30th 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 30, 2024.

Key Points

1. Market Overview

• Global:
  • GIFT Nifty trading slightly higher, indicating a subdued start.
  • U.S. markets closed lower on Friday, with a 2% drop in the ‘Magnificent Seven’ index.
• Indian Benchmark Indices:
  • Positive close last Friday driven by Mahindra & Mahindra and ICICI Bank.
• Other Updates:
  • Brent crude dipped to $74.11/barrel.
  • USD/INR reached a record closing low of 85.54.

2.Technical Analysis

Nifty-50:

• Sentiment: Bearish
• Indicators:
  • RSI: 40.7 (weak signal)
  • MACD: Below zero
  • KST: Negative crossover
• Resistance levels: 23,904 | 23,936 | 23,989
• Support levels: 23,798 | 23,766 | 23,713

Nifty Bank:

• Sentiment: Bearish
• Indicators:
  • RSI: 42
  • MACD: Below zero
  • KST: Negative crossover
• Resistance levels: 51,542 | 51,633 | 51,782
• Support levels: 51,245 | 51,153 | 51,005

3.Key Stocks to Watch

Bullish Stocks:

1. IOL Chemicals: Stock split 1:5 approved.
2. JSW Energy: Acquisition agreements signed worth $1.47 billion.
3. Hero MotoCorp: Partnership with Harley-Davidson extended.
4. Reliance Industries: Oncology healthcare platform Karkinos acquired for ₹375 crore.

Bearish Stocks:

1. CAMS: CTO resigned.
2. Ola Electric: CMO and CTO resigned.
3. Reliance Infrastructure: Substitution rights invoked for the Maharashtra Road project.
4. Sula Vineyards: Tax order of ₹4.01 crore received.

4.Sector-Wise Analysis

• • Top-performing NSE sector indices over the last week:
    • NIFTY AUTO: +2.30%
    • NIFTY PHARMA: +2.25%
    • NIFTY HEALTHCARE INDEX: +1.55%
    • NIFTY FMCG: +1.52%
    • NIFTY INDIA CONSUMPTION: +1.24%

5.Long Build-Up Stocks

1. NMDC (+68.00%)
2. RBLBANK (+19.00%)
3. HFCL (+8.40%)
4. HAVELLS (+5.00%)
5. CUMMINSIND (+4.80%)

Short Build-Up Stocks

1. PAYTM (+10.60%)
2. APLAPOLLO (+8.60%)
3. WIPRO (+5.50%)
4. ADANIENSOL (+5.30%)

6.FII/DII Activity

• FII: Net sellers (-₹1,323.29 Cr)
• DII: Net buyers (+₹2,544.64 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.