Trade Setup for December 26: On December 23, the first trading day of this week, there was a rise in Nifty but this trend could not be sustained. It closed below 23750 on the next trading day or 24 December, the day before Christmas. The trading started green but selling pressure around 23900 broke the market. Due to this it came down and closed in the red zone. Foreign investors are still selling more than buying while domestic institutional investors were net buyers on Tuesday. Talking sector wise, metal stocks dragged the market down while auto stocks showed mixed trends. Talking stock wise, Tata Group shares jumped by 13 percent on reports of Tata Capital’s IPO.
What is the next trend now?
Vinod Nair of Geojit Financial Services says that in the near term the market will be decided by the third quarter results and budget of the companies. However, he cautioned against concerns related to a strong dollar, high bond yields and rate cuts. According to Om Mehra of Samco Securities, on the upside it is facing strong resistance at the level of 23,870. On the downside, if there is a level break of 23,535 then it can come to 23,300. But according to Om, India VIX has softened and has come down to 13.18, which creates scope for growth in the short term.
Nagaraj Shetty of HDFC Securities says that there is resistance for Nifty around 23,900-24,000 while on the downside it is getting support at the level of 23,500. Now talking about Nifty Bank, it kept moving up and down in a small range of 51,382-51,137 on monthly expiry on Tuesday. According to Mehra, the daily RSI remains in the oversold zone, which is indicating short-term recovery. He believes that if it crosses the important resistance level of 51800 and closes above it, then a strong rally can be seen, but if it breaks below the level of 50,750, then a huge fall can be seen.
These shares will be in focus on Thursday
Nalco India: To increase coal production capacity to 40 lakh tonnes per annum, NALCO has signed mining lease deeds for Utkal-D and Utkal E-coal blocks. This lease will be valid till April 21, 2051.
BPCL: Bharat Petroleum has made the lowest bid for the 150 MW solar PV power project belonging to NTPC. It is estimated to cost ₹756.45 crore and annual revenue of ₹100 crore.
Bharat Forge: Bharat Forge will invest Rs 3.9 crore in one of its units, Bharat Forge Global Holding.
ICICI Bank: Leading private sector bank ICICI Bank will release its December quarter results on January 25.
Panacea Biotec: Panacea Biotech has received an order from UNICEF to supply 11.5 crore doses of bivalent oral polio vaccine (bOPV) in the financial year 2025. This deal is worth $1.50 crore (about ₹127 crore).
Ramky Infrastructure: Ramki Infrastructure has received a project worth ₹215.08 crore from the Hyderabad Metropolitan Water Supply and Sewerage Board.
Apollo Hospitals: Apollo Healthco, a subsidiary of Apollo Hospitals, has decided to acquire the software business from Searchlight Health for ₹67.5 crore.
Ceigall India: The Cigall India subsidiary has entered into an agreement with NHAI for the project worth ₹981 crore.
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