets would be eager to start the new year on a positive note after ending Dec on the weaker side. Q3 results and the upcoming Union Budget could provide with fresh positive triggers to Indian Equities.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Tech View: Nifty forms positive candle on expiry day. What traders should do on last trading day of 2022
Headline equity index Nifty today formed a bullish candle on the last monthly and weekly derivative expiry of the calendar year 2022. It formed a higher bottom formation on intraday charts, indicating further uptrend from the current levels.Rupak De, Senior Technical Analyst at LKP Securities”The index could reclaim the 50 EMA on the daily timeframe, suggesting a rise in optimism among investors. The momentum indicator RSI (14) is in a bullish crossover. In the near term, the index is likely to remain positive as long as it remains above 17,950. Therefore, buying on dips would be a good strategy until 17,950 is held. On the higher end, resistance is placed at 18,350.”
Post listing view on Elin Electronics by Pravesh Gour, Senior Technical Analyst, Swastika Investmart.
Elin Electronics Limited is a leading electronics manufacturing services (EMS) provider in the country. The company has an established market position and strong customer relationships. It also has consistent financial performance with strong revenue growth and a stable margin. However, the company is operating in a highly competitive market, and the majority of its revenue is derived from a limited number of customers. The issue had a P/E valuation of 25.75, which was attractively priced when compared to its peers. The issue was subscribed to 3.09 times overall, 2.20 times in the retail category, 4.51 times in the QIB category, and 3.29 times in the NII category by December 22, 2022. As per the latest data, the stock was trading at a discount of Rs 4 in the grey market; hence, the listing is likely to be at around Rs 243.
The domestic market trend was influenced by the movements of its global counterparts, as a negative US closing pushed Indian bourses to a poor start. However, positive signals from US futures lifted the benchmark index above the flatline. Markets will continue to witness such sudden movements, underpinned by lingering recession and COVID fears, which will be countered by bargain hunters.
– Vinod Nair, Head of Research at Geojit Financial
Rupee closes up 0.06% at 82.8050 per U.S. Dollar; previous close 82.8575
Closing Bell: Sensex rebounds over 650 pts from day’s low, ends 224 pts higher; Nifty above 18,150; Nykaa jumps 5%, Airtel 2%
Market LIVE Updates: Sensex hits day’s high, up 200 pts
European shares slip as COVID surge in China weighs
The region-wide STOXX 600 fell 0.4%. For the year so far, it is down 12.8%.
After a brief jump this week, global markets are nervous about Beijing’s move to further relax COVID curbs as surging infections in China dimmed hopes of a swift recovery in the world’s second-largest economy.
China-exposed luxury firms such as LVMH and Richemont weighed on the European index in early trading.
Transformers and Rectifiers (India) Limited has been awarded orders of Transformers for total contract value of Rs. 123 crore from one of the Central Utility.
Price as on 29 Dec, 2022 02:10 PM, Click on company names for their live prices.
These stocks gained the most in today’s trade
Price as on 29 Dec, 2022 02:03 PM, Click on company names for their live prices.
A subsidiary of Aster DM Healthcare Limited has signed a share purchase agreement to acquire 100% stake in Adiran IB Healthcare Private Limited for Rs 1.60 crore.
Price as on 29 Dec, 2022 01:32 PM, Click on company names for their live prices.
Oil dips as China COVID spike dampens demand outlook
Brent futures for February fell 79 cents, or 1.0%, to $82.47 a barrel by 0730 GMT, while U.S. crude fell 80 cents, or 1.0%, to $78.16 a barrel.
The scale of the latest outbreak and doubts over official data prompted some countries to enact new travel rules on Chinese visitors, even as China began dismantling the world’s strictest COVID regime of lockdowns and testing.
Nokhra solar project’s 50MW capacity to begin commercial operation from Dec 30: NTPC
Price as on 29 Dec, 2022 12:56 PM, Click on company names for their live prices.
Check out the top losers from the FCMG pack
Price as on 29 Dec, 2022 12:21 PM, Click on company names for their live prices.
Bank of India has further invested Rs 1.13 crore in PSB Alliance Private Limited. This takes its total stake in PSB Alliance to 8.33% from 7.14%. PSB Alliance is a company set up by all the public sector banks to offer both financial and nonfinancial banking services at customers’ doorstep.
Price as on 29 Dec, 2022 12:09 PM, Click on company names for their live prices.
Tokyo markets end lower
Tokyo shares ended lower on Thursday, after falls on Wall Street, with investors taking to the sidelines and avoiding risk ahead of New Year holidays. The benchmark Nikkei 225 index fell 0.94 percent, or 246.83 points, to end at 26,093.67, while the broader Topix index dropped 0.72 percent, or 13.75 points, to 1,895.27.
BUZZING STOCK: Bikaji Foods
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What’s ailing Shriram Finance shares? Watch this!
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Dr Reddy’s Laboratories on Thursday said all claims against it in the antitrust litigation filed in the US, related to a prescription medicine Revlimid, used in treatment of multiple myeloma have been dismissed. In a regulatory filing, the company said on December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr Reddy’s Laboratories Ltd and Dr Reddy’s Laboratories, Inc. respectively, from the case.
Price as on 29 Dec, 2022 11:26 AM, Click on company names for their live prices.
Ashoka Buildcon has been awarded three projects worth Rs 754.57 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company.
Price as on 29 Dec, 2022 11:25 AM, Click on company names for their live prices.
Mahindra & Mahindra will raise its stake in associate MITRA Agro Equipments to 100% from the current 47.33%.
Price as on 29 Dec, 2022 11:13 AM, Click on company names for their live prices.
JSW Energy has completed acquisition of 700 MW Ind-Barath Energy (Utkal) for Rs 1,047.60 crore through insolvency proceedings
Price as on 29 Dec, 2022 10:53 AM, Click on company names for their live prices.
Shares of smallcap microfinance company Spandana Sphoorty Finance hit an upper circuit of 5%…
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