The overall structure shows that the index will likely witness both side movements in the coming days. Nifty may find support around 17850 followed by 17800 levels while on the upside 18220 may act as an immediate hurdle, said Om Mehra of Choice Broking.
During the day, the index failed to reclaim the 50-EMA on the daily timeframe. The overall trend, experts say, remains sell on rise despite today’s bounce.
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TECH VIEW: Nifty’s long green candle not enough fodder for bulls. What traders should do on Tuesday
Santa Rally today helped Nifty reclaimed the 18,000 mark as the index formed a long bull candle with a minor upper shadow on the daily chart. Analysts say the pattern indicates counter attack of bulls after sharp weakness.The overall structure shows that the index will likely witness both side movements in the coming days. Nifty may find support around 17850 followed by 17800 levels while on the upside 18220 may act as an immediate hurdle, said Om Mehra of Choice Broking.During the day, the index failed to reclaim the 50-EMA on the daily timeframe. The overall trend, experts say, remains sell on rise despite today’s bounce.
Power Mech gets orders over Rs 1,034 cr from Adani Group, others
A service order for execution of retrofitting of flue gas desulphurisation (FGD) system is from the Adani Group for its thermal power plants located at Mahan (Madhya Pradesh), Raigarh and Raipur in Chhattisgarh, Power Mech said.
The order from the Adani Group is of Rs 608 crore, it said.
Another order of Rs 306.60 crore is for setting up of a wagon repair workshop at Kazipet, Telangana. This project has been awarded to Power Mech-Taikisha, its joint venture company with Taikisha Engineering India Private Limited.
WeWork India raises Rs 550 cr from BPEA Credit-managed fund for future growth, acquisition
In 2017, WeWork Global had partnered with Bengaluru-based real estate firm Embassy Group to enter the Indian market.
At present, WeWork India has a portfolio of around 70,000 desks spread over 6 million square feet area in 41 centres across six cities — Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune.
The amount will be used for future growth and potential consolidation opportunities, WeWork India said.
Inox Green to acquire majority stake in wind service provider
Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230+MW fleet. However, the company did not disclose the value of the transaction and the name of the target company.The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by the end of January 2023, a company statement said.”Inox Green…has signed a term sheet for acquisition of majority stake in a renowned independent O&M (operations and maintenance) wind service provider with a 230+MW fleet that operates majorly in South India,” it said.
“After a four-day selloff, the domestic market was refuelled by bottom fishing and optimistic sentiment from global counterparts. PSBs led the rally, while mid- and small-cap stocks outpaced the benchmark. Contrary to the trend, global concerns over the recession and COVID spread continue to remain high, which will sustain volatility in the market.”
– Vinod Nair, Head of Research at Geojit Financial
Gold rises Rs 121; silver advances Rs 100
Silver also rose by Rs 100 to Rs 69,050 per kg.
The Comex spot markets are closed on Monday due to the Christmas holiday.
“Gold price traded steady in the domestic market due to lack of cues from the global market due to holiday season,” said Dilip Parmar, Research Analyst at HDFC Securities.
Indian markets witnessed a sharp short-covering rally in the absence of any global cues. Last week, we underperformed due to COVID-related news, while other global markets didn’t react too much to the same. Our market had become oversold as the Nifty daily RSI was near 30 and the put/call ratio was 0.72; therefore, we are seeing a short-covering bounce. The purchase of 3400 cr by DIIs without any block deal was another encouraging sign for bulls.The majority of the froth was removed from the system in Friday’s trading as many stocks fell precipitously, resulting in bargain buying at lower levels.Technically, the Nifty has reclaimed its 100-day moving average (DMA), but 18088, 18133, and 18200 are multiple hurdles on an immediate basis. Nifty has to cross its 50-DMA of 18200 to gain any meaningful strength, while 17850 will act as an immediate hurdle. As per option data, there is a tussle between bulls and bears around the 18000 mark; therefore, it will be important to see tomorrow’s price action, and if Nifty manages to trade above 18000, then there is a good chance of a move towards the 18200 level.
