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Taking Stock | Market ends flat on F&O expiry day; metal, oil & gas drag, IT shines

More than 400 stocks, including Suzlon Energy, Mindteck and Lloyds Steels Industries, hit a 52-week high on the BSE.

December 30, 2021 / 04:36 PM IST

Indian benchmark indices witnessed a rangebound session for the second consecutive day on December 30 amid volatility on the monthly F&O expiry day. At close, the Sensex was down 12.17 points or 0.02% at 57,794.32, while the Nifty settled 9.60 points or 0.06% lower at 17,204 levels.

The market started on a negative note but soon recovered and remained in a range in the first half, but gained momentum in the second half before ending on a flat note.

"Domestic bourses witnessed a choppy session lifted by gains in IT and healthcare stocks on the day of the monthly F&O expiry," said Vinod Nair, Head of Research at Geojit Financial Services.

"Globally, markets were mixed as investors are weighing the consequences of a third wave amid surging inflation worldwide."

"Banking stocks, especially PSUs, were under pressure as RBI’s financial stability report suggested a surge in bad loans with NPAs rising from 6.9% in September 2021 to 8.1% in September 2022 under the base case scenario," he said.

Close

NTPC, IndusInd Bank, Cipla, HCL Technologies, and Dr. Reddy's Laboratories were among the top Nifty gainers. Losers included Bajaj Auto, JSW Steel, Reliance Industries, UPL, and Tata Steel.

Except IT, FMCG, and pharma, all other sectoral indices ended in the red, with metal and energy indices declining 1 percent each. BSE midcap index was down 0.22 percent and the smallcap index was up 0.19 percent.

Stocks and sectors

IndexPricesChangeChange%
Sensex58,098.92-1,020.80 -1.73%
Nifty 5017,327.35-302.45 -1.72%
Nifty Bank39,546.25-1,084.35 -2.67%
Nifty 50 17,327.35 -302.45 (-1.72%)
Fri, Sep 23, 2022
Biggest GainerPricesChangeChange%
Divis Labs3,642.6062.50 +1.75%
Biggest LoserPricesChangeChange%
Power Grid Corp202.55-17.55 -7.97%
Best SectorPricesChangeChange%
Nifty Pharma12610.65-2.25 -0.02%
Worst SectorPricesChangeChange%
Nifty PSU Bank3053.70-126.20 -3.97%

The BSE IT index rose 1 percent, while auto, metal, oil & gas, power, and realty indices fell 0.5 -1 percent.

Among individual stocks, a volume spike of more than 400 percent was seen in Indiabulls Housing Finance, RBL Bank, and Vodafone Idea.

A long build-up was seen in Tech Mahindra, Cipla, and SBI Life, while there was a short build-up in Shree Cements, UltraTech Cement, and Interglobe Aviation.

More than 400 stocks, including Suzlon Energy, Mindteck, and Lloyds Steels Industries, hit a 52-week high on the BSE.

Technical View

The Nifty has been forming Doji candles for the last two sessions and got stuck in a range between 17,150 t0 17,300 zones.

The Nifty has to hold above 17,150 zones, for an up move towards 17,300 and 17,350 zones, whereas support is intact at 17,100 and 17,000 zones, said Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for December 31

Sachin Gupta AVP, Research at Choice Broking:

On the technical front, the index has been trading in falling channel formation, crossing above the upper band of formation can show an upside rally in the counter. Moreover, the index has been trading above 21 & 50-HMA which suggests strength in the counter.

A momentum indicator Stochastic & MACD is trading with a positive crossover on the daily time-frame. At present, the index has support at 17,000 levels while resistance comes in at 17,300 levels and crossing above the same can show 17,400-17,500 levels.

On the other hand, Bank Nifty has support at 34,500 levels while resistance is seen at 35,500 levels.

Mohit Nigam, Head - PMS, Hem Securities:

On the technical front, the overall structure looks positive for Nifty50 as it manages to sustain above 17,200 level on a closing basis which is a positive sign for the index and we believe we can witness a 200-300 points rally from here in the near term.

17,000 and 17,400 are immediate support and resistance in Nifty. For Bank Nifty, 34,500 and 35,500 are immediate support and resistance levels.

Rahul Gupta, AVP-Derivative Sales, Institutional Equity, Emkay Global Financial Services:

Going forward, the key technical level to watch out for Nifty would be 17,600; a break of 17,600 will ensure a fresh rally and a break of 16,800 will ensure a fresh selling in the market. So, as of now, Nifty looks to be in a range of 16,800-17,600.

Going forward, two key things need to be watched in the market. First is the spread of the new variant -Omicron and at the same time how the Fed policy pans out. The Fed has already indicated three rate hikes in 2022.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.
Rakesh Patil
first published: Dec 30, 2021 04:36 pm
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