The eight core industries saw a growth in November, led by rise in cement and coal output.
The index of eight core industries grew by 4.3% last month, compared to a 3.1% growth in October, according to data by the Office of the Economic Advisor, published on Tuesday. This was the third consecutive month of industrial expansion.
India’s Eight core sectors grew by 4.3% in November 2024- Daily Market Update 1 Jan 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.47% to 1%.
- European equity markets settled on a flat to positive note.
- Majority of Asian equity markets are closed today on account of New Year celebration.
- GIFT Nifty is down by 70 points, Nifty futures likely to open around 23734 levels.
Nifty Overview & Outlook
Tracking weak closure in the US markets driven by a sell-off in tech stocks and a soft opening in Asian markets, led to a gap-down opening for the Indian benchmark index, Nifty, on Tuesday. However, it quickly recovered and filled the gap. Pharma stocks provided initial support, while Energy and PSU Banking stocks contributed to the rally in the latter half of the session. Ultimately, Nifty ended flat on the last trading day of 2024. The Bank Nifty underperformed slightly, closing 0.2% lower, primarily due to weakness in private banks following the RBI’s Financial Stability Report updates.
In the broader market, the Midcap index lagged behind the benchmark declining by 0.4%, while the Smallcap index outperformed rising by 0.3%. Sector-wise, the Nifty Energy sector was the top performer, gaining 1%, while Nifty IT tumbled the most by 1.4%. Overall market breadth was positive, with 307 advancing stocks and 192 declining across the NSE 500.
From a technical standpoint, we had identified 23535 as a crucial support level for Nifty. After opening with a gap-down and briefly falling further, Nifty bounced back to form a Bullish Doji pattern at the low. If this Doji is confirmed in the next session, we could see a relief rally, with 23940 serving as the first resistance level. On the downside, if Nifty dips below 23535, the next support level to watch would be 23260.
Derivatives Overview & Outlook
Yesterday, short buildup was seen in Nifty, Banknifty and Midcapnifty futures with an increase in open interest by 7.4%, 4.2% and 4.5% respectively along with some long unwinding in Finnifty futures with decrease in open interest by 31.6%.
Performance on the sectoral front was mix. Long buildup was seen among Chemicals, Infrastructure, Metals, Oil & Gas and Power stocks whereas some short additions was observed in Technology and Finance stocks.
On options front, further call writing was seen at multiple strikes and maximum positions are at 24500 CE followed by 24300 CE & 24000 CE while maximum put positions are at 22500 PE followed by 23000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 4645 Cr in the cash segment, sold stocks futures worth Rs 3040 Cr also sold index futures worth Rs 1577 Cr. DIIs were net buyers to the tune of Rs 4547 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 23950-24050; Supports 23770-23620
Banknifty – Resistances 51800-52100; Supports 51100-50900
Finnifty – Resistances 23900- 24000; Supports 23720-23620
F&O Security in Ban Today: NIL
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited, Lakshya Impex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.
This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.
Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months. GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.
Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months. GCML or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.
The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.
Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.
Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.