23th 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 23, 2024.

1.Market News

• GIFT Nifty: Trading higher, indicating a positive start.
• India’s Equity Indices: Closed at their lowest in over a month.
• US Inflation Report: Raised hopes for policy easing next year.
• Treasury Yields: US 10-Year at 4.52%, 2-Year at 4.31%.
• Oil Prices: Stabilized; downward pressure on gold (USD 2,620 per ounce).

2.Long Build-Up Stocks

• Prestige: +30.02%
• VBL: +18.60%
• Tata Elxsi: +18.10%
• Oil: +14.40%
• Zomato: +13.10%

Short Build-Up Stocks

• Dr. Reddy’s: +5.50%

3.Sector-wise Analysis

• Top 5 Performing Sectors (Weekly):
  • Nifty Pharma (+1.55%)
  • Nifty Healthcare Index (+0.86%)

Volume Shockers

• Stocks with 1.5x higher volume than weekly average:
  • Zomato: CMP ₹282
  • GAIL: CMP ₹192
  • Power Finance: CMP ₹453
  • Adani Green Energy: CMP ₹1034
  • Adani Power: CMP ₹497

4. Technical Analysis

Nifty-50:

• Trend: Bearish; trading below all major moving averages and 200-day EMA.
• Indicators:
  • RSI: 34
  • MACD: Negative crossover
• Pivot Levels:
  • Resistance: 23,932 | 24,057 | 24,259
  • Support: 23,528 | 23,404 | 23,202

Nifty Bank:

• Trend: Bearish; trading below Bollinger Bands and 200-day EMA.
• Indicators:
  • RSI: 35
  • MACD: Near zero line
• Pivot Levels:
  • Resistance: 51,389 | 51,629 | 52,019
  • Support: 50,610 | 50,369 | 49,980

5.Key Bullish Stocks

• Reliance Industries: Acquiring a 45% stake in US-based Health Alliance Group.
• Vedanta: Revising demerger plans.
• UltraTech Cement: Acquiring India Cements shares and open offer at ₹390/share.
• Piramal Enterprises: Approved ₹2,000 crore QIP raise.
• Fortis Healthcare: Acquired 7.61% stake in Agilus Diagnostics.

Key Bearish Stocks

• IndusInd Bank: Fined ₹27.3 lakh by RBI.
• Manappuram Finance: Fined ₹20 lakh by RBI.
• Cosmo First: Promoter sold two lakh shares.
• Wardwizard Innovations: Promoter sold 23 lakh shares over two days.

6.FII/DII Activity

• FIIs: Net sellers with -₹3,597.82 Cr (cash segment).
• DIIs: Net buyers with ₹1,374.37 Cr (cash segment).

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.