Nifty forms bearish candle, what to expect on Monday - December 23, 2024

The Nifty index has formed a strong bearish candle on the weekly chart, indicating a potential market turnaround. This suggests that any bounces in the coming days could be viewed as opportunities to exit long positions. Nifty's fall below the critical 200 SMA level signals that the next support could be around the recent swing low of 23,200-23,100. A decisive breakdown below this could lead to further downside, with targets near 22,800 in the near term.

Resistance levels are expected at 23,800-24,000, followed by 24,150-24,300, which aligns with the bearish gap and a cluster of EMAs on the daily charts for the upcoming shortened week, according to Osho Krishnan from Angel One.

Open interest (OI) data shows that the highest OI on the call side is at 23,700 and 23,800 strike prices, while on the put side, the highest OI is at 23,500, followed by 23,600.

US Stock Market Update: Wall Street Opens Lower Amid Rate Outlook Concerns

US stock indexes opened lower on Friday due to concerns over a potential rise in interest rates next year, despite a cooler-than-expected inflation report for November which had initially softened the losses. The Dow Jones Industrial Average dropped by 0.11%, the S&P 500 decreased by 0.43%, and the Nasdaq Composite fell by 0.94%.

Corporate Updates:

TeamLease Acquires Stakes in TSR Darashaw and Crystal HR

TeamLease Services announced it has acquired a 100% stake in TSR Darashaw for Rs 17.6 crore and a 30% stake in Crystal HR for Rs 25 crore. This move is part of TeamLease's strategy to enhance its Human Capital Management (HCM) services portfolio.

UltraTech Cement Receives CCI Approval to Acquire Majority Stake in India Cements

The Competition Commission of India (CCI) has approved UltraTech Cement's acquisition of a 32.72% stake in India Cements. This acquisition is part of UltraTech’s strategy to strengthen its position in the cement market.

Moksh Ornaments to Raise Rs 49 Crore via Rights Issue

Moksh Ornaments plans to raise Rs 49 crore through a rights issue, set to open on December 30, 2024, and close on January 10, 2025. The company will issue 3.26 crore shares at Rs 15 each on a 14:23 rights basis.

Mirae Asset's AUM Crosses Rs 2 Lakh Crore

Mirae Asset Investment Managers reported that its Assets Under Management (AUM) in India have surpassed Rs 2 lakh crore, reflecting a strong growth trajectory over the past five years.

India's Forex Reserves Drop by $2 Billion

India's foreign exchange reserves decreased by $2 billion to $652.86 billion for the week ending December 13, 2024, following a pattern of declines due to market interventions and revaluation.

Other Developments:

Restaurant Brands Asia Approves Rs 500 Crore Fundraise

Restaurant Brands Asia Ltd, formerly Burger King India, has approved raising up to Rs 500 crore through a qualified institutional placement of securities to fuel its growth.

Vikas Lifecare to Raise Rs 200 Crore for Growth Opportunities

Vikas Lifecare's board has approved a plan to raise Rs 200 crore for funding long-term growth through various channels, including equity shares or convertible bonds.