December Series Outlook: Nifty to trade in 18100-18700 range, says report; Indian Hotels, NTPC & Infosys among stocks in focus

December Series Outlook, Nifty index, Nifty Bank, Indian Hotels, NTPC, Infosys, IndusInd Bank: The Nifty index is likely to trade in 18100-18700 range for the first fortnight of December series, a report shared by Religare Broking stated. It believes 18100 might be the pivot for this month only below which the trend turns negative, while the upside potential is around 18700-18800 in this series.

According to the domestic brokerage firm, “With higher Long positioning in the Index futures we believe the positional view on Nifty would remain in ‘Buy on Dips’ till 18100 is not breached on the downside. The short-term support for the Nifty might be near 18300 levels.”

Similarly, the major support for Bank Nifty would be around 41800 levels, Religare Broking said, expecting the banking index to be in 41800-44000 levels for the first fortnight of the December series.

Image Source: Religare Broking

“The highest Nifty December monthly options Open Interest is at 18000 PE and 19000 CE. Nifty 19000 Call Open Interest stands at around 30000 contracts and 18000 Put Open Interest at around 35000 contracts,” Religare Broking further stated in its report on the December series.

Below are the top four stocks recommended by Religare Broking in December Series:

Indian Hotels: The stock has not really gained pricewise in November series however the December series has seen fresh 43 per cent additional long positions in terms of Open interest. The longs have been rolled at around 91 per cent to the December series. The scrip is expected to rally all the way towards 345, with strong support seen at 304 levels.

Shares of Indian Hotels on Friday closed over 1 per cent higher to Rs 321.9 per share on the BSE.

NTPC: The stock gained nearly 1 per cent with the good additional Long positions to the tune of 15% Open interest. The longs have been rolled by around 92 per cent. The stock is expected to trade with positive bias in the range of 164-185.

Shares of NTPC on Friday closed flat with a positive bias to Rs 169.8 per share on the BSE.

IndusInd Bank: The stock gained nearly 3 per cent with a rise of 5 per cent in Open Interest. The longs are rolled above par at 98 as compared to the previous rolls. The scrip is expected to continue its positive momentum in the December series as well and trade in the range of 1150-1270.

Shares of IndusInd Bank on Friday closed over 1 per cent higher to Rs 1188.1 per share on the BSE.

Infosys: The stock gained 7 per cent with a decline of 15 per cent OI in the November series. The rolls have also been on the lower side at 85 as compared to its 3-month average. The scrip is believed to be positively biased from here and may trade in the range of 1550-1750 in the December Series.

Shares of Infosys on Friday closed flat with a positive bias to Rs 1630.75 per share on the BSE.