Date: DECEMBER 14, 2024 UPCOMING WEEK: STOCK MARKET OUTLOOK

Last Week's Indices Performance

U.S. equities closed higher on Friday, driven by gains in the Dow Jones Financials, Utilities, and Technology sectors. The DJIA rose 1.18%, the S&P 500 gained 1.09%, and the Nasdaq Composite added 1.07%. NVIDIA Corporation led the DJIA with a 3.16% increase, while the CBOE Volatility Index dropped 23.79% to 18.36%.

In India , Amid muted investor sentiment, the Sensex concluded Friday's session at 78,042, declining 1,176 points or 1.5%, while the Nifty 50 settled at 23,588, losing 364 points or 1.5%. On a weekly basis, the Nifty Metal, Energy, Infrastructure, Banks, and Financial Services sectors declined by over 5%.The India VIX  increased  by 0.56 points (+3.9%), settling near 15.07

On Friday, foreign portfolio investors (FPIs) sold ₹3597.82 crore worth of equities, while domestic institutional investors (DIIs) bought ₹1374.37 crore in Indian stocks.

For the coming week, the Nifty has a significant Put Open Interest (OI) of 2.67 lakh contracts at the 23,500 strike and 55,500 lots of Call OI at the 24,000 strike. The level of 24,057 will act as a key resistance for any upward move.

Immediate resistance is positioned at 23,667; breaking above this could lead to testing resistance levels at 23,871, 23,996, and eventually 24,057. Surpassing 24,057 could open the door for a move toward the 24,500 zone.

On the downside, immediate support is at 23,354, followed by key support levels at 23,263 and 23,150.

For Bank Nifty, the 51,000 strike shows significant Open Interest (OI) buildup with over 75,000 contracts in both Call and Put options. The 200 EMA, positioned at 50,434, serves as a crucial support level. A break below this could push Bank Nifty down to levels of 50,257 and 50,000.

On the upside, 51,257 is a key resistance level. Surpassing this resistance could drive the index toward 51,616 and potentially 52,000 levels.

Last Week's Indices Performance

FII DII Activity

Last week, Foreign Institutional Investors (FIIs)sold equities totaling ₹15828.11 crore, while Domestic Institutional Investors (DIIs) were bought equities worth ₹11873.92 crore. Month till time FII were seller  to -4121.22 crore & DII were Net Buyer to + 16546.41 crore.

DERIVATIVE & TECHNICAL ANALYSIS

NIFTY 50 OUTLOOK

OI Concentration December 29 Expiry

Highest CE (in lots) – 25000 : 5.45 Lakhs                        24400 CE (in lots) : 3.68 Lakhs

Highest PE-  23000 ( in lots )  : 3.28 Lakhs                      24500 PE (in lots )  : 2.67 Lakhs

PCR Dec 26   : 0.71 (Near Oversold )

Max Pain Nov Dec 26  :24000

Technical Outlook

On the weekly chart, it closed with a strong red candle below its 10 and 20 WEMA. The 50 WEMA, positioned at 23,403, will act as a critical support level from a technical perspective. On the daily chart, it closed below its 200 EMA, indicating  weakness.

BANK NIFTY OUTLOOK

Bank Nifty Dec 24 2024  Expiry

OI Concentration Dec 24   Expiry

51000 CE & PE OI (in lots ) – more than 73 K

PCR July Dec 24 Expiry :  0.48 ( Oversold )

Max Pain  Dec 24 2024 : 51400

Technical Outlook

The 200 EMA, positioned at 50,434, serves as a critical support level for Bank Nifty in the coming week, with the index closing in very close proximity just above this level.

PRIMARY MARKET ACTIVITY

Ongoing IPO

1. Carraro India ltd.

Issue Date: December 20 - December 24 

Issue Size: Rs. 1186.08 – 1250.00 Cr

Price Band: Rs.668.00 to Rs.704.00

Lot Size: 21 Shares

Subscribed: 0.09 times

2. Ventive Hospitality Ltd.

Issue Date: December 20 - December 24 

Issue Size: ₹ 1517.88 Cr - ₹1600.00 Cr.

Price Band: ₹ 610.00 to ₹643.00

Lot Size: 23 Share

Subscribed: 0.71 times

 3. Transrail Lighting Ltd.

Issue Date: December 19 - December 23 

Issue Size: Rs. 796.19 Cr - Rs. 838.91 Cr.

Price Band: Rs. 410.00 to Rs. 432.00

Lot Size: 34 Share

Subscribed: 5.31 times

4. Sanathan Textiles Ltd.

Issue Date: December 19 - December 23 

Issue Size: Rs. 522.59 Cr - Rs. 550.00 Cr.

Price Band: Rs. 305.00 to Rs. 321.00

Lot Size: 46 Share

Subscribed: 1.43 times

 5. DAM Capital Advisor Ltd.

Issue Date: December 19 - December 23 

Issue Size: ₹798.69 Cr - Rs. 840.25 Crore.

Price Band: ₹ 269.00 to Rs. 283.00

Lot Size: 53 Share

Subscribed: 6.98 times

Upcoming IPO

⦁ Unimech Aerospace and Manufacturing Ltd.

Issue Date: December 23 - December 26 

Issue Size: Rs. 500.00 Cr - Rs. 256.85 Crore.

Price Band: ₹ 745 to ₹ 785

Lot Size: 19 Share

Subscribed : 

Research Disclaimer

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investments in securities market are subject to market risks. Read all the related documents carefully before investing.

Analyst Disclosure:

The stock has been recommended to Arihant Capital Markets Ltd. clients and they may have a position in it.