Indian equity benchmarks rose on Friday amid a volatile session, led by gains in Infosys, ICICI Bank, Tata Consultancy Services (TCS) and Hindustan Unilever (HUL). The 30-share BSE Sensex index rose 303 points or 0.51 per cent to close at 60,261 today, while the broader NSE Nifty platform finished 98 points or 0.55 per cent higher at 17,957. On the sectoral front, technology, metals and state-owned lenders advanced. Investor sentiment got a boost as cooling retail inflation data raised hopes of a slowdown in rate hikes. In addition, data showing ease in US inflation print lifted Asian markets earlier today, with India being no exception. In India, retail inflation stayed within the RBI’s comfort range of 2-6 per cent for the second straight month. The Consumer Price Index (CPI)-based inflation rate eased to 5.72 per cent in December against 5.88 per cent in November.
“Easing inflation and brighter Q3 numbers projected by the second set of IT majors are outweighing the cautiousness of the market. CPI in India and US cooled off, thereby bolstering expectations of a less aggressive policy. Falling treasury yields and dollar index are raising investors’ sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Also Read | Tata Steel, IndusInd Bank, Titan, Nestle India among top gainers & losers today
Here are 10 things you should know ahead of Monday’s session:
Nifty Outlook
“On the weekly chart, the index has formed a doji-like pattern, which signifies indecision. However, Nifty sustained below the 50-EMA on the daily timeframe, confirming an ongoing bearish trend. The resistance is visible at 18,300, whereas on the lower end, support is visible at 17,800. Any breakout in either direction would create a directional trend in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty Bank Outlook
“Nifty Bank bulls managed to hold the support level of 41,700 on the downside, and the index moved higher throughout the day. The bulls, however, to reclaim full control, will have to surpass the level of 43,000 on a continuing basis. The undertone remains bullish and traders should continue to buy on dips as long as the index remains above 41,700,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty, Nifty Bank Call-Put Open Interest (OI)
“For Nifty, the highest OI was recorded on the call side at 18,000, followed by 18,200 strike, while the highest OI was found on the put side at 17,900 strike. Nifty Bank, on the other hand, has support at 41,900-42,000 and resistance at 42,700-42900. We anticipate that the market will be quite turbulent. We recommend using a stock-specific technique,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
Nifty Bank Tech Charts
“Nifty Bank witnessed support-based buying and closed with gains of around 290 points. It formed a Bullish candle on a daily scale with longer lower shadow and a Doji sort of candle on a weekly frame. Now it has to hold above 42,222 zones for an up move towards 42,600 and 42,750 zones whereas supports are placed at 42,000 then 41,750 zones,” said Chandan Taparia of Motilal Oswal Securities.
Futures Data
“Nifty future closed positive with gains of 0.58 per cent at 18,022 levels. Positive setup in MCX, Rain Industries, Federal Bank, PFC, Canara Bank, NMDC, Tata Steel, IDFC, IndusInd Bank, L&TFH, Bank of Baroda, AB Capital, REC Ltd, ICICI GI, UltraTech Cement, Jindal Steel, BPCL, Balkrishna Industries, HUL, TCS, OFSS, HDFC Life, SAIL and IndiGo while weakness in LTTS, Gujarat Gas, Bata India and UBL,” Taparia said.
European Stocks
European stock indices such as the German DAX, Euro Stoxx 50, France’s CAC and Spain’s IBEX 35 seen trading higher. Further, US stock futures indicated a gap-down start for Wall Street.
Most Active Stocks
Yes Bank, PNB, Vodafone Idea, IRFC, Tata Steel, Suzlon, BCG, LSIL, Zomato and Bank of Maharashtra were the most active stocks on NSE, in terms of volume.
Oil Prices
Oil prices rose by around 1 per cent today, extending gains from the previous trading session. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of import bill.
52-Week High/Low
108 stocks touched their respective 52-week high today on BSE, while 41 hit their one-year lows. BSE 500 stocks such as CG Power and Industrial Solutions, Jindal Steel & Power, Llyods Metals and Energy, Mahindra CIE Automotive and PNB Housing Finance hit their one-year high levels today, while Atul, Biocon, Delhivery, Gland Pharma, Laurus Labs and TCNS Clothing were among those which touched their 52-week lows.
Market Breadth
Out of 3,634 stocks, 1,929 stocks advanced while 1,559 stocks declined. 146 stocks remained unchanged today.
Shares of Wipro would be in focus after declaring December quarter (Q3 FY23) results. The IT firm reported a 2.8 per cent year-on-year (YoY) rise in net profit at Rs 3,052.90 crore compared with Rs 2,969 crore in the same quarter last year.
Also Read | Wipro Q3 results: Profit rises 2.8% to Rs 3,053 crore; Re 1 dividend announced
Also, HDFC Bank and Avenue Supermarts (DMart) are scheduled to release Q3 results on Saturday.
Further, Federal Bank, Bank of Maharashtra, Angel One, Tinplate Company of India, Kesoram Industries and JSW Ispat Special Products are among some companies which would report their respective Q3 numbers on Monday (December 16).