A listless day on D-St! Nifty recovers losses, closes above 12,250

Indian market recouped losses and closed flat, albeit with a negative bias on December 23 amid mixed global cues. The Nifty50 managed to close above its support around 12,050 while Sensex, which was down over 200 points, ended above 41,600.

Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 38 points to close at 41,642 while the Nifty50 ended with losses of just 9 points to 12,262 on Monday.

Mixed global cues, December expiry and upcoming holiday season are one of the prominent reasons for a listless session on D-Street.

Amongst the broader market indices, both BSE Midcap and BSE Smallcap closed on a flat note, in-line with the benchmark indices.

On the sectoral front, except IT and Auto, all the other sectors witnessed selling pressure. Notably, Energy and Realty were the biggest losers.

“In this holiday-shortened and monthly expiry week, we remain cautious on the markets and expect consolidation on the bourses. Global markets may also witness lower volumes due to holiday season after a healthy run-up in recent times,” Ajit Mishra, VP – Research, Religare Broking Ltd told Moneycontrol.

“We recommend investors should follow the stock-specific approach for trading/investing purpose,” he said.

Top Nifty gainers – ZEE Entertainment, Vedanta, Dr Reddy’s, Maruti Suzuki

Top Nifty losers – YES Bank, Nestle India, Coal India, RIL, SBI, Adani Ports

Stocks & Sectors:

Sectorally, the action was seen in the Auto index which rose 0.5 percent, followed by the S&P BSE Consumer Discretionary index which was up 0.39 percent, and the IT index which closed with gains of 0.31 percent.

On the other hand, profit-taking was seen in the Energy index which fell 1.3 percent, followed by the S&P BSE Public Sector that fell 0.63 percent, and the Realty index which was down 0.62 percent.

Volume spike of 100-400 percent was seen in stocks like SRF, GAIL India, Wipro, Dabur India, Wipro, and Grasim Industries.

Long Buildup – Wipro, Asian Paints, Vedanta, Muthoot Finance

Short Buildup – Jubilant FoodWorks, Coal India, Grasim, Adani Enterprises

More than 70 stocks hit a fresh 52-week high that includes names like Dixon Tech, SRF, Crisil, Navin Fluorine, APL Apollo, and Relaxo Footwear

More than 160 stocks hit a fresh 52-week low that includes names like Indian Bank, TCNS Clothing, V-Mart, Nucleus, GNFC, among others.

Stocks in news:

Shares of Lux Industries fell more than 7 percent after promoters sold 4.21 percent stake in the company via block deals today.

Yes Bank share price declined 3 percent after reports suggested that European entities are showing interest in the beleaguered bank.

The share price of BASF jumped over 3 percent after the company agreed to sell its construction chemicals unit for euro 3.17 billion.

Reliance Infrastructure share price jumped 5 percent after the company won an arbitration award of Rs 1,250 crore against Damodar Valley Corporation.

Mcleod Russel (India) share price fell 3 percent after the company restrained from selling, transferring, or creating third party rights on any of its assets.

Technical View:

Nifty formed a bullish candle and took support near its 5-days EMA.

It remained listless throughout the session in a narrow range of 84 points.

Nifty is likely to remain subdued in the next couple of trading sessions until expiry.

The upside seems to be limited as the index might enter overbought zones in the near term.

Hence, a close below 12,200 levels could tilt the tide in favour of bears and can trigger a short-term downswing.

For the time being, traders are advised to avoid long positions and intraday traders can consider shorting below 12,200 levels and look for a target of 12,100 with a stop above intraday high, suggest experts.

India VIX fell down by 2.94 percent at 11.95 levels

Three levels – 12213, 12287, 12350

Max Call OI: 12300, 12400

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