Market activity remained range bound with the Nifty 50 Index regaining above the key support of 18580 on the back of gains from Bank Nifty. The lower crude prices are providing a necessary cushion for Indian markets to stay afloat at higher levels however sudden drop in non-institutional volumes from Rs 35000 cr to Rs 26000cr is a sign of concern that the liquidity is waning out.
For, Nifty 50, the ideal strategy remains to buy on a decline with a major stop loss placed at 18100. One should also watch the movement in USDJPY as a move below 132 should be seen as a sign of global carry trade unwinding which could force Nifty to break its stop-loss levels of 18100.
Nifty 50 index
Stocks to watch
Positive Read through
- GMM Pfaudler arm to acquire 100% stake in Mixel France SAS for Euro 7 m.
- HUL is in focus as the company forays into the health and well-being segment with two acquisitions.
- Paytm board to consider share buyback on Dec 13.
- HDFC Life and SBI Life are in focus as IRDA allows foreign investors in pref shares and debt issued by Indian insurers.
- HDFC Life, SBI Life- IRDAI allows foreign investors in pref shares and debt issued by Indian insurers.
- SAIL, JSPL- Rail Budget may propose 1 lakh km of new train tracks over the next 25 yrs.
- Triveni Engg- Dhruv Manmohan Sawhney sold a 7.03% stake in Co at Rs 280.75 a sh via block deal.
- VS Motor Singapore’s arm is in agreement to acquire EV-related tech & assets in Germany.
Negative Read through
- HCL Tech- Expects FY23 CC revenue growth at lower-end of 13.5-14.5% guided range.
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