Stock Market News on December 11, 2023

BSE Sensex climbed 304 points to 69,826 on December 8. Nifty50 rose 68 points to 20,969 and formed a small-bodied bullish candlestick pattern with upper and lower shadows. It resembles the High Wave kind of candlestick pattern on the daily charts.

However, the broader markets underperformed the frontline indices and the breadth was in favour of bears. The Nifty Midcap 100 was down 0.2 percent and Smallcap 100 index fell over 1 percent.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 21,001, followed by 21,035 and 21,089 while on the lower side, it can take support at 20,891, followed by 20,857 and 20,803 levels.

Key support and resistance levels on the Nifty Bank

The pivot point calculator foresees the index encountering resistance at 47,315 initially, followed by 47,435, and ultimately at 47,630. On the lower side, it may take support at 46,925, followed by 46,805 and 46,610.

S&P 500 and Nasdaq notch highest closes since early 2022

US stocks closed higher on Friday, with the S&P 500 and Nasdaq notching their highest closing levels since early 2022. The comes after a robust US jobs report fueled investor optimism about a soft landing for the economy.

The S&P 500 climbed 0.41% to end the session at 4,604.37 points. The Nasdaq gained 0.45% to 14,403.97 points, while the Dow Jones Industrial Average rose 0.36% to 36,247.87 points.

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Stocks on the radar

• Torrent Power: Torrent Power, its subsidiary Torrent Saurya Urja 3 (TSU3PL), and Automotive Axles signed the Amendment Agreement to the Share Subscription and Shareholders’ Agreement (SSSA). They signed an agreement for offtaking additional quantum of 4 MWp solar power electricity generated from the project of TSU3PL to the production unit of Automotive Axles at Mysore, Karnataka, by Automotive Axles.
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• Zomato: SVF Growth (Singapore) Pte Ltd, the venture capital fund owned by Japan’s Softbank, has exited the food delivery giant by selling the remaining 9.35 crore equity shares via open market transactions.
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• Bank of India: The public sector lender announced closure of its QIP (qualified institutions placement) and raised Rs 4,500 crore at an issue price of Rs 100.2 per share. It is a 4.95 percent discount to the floor price of Rs 105.42 per share.
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• Lloyds Metals and Energy: The company has received approval from board of directors and has approved an expansion of iron ore mining capacity up to 55 million tonnes per year.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 3,632.30 crore. Domestic institutional investors (DIIs) sold Rs 434.02 crore worth of stocks on December 8.

Stock under F&O ban on NSE

The NSE has added Hindustan Copper to its F&O ban list for December 11. On the other hand, it retained Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, National Aluminium Company, SAIL and Zee Entertainment Enterprises to the said list.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}