Market continued its upward journey on the second consecutive day on 8 December 2021 with Nifty and Sensex hovering near day’s high. The Nifty reclaimed 17450 levels. Among sectors, all the key indices were trading with a positive momentum. The European markets are trading flat today. RBI keeps accommodative stance with interest rate unchanged at 4% and reverse repo rate at 3.35% and will maintain this stance as long as necessary to revive and sustain growth which gives a clear signal that RBI is giving a strong & durable support to the economy without downsizing any support which will be beneficial for the equity markets as well. The Nifty settled at 17469 levels with 1.7% gains while the Bank Nifty increased by 1.75% to close at 37285 levels.
Hence, the markets have given a stellar run up today giving thumbs
up to RBI's comments today. Despite record equity selling by FIIs, RBI has done
well to defend the currency and made sure that imported inflation is under
check. Immediate support and resistance for Nifty is 17300 and 17600 and for
Bank Nifty is 37000 and 37700.
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Resistance: 17550, 17650, 17750
Support: 17450, 17350, 17250
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