Daily Market Update- Equity 27 Dec 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 27 Dec 2022

Nifty index posted steep recovery on the first trading session of the week, closed shop tad above 18000 levels, up over 200 points.

Overview and Outlook

Global Market Update

  • US equity markets were closed on Monday
  • European equity markets were also closed
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is up 62 points (as on 8:19 AM)


News highlights from across the globe

  • Stocks made small advances while currencies were mixed in Asia on Monday amid cautious trading and reduced liquidity with many markets closed for holidays. Benchmark equity indexes for mainland China, Japan and South Korea climbed less than 1%, with a gain of just above that for India.
  • U.S. markets remained closed for holidays. Crude rose 2.7%, while gold futures increased 0.3%.


Important news updates from the domestic front

  • NTPC: The company signed an MoU with Tecnimont Pvt. Ltd., Indian subsidiary of Italy-based Maire Tecnimont Group, to jointly evaluate and explore the possibility to develop commercial scale green methanol production.
  • SpiceJet: Shareholders of the company approved re-appointment of Ajay Singh as a director and adoption of financial results for the financial year ended March 31, 2022.
  • Time Technoplast: The company has received another order worth Rs 75 crore from Adani Total Gas for supply of CNG cascades made from Type-IV composite cylinder, starting January 2023.
  • GR Infraprojects: The company received completion certificates for eight-lane access-controlled expressway carriageways from two districts in Madhya Pradesh.
  • Share India Securities: The board approved raising Rs 1,000 crore via rights of specified securities to eligible shareholders of the company.
  • HEG: The company incorporated a wholly owned subsidiary TACC Ltd. for manufacturing graphite anode for lithium-ion cells.


Nifty Outlook

Nifty index posted steep recovery on the first trading session of the week, closed shop tad above 18000 levels, up over 200 points.

Broader markets performed in line with benchmark, Mid & Small cap index gained 2.32% and 3.38% respectively leading to extremely positive market breadth.

Barring Pharma & Healthcare all other sector gauges tracked at NSE settled in green. PSU Bank index outperformed other sector gauges by a huge margin as it soared over 7% on back of SBI, Bank Baroda, Canara Bank as they were up by 4 to 5%.

Going ahead, sustenance above 18050 level is the key for further up move towards 18200/400 levels otherwise profit taking will once again set in and the benchmark index will drift towards 17800 and even lower levels.


Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures shed around 7% & 3% of open interest respectively as short covering.

Nifty and Banknifty futures have rolled 38% & 45% of open interest respectively into next contracts so far.

On options front, put writing was seen at 18000 & 17800 strikes along with some call buying (unwinding by writers) at 18000 & 18100 strikes and maximum positions are at 18200 CE and 17000 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 498 Cr in the cash segment, bought stocks futures worth Rs 2298 Cr and also bought index futures worth Rs 1032 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1286 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18100-18160; Supports 17950-17830

Banknifty Futures – Resistances 42875-43100; Supports 42300-42050


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