News Shots 

RBL Bank formed a search committee to identify candidates for the position of MD & CEO. Bank says it will endeavor to complete the succession process at an early date.

A forensic audit revealed that funds of about Rs 4.26 crore were misappropriated at Ashiana Housing.

CCI has approved the acquisition of 96.42% stake in Jindal Power by Worldone Pvt. Ltd. for Rs 3,015 crore in cash, 3,400-megawatt coal-fired power plants in Chhattisgarh and other non-core assets owned by Jindal Power.

State Bank of India bought 9.95% stake in India International Exchange (IFSC) Ltd. for up to Rs 30.65 crore. The Bank has also bought 9.95% stake in lndia lnternational Clearing Corporation (IFSC) for Rs 34.03 crore.

Power Grid Corporation approved plan to enter data centre business with an investment of Rs 322 crore. Money will be used to set up a data centre in Manesar.

Route Mobile’s subsidiaries Start Corp India and Send Private have merged.

What to expect? 

Yesterday, NIFTY opened flat at 17,205 and had a quick drop. But bulls took the index up and NIFTY faced resistance at 17,265. Support was taken again at 17,200 and NIFTY moved up again. With selling pressure in Reliance, NIFTY moved down but could close at 17,203, down 10 points or 0.06%.

BANK NIFTY moved in a different pattern after opening at 34,982. The index faced resistance at 35,050 in the first half but the level was broken in the second half and BNF finally faced resistance at 35,150. BANK NIFTY closed the day at 35,064, up 18 points or 0.05%.

NIFTY IT (+1% ) moved up for another day whereas NIFTY METAL (-1.17%) fell again.

The US markets closed in the red. The European markets closed in the green except FTSE. 

The Asian markets are trading in the green. The U.S. Futures and the European Futures are in the red.

SGX NIFTY is trading at 17,277. Considering all the factors, there is a higher chance for a flat to gap-down opening.

Major supports for NIFTY are at 17,200, 17,150, 17,100, 17,000 and 16,900. We can expect resistances at 17,250, 17,325, 17,400 and 17,500.

BANK NIFTY has supports at 35,000, 34,800, 34,600, 34,400, 34,200 and 34,000. Resistances are at 35,200, 35,300, 35,500, 35,700 and 36,000.

NIFTY has the largest call OI build-up at 17,500 and the largest put OI build-up at 17,000 if you ignore deeper strikes and the straddle at 17,200.

BANK NIFTY has the highest call OI build-up at 36,000 and the highest put OI build-up is at 34,000.

INDIA VIX is at 16.57.

Foreign Institutional Investors net sold shares worth Rs 986 crores. Domestic Institutional Investors net bought shares worth Rs 578 crores. 

The US markets have formed a bearish engulfing candle at the top. But this is after a long rally. Hong Kong saw a boost in the tech sector as there was a rise in the price of Chinese stocks listed in the US.

NIFTY has consolidated for another day. This enhances the importance of the levels 17,150 and 17,300 breaking which we can see a good breakout. There was quite a good balance among the major sectoral indices keeping NIFTY in a range.

Watching Reliance as mentioned in the Pre-market report yesterday helped us in adjusting the positions. The stock has made a sharp fall after the accession news. Let us see if Reliance can recover today. 

I will be closely watching 17,150 on the downside and 17,300 on the upside. This is the last session of the year. Hope it was a great year of learning, investing and trading for you. Wish you a happy new year!

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