– Parth Nyati, Founder at Tradingo
Indian equites witnessed a strong recovery after the sharp sell-off last week. Nifty opened positive and gained strength throughout the session to close with gains of 208 points (+1.2%) at 18015 levels. Action was seen in Broader market post its 3 consecutive weeks of decline. Both Nifty Midcap 100 and Smallcap 100 outperformed Nifty with gains of 2.7%/3.8% respectively. Except Pharma, all sectors ended in green. After sharp fall of 3% in Nifty over the last three trading sessions, value based buying emerged at lower levels. In the absence of any major global events due to year-end holidays, we expect market to remain sideways to positive based on news flows. We expect focus on Banks, Auto, capital goods and defense sectors to do well in the near term.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Rupee gains 16 paise to close at 82.66 (provisional) against US dollar
The BANK NIFTY index witnessed a sharp up move after a massive sell-off in the previous week. The index downside support now stands at 42,000 where aggressive put writing has been observed. The next hurdle on the upside is seen at 43,000 where the highest open interest is built up on the call side. The index remains in buy mode as long as the mentioned support is held on a closing basis.
– Kunal Shah, Senior Technical Analyst at LKP Securities
Closing Bell: Sensex snaps 4-day losing streak, ends 724 pts higher; Nifty above 18,000; Adani Transmission, Zomato rally over 8% each
Central Bank Of India to raise capital through issuance of tier II bonds upto Rs 1500 cr
Price as on 26 Dec, 2022 03:12 PM, Click on company names for their live prices.
Gold futures gain Rs 46 to Rs 54,620
Gold price on Monday increased by Rs 46 to Rs 54,620 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 46 or 0.08 per cent at Rs 54,620 per 10 grams in a business turnover of 13,785 lots.Fresh positions built up by participants led to the rise in gold prices, analysts said.
SENSEX SURGES 800 POINTS
2022 has definitely given a boost in market participants confidence w.r.t gold and silver. Along with Russia-Ukraine tensions, inflationary concern and Covid scare in China, market participants will also carry the baggage regarding slower global growth into the next year. Going ahead, market participants will keenly focus on the monetary policy stance from major central bankers. A move in Dollar Index and Yields will also be watched by the market. Gold/silver ratio has also fallen from the recent peak of ~97 to ~75, supporting the move in silver. And also apart from safe haven bets, advancement in green technology and increase in industrial demand could continue to support silver prices.
– Navneet Damani, Sr. VP, Currency & Commodity, MOFSL
GPT Infraprojects says unit gets order worth Rs 123 crore
Price as on 26 Dec, 2022 01:58 PM, Click on company names for their live prices.
Top 5 gainers at this hour
Price as on 26 Dec, 2022 01:47 PM, Click on company names for their live prices.
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#JustIn | Sources say Finance Minister Sitharaman admitted to AIIMS (From Agencies) #AIIMS #NirmalaSitharaman… https://t.co/pSMnfVH99E
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Price as on 26 Dec, 2022 01:13 PM, Click on company names for their live prices.
Shanghai stocks finish higher
The Shanghai Composite Index was up 0.65 percent, or 19.70 points, at 3,065.56, while the Shenzhen Composite Index on China’s second exchange rose 1.33 percent, or 25.92 points, to 1,975.93.
Hong Kong’s financial markets were closed for a public holiday.
State-owned CIL on Monday said Mukesh Choudhary has taken over as its Director, Marketing. He assumed charge on December 23, Coal India Ltd (CIL) said in a statement. Prior to this, he was Deputy Director General, Department of Defence Production, Ministry of Defence.
Price as on 26 Dec, 2022 12:45 PM, Click on company names for their live prices.
Computer Age Management Services says co, IIT…
Read More:Stock Market Highlights: Nifty’s long green candle not enough fodder for bulls. What traders should do on Tuesday
2022-12-26 19:05:00
