Date: DECEMBER 27, 2024 UPCOMING WEEK: STOCK MARKET OUTLOOK

Last Week's Indices Performance

In US , Markets on Friday, the Dow Jones Industrial Average (DJIA) fell by 0.77%, the S&P 500 dropped 1.11%, and the Nasdaq declined 1.48%. The S&P 500's volatility index (VIX) closed at 15.95 +1.22 (+8.28%)

In India, The market closed flat with a slight positive bias this week, as strong performances in heavyweight sectors like banking and pharmaceuticals balanced out declines in the IT sector, lending support to the major indices.

On Friday, foreign portfolio investors (FPIs) sold ₹1323.29 crore worth of equities, while domestic institutional investors (DIIs) bought ₹2544.65 crore in Indian stocks.

As the new year begins, markets are poised to react to third-quarter earnings. Investors are expected to keep a close eye on pre-budget developments while realigning their portfolios. Moreover, crucial factors such as PMI data from India, the US, and China, alongside US jobless claims, will significantly influence market sentiment,"

In the derivatives segment, notable call writing has been observed at the 24,000, 24,200, and 24,500 strike levels, while put writing is seen at the 23,800 and 23,500 strikes. Immediate support and resistance levels for Nifty are at 23,710 and 24,080, respectively. A breakout above 24,080 could lead to resistance in the 24,225–24,500 range. Conversely, if 23,710 is breached on the downside, the key support zone will be between 23,600 and 23,500. While Nifty may trade within a range, stock-specific movements will likely present trading opportunities.

FII DII Activity

Last week, Foreign Institutional Investors (FIIs)sold equities totaling -₹6,322.88 crore, while Domestic Institutional Investors (DIIs) bought equities worth ₹10,927.73 crore. Month till time FII was seller to -₹10,444.10 crore & DII were Net Buyer to ₹27,474.14 crore

DERIVATIVE & TECHNICAL ANALYSIS

NIFTY 50 OUTLOOK

OI Concentration January 02 Expiry

Highest CE – 24500 CE (in lots ): 90 K 24000 CE ( in lots): 74 K

Highest PE- 23500 PE (in lots ): 87 K 23800 PE: 76.8 K

PCR Jan 02: 0.91(Near Oversold )

Max Pain Jan 02: 23900

Technical Outlook

The Nifty formed a small indecisive green candle on the weekly chart closing below just 10, 20 EMA & above 50 EMA. Immediate support and resistance levels for Nifty are at 23,710 and 24,080, respectively

BANK NIFTY OUTLOOK

Bank Nifty Jan 29 2024 Expiry

OI Concentration Jan 29 Expiry

Highest CE – 52000 CE (in lots ): 52 k 51500 CE( in lots): 53 k

Highest PE- 51000 PE ( in lots ) : 49.53 K , 51500PE ( in lots): 59.9 k

PCR Jan 29 Expiry: 1.09( Bullish )

Max Pain Jan 29, 2025: 52000

Technical Outlook

Bank Nifty closed below 10, 20 WEMA WIH SMALL INECISIVE GREEN CANDLE. Bank Nifty range seems to be 50725-52518.

PRIMARY MARKET ACTIVITY

Upcoming IPO

⦁ Indo Farm Equipments Ltd.

Issue Date: December 31, 2024 – January 02, 2025

Issue Size: Rs. 246.84 Cr - Rs. 260.15 Cr.

Price Band: Rs. 204 to Rs. 215

Lot Size: 69 Share

Subscribed :

⦁ Technichem Organics Ltd.

Issue Date: December 31, 2024 – January 02, 2025

Issue Size: Rs. 23.87 Cr - Rs. 25.25 Cr.

Price Band: Rs. 52 to Rs. 55

Lot Size: 2000 Share

Subscribed :

STOCK RECOMMENDATION

SWING BUY LUPIN TGT 2270-2300 LUPIN SL 2200 (CMP: 2227)

Rationale:

1. Small flag breakout on the daily chart

2. RSI crossing a signal line and MACD histogram giving buy signal on the weekly chart

3. MACD is signaling bullish momentum.

Research Disclaimer

Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.

Analyst Disclosure:

The stock has been recommended to Arihant Capital Markets Ltd. clients and they may have a position in it.