Benchmark indices recover from their day’s losses to end in green. The Nifty opened on a negative note and declined to breach the lower end of the rising channel on the hourly chart. In the lower territory, however, 13450- 13400 proved to be a strong support zone yet again. The junction of 40-hour exponential moving average & the hourly lower Bollinger Band attracted fresh buying interest. Thus, the index recovered sharply and ultimately maintained its overall positive stance. The hourly momentum indicator has completed its correction cycle and is set for a new cycle on the upside from the equilibrium line. All these observations suggest that the Nifty maintains its upward trajectory with a short-term target at 13700.
Dilip Buildcon gets letter of acceptance for project of Rs. 882 cr in Gujarat.
Kalpataru Power Transmission received new orders worth Rs 1300 cr which includes T&D orders.
Cyient signed MoU with Decipher to support cloud mining platform rollout.
Borosil Renewables jumped by 6% to Rs. 167.50, after the company launched a qualified institutional placement (QIP) on Dec 14, 2020 to raise funds from institutional investors.
Adani Ports and Special Economic Zone share rose by 1.8% to Rs. 475.5, after the company said its joint venture would raise $300 million.
Other technical observations:
On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 13162 and 12759, respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 13526 and 13465, respectively. The hourly momentum indicator is bullish. The market breadth was negative with 914 advances and 977 declines on the National Stock Exchange.
See Zee Business Live TV Streaming Below:
European stocks were mixed on December 15, as post-Brexit trade deal negotiations and the latest coronavirus developments continue to dominate market attention.
Asian stocks drifted lower on December 15, as worries about increasing COVID-19 deaths and lockdowns overshadowed optimism about the roll-out of coronavirus vaccinations.