Stock Market Update: Key Stocks to Watch and Market Outlook

Stocks to Watch

• HDFC Bank
  SEBI has issued a warning to HDFC Bank over non-compliance with listing regulations related to the resignation of a senior management employee, Arvind Kapil.

• Mindspace Business Parks REIT
  The Abu Dhabi Investment Authority (ADIA) plans to sell a 9.2% stake worth ₹1,903 crore via block deals. The expected floor price is ₹350 per share.

• Gravita India
  Gravita has launched a ₹750 crore Qualified Institutions Placement (QIP) with a floor price of ₹2,206.49 per share. Funds will be used for debt reduction and working capital.

• Rail Vikas Nigam (RVNL)
  RVNL has won a ₹270 crore project to build elevated metro stations from Maharashtra Metro Rail Corporation.

• Texmaco Rail & Engineering
  The company has secured a ₹187.41 crore order for constructing transmission lines in Chhattisgarh.

• Varun Beverages
  Varun Beverages has acquired a 39.93% stake in Lunarmech Technologies, making it a wholly-owned subsidiary.

• Vedanta
  The company has approved a ₹3,324 crore interim dividend of ₹8.5 per share for FY 2024-25.

• Wipro
  Wipro’s subsidiaries have entered into a $40 million deal to acquire 100% of Applied Value Technologies and its affiliates.

• Hindustan Petroleum Corporation
  HPCL has approved a ₹4,679 crore project to upgrade its Mumbai refinery, enhancing production capacity in lube oils and bitumen.

Nifty Outlook

The Nifty 50 index experienced consolidation on December 16, falling by 100 points to 24,668 after a rally the previous session. Despite this dip, technical indicators suggest a continued bullish outlook. As per Anshul Jain, Head of Research at Lakshmishree Investments, the market seems poised for a breakout above the key resistance level of 24,760, which could push the index towards 25,200.

Key Levels to Watch:

• Support: 24,600, 24,500

• Resistance: 24,760, 25,200

The ongoing technical patterns indicate potential for a significant rally, making any dips towards 24,600 a buying opportunity. A breakout above 24,760 would be a strong signal for a further bullish run.

Market Overview:

• Bank Nifty closed at 53,581, with support seen at the 53,300-53,200 zone.

• Passenger traffic for GMR Airports Infrastructure rose 14% YoY in November, signaling growth in the aviation sector.

Final Thoughts

With significant movements in stocks like HDFC Bank, Mindspace REIT, and Varun Beverages, today’s trading session offers multiple opportunities. The Nifty’s potential breakout adds to the excitement, and investors should stay alert to developments, especially those affecting key sectors like banking, real estate, and industrials.