18th 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 18, 2024.

Market News:

• GIFT Nifty started weak due to poor global cues and upcoming US Fed policy announcements.
• Most Asian indices declined following Wall Street’s pullback.
• Crude oil prices dropped slightly, and the rupee hit a record low at 84.90 against the USD.
• IPO debuts:
  • MobiKwik
  • Vishal Mega Mart
  • Sai Life Sciences
  • MobiKwik and Vishal Mega Mart saw strong subscription numbers, while Sai Life Sciences had a muted response.

Technical Analysis:

Nifty-50:

• Bearish trend with lower highs and lower lows.
• Negative RSI crossover indicates weakness.
• Key Support Levels: 24,544 | 24,619 | 24,742
• Key Resistance Levels: 24,299 | 24,223 | 24,101

Nifty Bank:

• Long red candle with support at 52,757 (20-day EMA).
• Key Support Levels: 52,712 | 52,522 | 52,214
• Key Resistance Levels: 53,328 | 53,518 | 53,826

Stock Highlights:

Bullish Stocks:

• JSW Energy: Talks with LG Energy Solutions for battery manufacturing in India.
• Ambuja Cements: Merger of Sanghi Industries and Penna Cement approved.
• Exide Industries: Invested ₹100 crore in Exide Energy Solutions.
• Sonata Software: Launched IntellQA powered by Harmoni.AI.
• Jindal Saw: Acquiring 31.2% stake in ReNew Green MHH One Pvt.

Bearish Stocks:

• Aurobindo Pharma: US FDA issued two observations on its Telangana API plant.
• Aditya Birla Sun Life AMC: CEO of International Business resigned.
• Va Tech Wabag: Saudi Arabia’s desalination tender canceled.
• Mukka Proteins: Promoters sold significant shares

Sector-Wise Analysis:

• Top 5 Gaining Sector Indices (Weekly Performance):
  1. NIFTY REALTY: +3.78%
  2. NIFTY INDIA DIGITAL: +1.49%
  3. NIFTY IT: +1.30%
  4. NIFTY MIDCAP LIQUID 15: +1.14%
  5. NIFTY MIDCAP SELECT: +0.79%
• Volume Shockers (Stocks with 1.5x Last Week’s Volume):
  1. ZOMATO
  2. MACROTECH DEV
  3. UNITED SPIRITS
  4. TVS MOTOR
  5. TORRENT PHARMA

 Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII)

• FIIs were net sellers with a loss amounting to Rs –6,409.86. 31 Cr.
• DIIs were net buyers with a selling amount of Rs 2,706.48. 06 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.