InvestorQ : What is your market view for December 08 trading? Do you see the Nifty going further from here?
Niti Shenoi made post

What is your market view for December 08 trading? Do you see the Nifty going further from here?

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diksha shah answered.
6 months ago
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Clearly, Indian markets are in uncharted territory and it is hard to set any resistance or support levels. Broadly, 13,000 should act as a support and based on call accumulation data it looks like 13,600 could be the immediate resistance for the Nifty

On Monday 07 December it was a day of another 100 points gain on the Nifty as the spill over impact of the accommodative monetary policy appeared to continue into the current week also. Private Banks remained subdued after the HDFC Bank stipulation by RBI.

There could be some action in oil stocks. With Brent Crude hovering close to $50/bbl, it is a matter of time oil breaches above that level considering the steep OPEC production cuts continuing. This will positive for oil extractors and also for the downstream oil players.

Foreign buying is continuing unabated. FPIs were net buyers of Rs.3792 crore while DFIs sold Rs.2767 crore on Monday. For the FIIs, the momentum of previous week is still on with FPIs infusing over Rs.20,000 crore equities in the first 5 trading sessions of this month.

US markets have been mixed but faced pressures at higher levels due to weak payrolls and a resurgence of COVID cases. SGX Nifty continues to trade in the positive with about 50 bps gains. Asian markets could hold the key on 08 December.

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