Daily Market Update- Equity 28 Dec 2022 | Globe Capital
28-Dec-2022
Daily Market Update- Equity 28 Dec 2022

Nifty index settled at the day’s top at 18132 levels, up 117 points from its previous closing levels.

Overview and Outlook

Global Market Update

  • US equity markets drifted lower on Tuesday, down in range 0.4 to 1.38%
  • European equity markets settled in green
  • Majority of Asian equity markets are trading in red
  • SGX Nifty is down 74 points (as on 8:28 AM)

 

News highlights from across the globe

  • Stocks in Asia fell on Wednesday after US shares dropped and Treasury yields rose on growing unease that relaxing pandemic measures in China would add further inflation to the global economy.
  • U.S. markets faltered as bond yields weighed on investor sentiment. The S&P 500 was little changed till mid-day, while the tech-heavy Nasdaq 100 fell 0.8%. The yield on 10-year Treasuries advanced nine basis points to 3.84%.
  • Overseas investors in Indian equities remained net sellers for the third day in a row.

 

Important news updates from the domestic front

  • Rail Vikas Nigam: The company has been appointed as the implementation agency for the UTF Harbor Project in Maldives, worth Rs 1,544.60 crore. This is a strategic project of the Government of India.
  • MOIL: The company has received intimation from Government of India through the steel ministry appointing Ajit Kumar Saxena as chairman-cum-managing director.
  • India Pesticides: Subsidiary Shalvis Specialities (SSL) has received an environmental clearance for setting up manufacturing plant of agrochemicals and intermediates, API ingredients and intermediates and fine chemicals manufacturing unit in Sumerpur, Uttar Pradesh.
  • Indowind Energy: The wind turbine manufacturer has decided to open its rights issue on January 27, till February 10, 2023. The rights entitlement ratio is in the proportion 2 shares for every five shares held by eligible equity shares. The rights issue price has been fixed at Rs 12 per share.

Nifty Outlook

Nifty index settled at the day’s top at 18132 levels, up 117 points from its previous closing levels.

Broader markets performed in line with benchmark as Mid & Small cap index gained 0.99% and 1.19% respectively, leading to extremely positive market breadth.

Barring FMCG, all other major sector gauges tracked at NSE settled in green. Metal index was at the top of the tally, up 4.23%. Media, PSU Bank, Realty, Oil & Gas index also performed quite well, up over 1% each.

Nifty index managed to sustain above 18050 levels, this is a positive development indicating bullish momentum to continue till 18200 levels while 18000 will act as immediate support level.

 

Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures shed around 1% & 4% of open interest respectively as short covering.

Nifty and Banknifty futures have rolled 49% & 53% of open interest respectively into next contracts so far.

On options front, put writing was seen at 18000 strikes and maximum positions are at 18000 PE and 18200 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 868 Cr in the cash segment, bought stocks futures worth Rs 602 Cr and bought index futures worth Rs 43 Cr. DIIs were net buyers in the cash segment to the tune of Rs 622 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18240-18300; Supports 18050-17960

Banknifty Futures – Resistances 43100-43300; Supports 42550-42350

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