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BizzBuzz Pre-market Today: Things to know before opening bell

The stock market experienced a new record high but faced resistance above the 21,000 mark on the Nifty50 due to profit-taking and rangebound trade on December 11.

image for illustrative purpose

BizzBuzz Pre-market Today: Things to know before opening bell
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12 Dec 2023 8:00 AM IST

The stock market experienced a new record high but faced resistance above the 21,000 mark on the Nifty50 due to profit-taking and rangebound trade on December 11. Analysts predict continued consolidation as long as the Nifty remains below 21,000, with immediate support at 20,850. However, a decisive close above 21,000 could propel the index towards the next upside target of 21,550.

Key Market Indicators:

BSE Sensex gained 103 points, closing at 69,929.

Nifty50 rose by 28 points, ending at 20,997.

A small-bodied bullish candlestick pattern formed, resembling a Spinning Top, indicating uncertainty among traders despite a higher highs, higher lows formation.

Analysts observe a narrow range movement for the past three sessions after a sharp early December upswing.

Technical Analysis:

Nagaraj Shetti, a senior technical research analyst at HDFC Securities, maintains that the overall positive chart pattern of Nifty remains intact. He suggests the possibility of Nifty continuing its upward trajectory without a major breakdown in the near term. A decisive move above 21,000 could set the stage for a target of 21,550, with immediate support at 20,850.

Nifty and Nifty Bank Levels:

Nifty pivot points: Resistance at 21,021, 21,046, and 21,085; Support at 20,943, 20,919, and 20,880.

Bank Nifty, after hitting a record high of 47,588, closed at 47,314. Jatin Gedia of Sharekhan by BNP Paribas anticipates consolidation in the range of 46,800 – 47,500.

Options Data:

Call side: Maximum open interest at 21,000 strike (85.83 lakh contracts), followed by 21,500 and 22,000 strikes.

Meaningful Call writing at 21,500 strike, with the maximum Call unwinding observed at the 20,600 strike.

Put side: Maximum open interest at 20,900 strike (71.77 lakh contracts), followed by 20,000 and 20,800 strikes.

Meaningful Put writing at 20,400 strike, with Put unwinding at 20,300, 20,200, and 20,100 strikes.

Stocks Analysis:

Stocks with high delivery percentage: Syngene International, Balkrishna Industries, Larsen & Toubro, Bharti Airtel, and Atul.

Long build-up observed in 61 stocks, including UltraTech Cement, Cummins India, Samvardhana Motherson International, Jindal Steel & Power, and Mahanagar Gas.

Market Participants' Activity:

Foreign Institutional Investors (FIIs) bought shares worth Rs 1,261.13 crore, while Domestic Institutional Investors (DIIs) sold shares worth Rs 1,032.92 crore on December 11.

Stocks in the News:

Infosys: Jayesh Sanghrajka appointed as CFO from April 1, 2024, succeeding Nilanjan Roy.

Mankind Pharma likely to see a change of hands in equity via a block deal.

Wipro supports Marelli Electronic Systems in developing the Cabin Digital Twin.

REC secures a 200-million-euro loan agreement with Germany’s KfW Development Bank.

DLF's Group CFO, Vivek Anand, resigns; Ashok Kumar Tyagi to oversee finance functions.

Rail Vikas Nigam's joint venture emerged as the lowest bidder for an Indore metro rail project worth Rs 543 crore.

F&O Segment:

India Cements added to F&O ban list.

Disclaimer:

The views expressed by experts are their own. Moneycontrol advises users to consult certified experts before making investment decisions. Moneycontrol is part of the Network18 group, controlled by Independent Media Trust, with Reliance Industries as the sole beneficiary.

[Image: Mentioned data points and market indicators]

For more information on bulk deals and detailed stock analysis, visit the [Moneycontrol website](Link to Moneycontrol website).

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