17th 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 17, 2024.

Key Points

Global Market Overview:

1. GIFT Nifty: 24,664.00 (-0.17%).
2. US Markets:
   • Dow Jones: 43,709.81 (-86.47, -0.20%).
   • Nasdaq: 20,161.15 (-38.28, -0.19%).
   • S&P 500: 6,074.08 (-0.02%).
3. Asian Markets:
   • Mixed performance, Hang Seng up by +1.18%.
4. European Markets:
   • FTSE 100: Stable with slight gains.
5. USD/INR: 84.87 (+0.08%).

Indian Market Indices:

1. Nifty-50: 24,668.25 (-0.40%).
2. Nifty Bank: 53,581.35 (Flat).
3. Sensex: 81,748.57 (-384.55).
4. India VIX: 14.02 (+0.97%).
5. Gold MCX: 77,045.00 (-0.02%).
6. Crude Oil MCX: 6,021.00 (-0.35%).

Long Build-Up Stocks:

1. IRFC (+13.39% OI Change).
2. POONAWALLA.
3. ADANIGREEN.
4. DELHIVERY.
5. JSL.

Short Build-Up Stocks:

1. COROMANDEL (+18.01% OI Change).
2. NYKAA.
3. HUDCO.
4. PRESTIGE.
5. LODHA.

Sector-Wise Performance:

1. NIFTY REALTY: +4.17%.
2. NIFTY CONSUMER DURABLES: +2.22%.
3. NIFTY MIDCAP LIQUID 15: +2.20%.
4. NIFTY IT: +2.10%.
5. NIFTY MIDCAP SELECT: +1.91%.

Volume Shockers:

Stocks with session volume 1.5x higher than last week:

1. DLF.
2. JSWENERGY.
3. UNITEDSPIRITS.
4. ABB.
5. SHREE CEMENTS.

Market News:

1. GIFT Nifty suggests a flat to negative start.
2. Indian benchmarks declined on Dec 16 due to selling pressure in:
   • IT, Metal, Oil & Gas, and FMCG sectors.
3. Buying interest observed in:
   • Real Estate, Public Sector Banks, and Media stocks.
4. US Market:
   • Nasdaq reached record highs.
   • Treasury yields fell:
     • 10-Year: 4.38%.
     • 2-Year: 4.24%.
5. Gold: Marginal rise to USD 2,657/ounce.
6. Oil Prices: Stabilized amidst weak demand concerns from China.
7. Rupee: Ended at 84.87 against USD (-8 paise).

Technical Analysis:

Nifty-50:

• Pattern: Bearish candlestick with volatility.
• Key Support Levels: 24,615 | 24,573 | 24,504.
• Key Resistance Levels: 24,752 | 24,795 | 24,863.

Nifty Bank:

• Pattern: Small green candle with shadows.
• Key Support Levels: 53,397 | 53,302 | 53,148.
• Key Resistance Levels: 53,706 | 53,801 | 53,956.

Key Bullish Stocks:

1. Vedanta: ₹8.5/share interim dividend (Record date: Dec 24).
2. Wipro: Acquiring Applied Value Technologies for $40 million.
3. Indus Towers: Reduced contingent liability by ₹3,500 crore.
4. Gravita India: ₹750 crore QIP launched.
5. GMR Airports: 14% YoY growth in passenger traffic.
6. Texmaco Rail: ₹187.41 crore order secured.
7. RVNL: ₹270 crore Maharashtra Metro Rail project.
8. RailTel: ₹37.99 crore Central Warehousing Corporation project.
9. HPCL: ₹4,679 crore refinery upgrade approved.
10. Varun Beverages: Acquired 39.93% stake in Lunarmech.
11. TCS: Partnering with Landis+Gyr for energy efficiency.

Key Bearish Stocks:

1. Mindspace REIT: 9.2% stake sold by Abu Dhabi Investment Authority.
2. Mawana Sugars: Facing anti-corruption inquiry.
3. JK Tyre: ₹13 lakh GST order + penalty of ₹7.2 crore.
4. Everest Industries: CFO Pramod Nair resigned.
5. Abbott India: CFO resignation effective Feb 26.
6. PNB Gilts: MD & CEO resigned citing personal reasons.
7. Pitti Engineering: Promoter Akshay S. Pitti sold shares.
8. Cosmo First: Promoters sold 8 lakh shares.
9. HDFC Bank: SEBI issued warning for regulatory non-compliance.

F&O Ban Stocks:

• Stocks in Ban: Granules India, Hindustan Copper, Manappuram Finance, National Aluminium, RBL Bank, and SAIL.
• Stocks Removed: None.

FII/DII Data:

1. FIIs: Net sellers at ₹-278.70 crore.
2. DIIs: Net buyers at ₹-234.25 crore.

Breakout Pulse Stocks:

1. PAYTM (+2.32%).
2. DLF (+2.58%).
3. GICRE (+2.88%).
4. LODHA (+3.49%).
5. PRESTIGE (+4.34%).

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.