LIFETIME NEW HIGHS ONCE AGAIN IN THE NIFTY

NIFTY:

The NIFTY opened at 20934.10 with a gap up of just 33 points. The index initially moved higher but soon found resistance after crossing a historic 21000 mark for the first time. Prices have seen a sharp decline in the middle of trading session and have come into negative territory. However, the index resumed moving higher and rallied for the last two hours of trading. The index recorded first its intraday high at 21006.10, then its intraday low at 20862.70, and finally closed at 20969.40 with a gain of 68.25 points or 0.33% up. The IT outperformed and closed with a gain of 1.31% followed by BANK and FINANCIAL which ended with nearly 1% gains. FMCG, PHARMA, and OIL GAS underperformed and closed with a loss of over half a percent. The short-term trend is up and there is no doubt about it as prices are making a bullish pattern of higher highs and higher lows. Support is visible around 20500 while there is no visible resistance as the index is moving in uncharted territory. We should look for buying only as far as prices are moving above 20500 support.

BANK NIFTY:

The BANK NIFTY opened at 46797.20 with a gap up of just 42 points. The index initially moved higher for about two hours and then saw a dip. That dip found support around the opening tick and the index bounced up from there. The index has seen a sharp rally afterward that continued till the end. Prices first recorded its intraday low at 46793.90 then its intraday high at 47303.65, and finally closed at 47283.75 with a gain of 444 points. PVT BANKS have outperformed, saw a sharp upside rally, and finally closed with a gain of 1.01%. PSU BANK also moved up, saw a mild upside move, and closed with a gain of 0.19%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AU BANK contributed the lowest. The trend is very strong on the upside.  Support is now visible around 46300 while there is no visible resistance as prices are again trading in uncharted territory. We should look for buying only as far as prices are staying above 46300 support.

TECHNICAL PICKS

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Upcoming Economic Data

News Updates

• Indian benchmark indices ended higher in the volatile session on December 8 with Nifty around 20,950. At close, the Sensex was up 303.91 points or 0.44 percent at 69,825.60, and the Nifty was up 68.20 points or 0.33 percent at 20,969.40. About 1441 shares advanced, 1796 shares declined, and 73 shares unchanged.

• Equity-oriented mutual funds recorded a 22 percent decline in funds flow in November, still witnessing the 33rd straight month of net inflows, according to data released by the Association of Mutual Funds of India (AMFI), the industry trade body for mutual funds. The segment recorded net investments of Rs 15,536.42 crore, which was 22.15 percent lower than Rs 19,957.17 crore recorded in October.

• The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), on December 8, decided to leave the repo rate unchanged at 6.5 percent for the fifth time in a row. Experts say that this is good news for debt funds. As and when interest rates start to go down – which many experts say would begin in the middle of 2024- debt funds’ net asset value (NAV) would go up.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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