Bizz Buzz Pre-market Today: Things to know before the opening bell

On December 7, the BSE Sensex declined by 132 points to 69,522, while the Nifty50 fell by 37 points to 20,901, forming a bearish candlestick pattern with a long lower shadow on the daily scale. Technically, this pattern indicates a breather for the market post a sharp upward movement, with analysts like Nagaraj Shetti from HDFC Securities suggesting the possibility of some more consolidation or minor weakness in the next one or two sessions before a decisive upmove resumes.

Key Technical Levels for Nifty:

Immediate resistance: 20,950 levels

Upside breakout target: 21,550 (78.6 percent Fibonacci extension)

Immediate support: 20,830 levels

Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, suggests that considering the recent sharp run-up, a consolidation phase was overdue. The hourly momentum indicator shows a negative crossover, indicating the likelihood of continued consolidation over the next few trading sessions.

In the broader markets, Nifty Midcap 100 and Smallcap 100 indices showed slight gains, with positive breadth. The volatility index, India VIX, trended lower, providing some support to the market by closing 7.76 percent lower at 12.67 levels.

Here are 15 key data points to consider for potential trading opportunities:

Nifty Support and Resistance Levels:

Resistance: 20,932, 20,954, 20,988

Support: 20,863, 20,842, 20,807

Nifty Bank Outlook:

Bank Nifty expected to consolidate within the range of 46,400 – 47,300.

Trend remains positive, and dips towards 46,600 – 46,500 are viewed as buying opportunities.

Call Options Data:

Crucial level at 20,900 for potential move towards 21,000 or 20,800.

Maximum Call OI at 20,900 strike, followed by 21,000 and 21,100 strikes.

Put Options Data:

Maximum Put OI at 20,900 strike, with significant writing at this level.

Put writing observed at 20,900, 20,600, and 20,300 strikes.

Stocks with High Delivery Percentage:

Reliance Industries, Cholamandalam Investment & Finance, SRF, Bharti Airtel, and Godrej Consumer Products saw high delivery percentages, indicating investor interest.

Long Build-Up in 83 Stocks:

Notable stocks include Container Corporation of India, Mahanagar Gas, IndiaMART InterMESH, MCX India, and Tata Power Company.

Long Unwinding in 24 Stocks:

Stocks include Chambal Fertilisers & Chemicals, SAIL, L&T Finance Holdings, Federal Bank, and Bajaj Finance.

Short Build-Up in 35 Stocks:

Notable stocks include Balrampur Chini Mills, Hindustan Unilever, Apollo Tyres, National Aluminium Company, and Abbott India.

Short-Covering in 45 Stocks:

Stocks include Bharat Electronics, Tata Communications, Bata India, Zee Entertainment Enterprises, and Can Fin Homes.

Put Call Ratio (PCR):

Nifty PCR spiked to 1.34 on December 7, indicating an increase in bearish sentiment.

Bulk Deals:

Matrix Partners likely to sell 5.87 percent stake in Five-Star Business Finance via a block deal.

Stocks in the News:

Zomato: SoftBank likely to sell shares worth $135 million.

Olectra Greentech: Received a Letter of Award for supply and maintenance of 40 electric buses.

IRCON International: Government to exercise greenshoe option in the OFS issue.

Funds Flow:

FIIs offloaded shares worth Rs 1,564.03 crore, while DIIs sold Rs 9.66 crore worth of stocks on December 7.

Balrampur Chini Mills and National Aluminium Company added to the F&O ban list for December 8.

The market is expected to continue its consolidation phase, with key support and resistance levels providing guidance for potential trade setups. Traders are advised to monitor the mentioned technical levels and individual stock movements for profitable opportunities.