BSE Sensex declined 132 points to 69,522 on December 7. The Nifty50 index fell 37 points to 20,901 and formed a bearish candlestick pattern with long lower shadow on the daily scale.
The volatility index trended lower, snapping three-day up move. It closed 7.76 percent lower at 12.67 levels which provided some support to the market.
Key support and resistance levels on the Nifty
The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,932. This is followed by 20,954 and 20,988. On the lower side, it can take support at 20,863, followed by 20,842 and 20,807 levels.
Key support and resistance levels on Nifty Bank
On December 7, the Bank Nifty saw good recovery of more than 300 points from day’s low. It closed with seven points gains at 46,841, forming a bullish candlestick pattern with long lower shadow and minor upper shadow on the daily scale. This indicated good support based buying.
As per the pivot point calculator, the index is expected to see resistance at 46,919, followed by 47,017 and 47,179. On the lower side, it may take support at 46,598, followed by 46,499 and 46,338.
The Reserve Bank of India’s Monetary Policy Committee is widely expected to keep the repo rate unchanged at its review meeting ending on December 8. However, it is likely to adopt a cautious stance regarding rising threats of food inflation and excess liquidity in the system.
Market participants are keenly awaiting the RBI’s revised inflation and GDP forecasts. They are also keeping a close watch on any additional measures by the central bank to suck out the excess liquidity.
US Markets End in the Green
The Nasdaq ended sharply higher on Thursday. This comes after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence. The S&P 500 climbed 0.80% to end the session at 4,585.59 points.
The Nasdaq Composite jumped 1.37% to 14,339.99 points, while Dow Jones Industrial Average rose 0.18% to 36,117.57 points.
Stocks on the radar
Zomato: Japan’s SoftBank is likely to sell Zomato shares worth $135 million via a block deal, sources told CNBC-TV18. In rupee terms, this amounts to Rs 1,125.5 crore. The company plans to sell the shares at a price of Rs 120.50 per share.
Olectra Greentech: The electric bus manufacturer has received Letter of Award from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses. The supplier will deliver the order of 40 electric buses on an outright sale basis over a seven-month period. Value of these 40 electric buses supplied would be Rs 62.80 crore.
IRCON International: The Government of India has decided to exercise the greenshoe option in the offer-for-sale (OFS) issue of IRCON International launched on December 7, and hence, will sell an additional 7 percent stake in the OFS. Non-retail investors subscribed to the OFS issue, which opened on December 7, at a rate of 4.6 times the base issue size. The OFS will open for retail investors on December 8.
Container Corporation of India: Container Corporation of India (CONCOR) and NTPC Vidyut Vyapar Nigam (NVVN) have signed a Memorandum of Understanding (MoU) for setting up PV Solar renewable energy projects in CONCOR terminals.
GlaxoSmithKline Pharmaceuticals: The company has established an omnichannel team to expand its reach and coverage to the target segments by leveraging technology and improve productivity. Continuing its focus on improving operating efficiencies, it has also completed the voluntary retirement scheme (VRS) (for commercial function employees in field sales and HO) and spent Rs 156.57 crore as the one-off cost of the VRS.
FII and DII data
Foreign institutional investors (FIIs) net offloaded shares worth Rs 1,564.03 crore. Domestic institutional investors (DIIs) sold Rs 9.66 crore worth of stocks on December 7, NSE data showed.
Stock under F&O ban on NSE
The NSE has added Balrampur Chini Mills, and National Aluminium Company to its F&O ban list for December 8. It retained Delta Corp, Indiabulls Housing Finance, India Cements, 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.
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