Zee Business Stock, Trading Guide: The Indian markets plunged sharply lower and lost over two percent, in continuation to the prevailing corrective trend.  The Nifty & Sensex gradually inched lower as the session progressed, to settle near the day’s low levels of 17,806 and 59,845, respectively.

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The pressure was widespread wherein PSU (public sector undertaking) banks, metal, and energy stocks were hammered badly. The broader indices underperformed the benchmark and lost in the range of 3.5-5 per cent.

Indications are pointing towards the prevailing corrective move to extend further, with a marginal rebound, as per experts. Meanwhile, mixed global cues will keep the volatility high thus we recommend keeping a check on leveraged positions and preferring a hedged approach, they added.

Also Read: How shall markets perform in last week of 2022? Know what triggers would influence Indian equities – analysts explain

Here is a list of things to watch out for on 26 December 2022

What should investors do?

The last three weeks of the slide have changed the market structure and indications are pointing toward the decline to extend further. On the index front, Nifty has next crucial support at 17,400 levels while 18,200-18,500 would act as hurdles in case of a rebound.

All sectors, barring healthcare, look vulnerable to further slide but the major challenge would be to handle the pressure in the broader markets. Participants should align positions accordingly while keeping a check on leveraged positions.

- By Ajit Mishra, VP - Technical Research, Religare Broking Ltd.

Key support & resistance levels for Nifty50:

The Nifty50 closed 1.77 per cent lower at 17,806.80. Key Pivot points (Fibonacci) support for the index is placed at 17775.42, 17711.48, and 17608.0, while resistance is placed at 17982.38, 18046.32, and 18149.8.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 1.75 per cent lower at 41,668.05. Key Pivot points (Fibonacci) support for the index is placed at 41590.49, 41442.05, and 41201.77, while resistance is placed at 42071.05, 42219.49, and 42459.77.

Also Read: Will Indian equity markets continue to attract foreign investors in 2023 amid global uncertainties? Analysts decode

Gross Open Interest:

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.

Here the gross values of Open Interest Positions taken by the four participants namely Client are Clients are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.

Image Source – Stockedge

Stocks in News

Ministry of Railways issues Letter Of Award (LoA) for manufacturing & maintenance of 9,000 HP Electric Freight Locomotives to Siemens.

Sekhar Rao appointed as the Executive Director of Karnataka Bank

Infibeam Avenues: RBI renews Certificate of Authorisation (CoA) to operate Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBOS) on perpetual basis.

NDTV Promoters sell stake: Prannoy Roy and Radhika Roy said, “We have decided to divest most of our shares in NDTV to the AMG Media Network.”

Quess Corp says its board approves withdrawal of the merger scheme with Allsec Tech.

Tata Motors arm, TML CV Mobility Solutions, signs definitive agreement with Delhi Transport Corporation (DTC) for operating 1,500 electric buses in New Delhi.

Deep Industries receives Letter Of Award (LoA) worth Rs 135.19 crore from ONGC.

SJVN wins 100 MW wind power project at Rs 2.90/unit. Tentative cost of the development of this project is Rs 700 cr.

SpiceJet provides clarification on report 'Company Looking To Settle Dues Of Lessors'

Business News

CBI gets three days custody of Chanda Kochhar & her husband Deepak Kochhar in the Videocon loan case.

Fin Min Report: Current Account Deficit is expected to widen this year. Services trade surplus could limit the downside to CAD widening.

NCLAT upholds penalty of Rs 870 crore imposed on beer giants United Breweries and Carlsberg.

Forex Data: Total reserves in week-ended December 16 down $0.57 billion at $563.5 billion; foreign currency assets down $0.50 billion at $499.6 billion.

FII Activity on Friday:

Foreign portfolio investors (FPIs) remained net sellers for Rs 706.84 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 3398.98 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Abans Holdings Limited: Maruti Nandan Colonizers Private Limited bought 2,95,250 equity shares in the company at the weighted average price Rs 268.56 per share on the NSE, the bulk deals data showed.

Bodhi Tree Multimedia Ltd: Niraj Rajnikant Shah sold 66,000 equity shares in the company at the weighted average price Rs 97.75 per share on the NSE, the bulk deals data showed.

Landmark Cars Limited: Goldman Sachs Funds - Goldman Sachs India Equity Portfolio bought 3,92,421 equity shares in the company at the weighted average price Rs 466.55 per share on the NSE, the bulk deals data showed.

Zota Health Care Limited: Barclays Securities India sold 2,13,033 equity shares in the company at the weighted average price Rs 254.5 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

Indiabulls Housing Finance is placed under the F&O ban for Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.