Market Outlook: Max Health and Other Stocks in Focus – December 13
Today, December 13th, the stock market opened off to a sluggish start— the S&P BSE Sensex Index wavering after a brief rise, hitting a snag at the 81,700 mark.
The Nifty Index wasn’t feeling much pep either, opening in the red before hitting a peak of 24,675 and then dropping precipitously to finish the day around 24,527—an overall downturn of about 90 points. Over the last five trading sessions, it’s been maintaining a tight range and is currently eyeing crucial support at 24,500 for a potential turnaround towards 24,700 and 24,850. Look for additional support at the 24,500 and 24,400 marks.
In terms of options trading, the data reflects a significant Call OI at 26,000 followed by 25,000, with a contrasting situation for Put OI, headed by the 23,500 then 24,000 levels. Calls are being written at the 24,600 and 25,000 marks, while Puts are gaining traction at 23,900 and 24,500. Expect the stocks to meander in a broader range between 24,000 and 25,000, with more immediate levels found between 24,400 and 24,800.
On the Sensex front, the day saw a similar story of initial resistance leading to selling pressure and subsequent volatility. The resistance around 81,700 put up a good fight, with the index eventually succumbing and dipping below the critical 81,500 level. The index has been juggling the range between 81,200 to 82,000 in recent sessions, proving that hitting the 81,200 floor is crucial for any rebound towards 81,750, and eventually 82,000. For solid ground, it’s looking at support at 81,000 with a backup at 80,750.
Stay tuned for more updates as we ride the waves of the market!