24th December 2024 Pre-Market Analysis

Introduction

This report provides an overview of the recent market performance, key economic indicators, and notable stocks in both bullish and bearish situations as of December 24, 2024.

Key Points

1.Market News Highlights

• GIFT Nifty trading flat; subdued market start.
• Sensex and Nifty ended a five-day losing streak on December 23.
• US benchmarks gained with the Nasdaq and Dow Jones up, fueled by tech stocks.
• Treasury yields and Asian currencies saw mixed performances.
• Gold and silver prices edged up amid market uncertainties.

2.Sector-Wise Analysis

• Top Performing Sectors:
  • NIFTY Pharma: +1.87% weekly change
  • NIFTY Healthcare Index: +0.82%
• Volume Shockers:
  • Stocks with 1.5x session volume increase, including JINDAL Steel & Power and ICICI Lombard.

3.Technical Analysis

Nifty-50

• Key Patterns: Doji-like candlestick, Inside Bar pattern; RSI at 38.6 (negative outlook).
• Support Levels: 23,842 | 23,894 | 23,979
• Resistance Levels: 23,672 | 23,619 | 23,534

Nifty Bank

• Key Patterns: Bullish Harami candlestick pattern; trading below key moving averages except for the 200-day EMA.
• Support Levels: 51,403 | 51,494 | 51,642
• Resistance Levels: 51,107 | 51,016 | 50,868

4.Long Build-Up Stocks (Top 5)

1. CIPLA: +20.33% OI change
2. TVSMOTOR: +17.93% OI change
3. TORNTPHARM: +12.41% OI change
4. HINDUNILVR: +12.38% OI change
5. MARUTI: +11.13% OI change

Short Build-Up Stocks (Top 5)

1. DRRMARICO: +17.00% OI change
2. CROMPTON: +15.08% OI change
3. MRF: +11.98% OI change
4. SUNPHARMA: +10.79% OI change
5. SRFEDDY: +10.73% OI change

5.Key Bullish Stocks

1. Whirlpool: Manufacturing partnership with PG Electroplast.
2. HG Infra Engineering: Long-term energy purchase deal with NTPC Vidyut Vyapar Nigam.
3. TVS Motor: Acquired 87.38% stake in DriveX Mobility.
4. Bharat Forge: $64.5 million investment in US subsidiary.

Key Bearish Stocks

1. Indian Bank: Fined by Sri Lanka for non-compliance.
2. MMTC: Received warnings from NSE and BSE.
3. Kirloskar Brothers: CFO resigned due to personal reasons.

6.Futures & Options (F&O)

• Stocks in F&O Ban: Bandhan Bank, Granules India, Hindustan Copper, etc.
• Stocks Removed from F&O Ban: SAIL.

7.Institutional Trading Activity (December 23)

• FIIs: Net sellers (-₹168.71 Cr).
• DIIs: Net buyers (+₹2,227.68 Cr).

Conclusion

The market is set for a cautious start with mixed signals from international markets and local economic indicators. Investors should continue to monitor key stocks and market indices for potential movements in both bullish and bearish directions, keeping an eye on upcoming economic data and geopolitical events.