Pricol, Proteus, Nazara Tech and others in focus

Market Outlook 3 December 2024

Nifty index opened flat and after minor fluctuations in the initial hour, it quickly gained strength and remained range-bound in the first half. Buying trend emerged in the latter half of the day and it closed with a gain of about 150 points.

This formed a bullish candle with a long lower shadow, indicating buying interest at lower levels and making higher highs over the past two sessions. Now it needs to hold above 24,250 zone to move towards 24,500 and then 24,650 zone while support can be seen at 24,150 and 24,000 zones.

On the options front, maximum Call OI is at 25,000 then 24,800 strike while maximum Put OI is at 24,000 then 23,500 strike. Call writing is seen at 24,800 then 24,600 strike while Put writing is seen at 24,000 then 24,100 strike. Options data suggests a broad trading range between 23500 to 25,000 zone while an immediate range between 24,000 to 24,600 levels is suggested.

The S&P BSE Sensex index opened on a flat note and traded higher throughout the day. The index managed to close at 80,100 levels above its important resistance of 50 DEMA. Bulls dominated the second half of the day and it closed with a gain of about 450 points.

It formed a hammer candle on the daily frame indicating a bullish move. Now it needs to hold above 80,100 zone, strength to look towards 80,500, then 80,800 zone while support is placed at 80,000, then 79,750 zone

Bank Nifty index opened on a flat note and dipped as low as 51,700 zone in the first half of the session. However good recovery was seen from lower levels and it gradually rose towards 52,200 levels but ended on a flat note near 52,100 areas.

This formed a Doji type pattern on the daily scale as buying is visible at lower levels but momentum is missing at higher areas. Now it needs to hold above 52,000 zone to bounce towards 52,500, then 52,750 levels, while on the downside, support is seen at 51,750, then 51,500 zones.

Nifty future closed positive at 24,429 levels with a gain of 0.51 percent. Positive setup was seen in Dixon, JK Cement, OFSS, Prestige Estate, Godrej Properties, UltraTech Cement, Oberoi Realty, Max Health, Grasim, CAMS, Biocon and Mphasis, while IRFC, LIC Housing Finance, Capit Tech, Union Bank, Max Financial Weakness was observed. , Cummins, Goodrej Consumer Products, Idea, SBI Life, HPCL, Britannia, Dabur and AU Bank.

Oberoi Realty – Technical buying is the call of the day

The stock is on the verge of delivering a range breakout near all-time highs, with a large bullish candle visible on the daily chart.

The RSI Momentum indicator is positively placed which may support bullish sentiment.

BUY OBEROIRLTY CMP 2069 SL 2012 TGT 2185

Pricol:

Pricol marked an important moment in its journey with the proposed acquisition of the injection molding business of Sundaram Auto Components Limited (SACL) through Pricol Precision Products (a wholly owned subsidiary of Pricol). With this acquisition, Pricoal will receive consolidated revenues of approximately Rs 730 crore coupled with the healthy financial parameters of SACL, which is a value add for Pricoal.

The debt-free acquisition was made through an all-cash deal for an amount of Rs 215.3 crore and is subject to adjustments, if any, as defined in the agreement at the time of closing of the deal.

This acquisition provides an opportunity for Pricol to expand the injection molding business into an independent business vertical and leverage SACL's strengths combined with Pricol's capabilities, thereby paving the way for growth in this vertical.

It also strengthens opportunities to expand customer base and product offering by effectively integrating the synergy of Pricol and SACL.

Protein Egov:

Proteus eGov Technologies has received a work order from Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) (a Government of India Undertaking) to provide services as “System Integrator for Design, Development, Implementation and Operation and Maintenance” Received and accepted. KYC Records Registry (CKYCRR 2.0)” for an amount of Rs 161 crore (approx.) and is expected to be executed in 69 months from the date of execution contract.

Nazara Technologies:

Nazara has expanded into physical entertainment with the acquisition of 60 per cent stake in Funky Monkeys Play Centers Pvt Ltd, a leader in indoor soft play centers for children, for Rs 43.7 crore.

Funky Monkeys operates 11 centers across India, providing interactive play experiences for children.

Nazara will also invest Rs 4.2 crore for a 4.7 per cent stake in learntube.ai, an AI-powered platform that is revolutionizing education with 1:1 interactive and gamified learning. Serving over 2 million learners, LearnTube is the world's largest personalized learning platform that delivers affordable, interactive gamified learning experiences for professional skills.

Lastly, Nazara will invest Rs 148 crore in its existing subsidiaries, including Sportskeeda, Nodwin Gaming and Dataworks, to increase its ownership in them and support their growth.

BPCL:

Bharat Petroleum Corporation Limited (BPCL) and Coal India Limited (CIL) have executed a non-binding Memorandum of Understanding (MoU) on 2 December 2024 in Mumbai to explore setting up of coal-to-synthetic natural gas project in Western Coalfields Limited . WCL) through surface coal gasification.

Gateway Distriparks:

Gateway Distriparks launched a new container train service to Kandla Port, connecting all five of its Inland Container Depots (ICDs) located at Gurgaon, Faridabad, Ahmedabad, Ludhiana and Kashipur to the port.

With this addition, Kandla becomes the fourth port in the western region operated by Gateway Distriparks along with Mundra, Pipavav and Nhava Sheva ports.

This strategic expansion strengthens the company's logistics network, providing better services to customers across key industrial sectors.

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