The NSE Nifty 50 has formed a promising reversal formation on the daily charts, supporting a further uptrend from the current levels, according to analysts.
For positional traders, the 50-day simple moving average at 24,400 and 24,300 will be the crucial support zones, said Amol Athawale, research analyst at Kotak Securities Ltd. "As long as the market is trading above these levels, a bullish trend is likely to continue. On the higher side, the market could rally up to 25,000, with further upside potentially lifting the index to 25,200," he said.
The 20-day exponential moving average at 24,400 bolsters the support. The daily relative strength index has climbed above the 60 mark for the first time in a month, underscoring a revival in bullish momentum, according to Dhupesh Dhameja, derivatives analyst at Samco Securities.
For Bank Nifty, the short-term formation is bullish, and 53,000 and 52,800 will be the key support zones, while 54,000–54,300 can act as important resistance areas for traders, Athawale said.
FII, DII Activity
Overseas investors turned net buyers of Indian equities on Friday after two consecutive days of selling, while domestic institutional investors turned net sellers after three days of buying.
Foreign portfolio investors bought stocks worth Rs 2,335.3 crore, while the DIIs offloaded stocks worth Rs 732.2 crore, according to provisional data shared by the National Stock Exchange.
F&O Cues
The Nifty December futures rose 0.86%, reaching 24,860, with a premium of 92 points. The open interest for the Nifty December futures has increased 0.41%.
As for the Nifty options expiring on Dec. 19, the maximum call open interest stands at 26,000, while the maximum put open interest is at 24,500.
Market Recap
The benchmark equity indices recorded a fourth straight week of gains as they ended higher after a volatile trading session on Friday.
The NSE Nifty 50 ended 219.60 points or 0.89% higher at 24,768.30, and the BSE Sensex closed 843.16 points or 1.04% up at 82,133.12. During the day, both the Nifty and Sensex fell over 1% and also rose more than 1%.
The broader indices underperformed as the BSE MidCap ended 0.1% lower and SmallCap fell 0.3%.
On a weekly basis, the Nifty gained 0.4% and Sensex ended 0.5% up. The Nifty IT gained the most this week after it hit its lifetime high on Friday, while most sectoral indices fell.
Major Stocks In News
HG Infra Engineering: The company’s arm received a letter of acceptance from the NHAI for an order worth Rs 862 crore.
Bank of Baroda: The company to consider and approve raising of long-term bonds for financing of Infrastructure and affordable housing.
Lupin: The company announced the acquisition of anti-diabetes trademarks from Boehringer Ingelheim International GmbH to strengthen its diabetes portfolio in the country. As per the agreement, the trademark rights for these brands will be transferred to Lupin by March next year.
Global Cues
Stocks in the Asia-Pacific region traded mixed on Monday as traders await a swath of data from central banks across the globe this week.
Japan's Nikkei was 135 points, or 0.35% higher at 39,613, while South Korea's Kospi was up 6 points, or 0.21% at 2,499 as of 6:40 a.m. Stocks in China will remain in focus after the benchmark tumbled on Friday, as regulators failed to detail any fiscal measures.
South Korean stocks traded higher after President Yoon Suk Yeol was impeached over the weekend. Bank of Korea pledged to use "all available policy instruments to stabilise markets after the impeachment.
Traders worldwide await numerous data, starting with China on Monday, as investors prepare for the final full week of trading this year. Among the most important data point, the two-day US Federal Open Market Committee meeting concludes on Wednesday, Dec. 18. Tuesday will feature the release of US retail sales data for November.
The bond market in US remains under pressure with the Treasury 10-year benchmark having its worst week since October 2023, according to Bloomberg. Traders are now pricing in around three quarter-point rate cuts over the next 12 months, the news agency said.
The stocks on Wall Street closed the previous week mixed, as investors expect a slowdown in the pace of the Federal Reserve’s interest rate cut. The S&P 500 index ended flat while the tech-heavy Nasdaq Composite rose 0.12% on Friday. The Dow Jones Industrial Average slipped 0.20%.
The dollar index—which tracks the greenback's performance against a basket of 10 leading global currencies—was trading 0.15% lower at 106.84. Bitcoin was trading at $105,448.75 mark.
Crude oil prices steadied after US signaled tighter sanctions on Russian crude last week. The Brent crude was trading 0.28% lower at $74.28 a barrel as of 6:53 a.m. IST, and the West Texas Intermediate was down 0.43% at $70.98.
Money Market Update
The Indian rupee strengthened eight paise to close at 84.79 against the dollar on Friday. It opened flat at 84.86 against the greenback, after a close of 84.87 a day prior.
Heightened dollar demand in the non-deliverable forwards market and a weaker yuan kept rupee under pressure this week, as per a Reliance Securities Ltd note.
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