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The market achieved its most significant weekly gain since July 2022, with both the Sensex and Nifty advancing by over 3%, while the Nifty Bank recorded a notable gain of over 5%. The Midcap index saw a rise of over 2% and marked its sixth consecutive week of gains.In a volatile trading session on December 8, Indian benchmark indices concluded higher, with the Nifty hovering around 20950. At the closing bell, the Sensex registered a gain of 303 points reaching 69825, while the Nifty showed an uptick of 68 points settling at 20969.The RBI adopted a well-rounded strategy by revising upward the economic growth projection while also expressing apprehension about potential food inflation with a heightened trajectory in the short run. The decrease in rabi sowing and declining reservoir levels suggests a potential increase in foodgrain prices. This had a noticeable effect on FMCG stocks, causing them to underperform today.Throughout most of the session, the markets traded within a narrow range and closed with modest gains. The Nifty initially reached a new milestone at the "21000" mark, but profit-taking in heavyweight stocks tempered the early gains. The resilience of IT majors and renewed buying interest in select private banking stocks once again tilted the market sentiment in favor of bulls, leading the index to settle in the positive territory at 20969 levels. Despite recent days of outperformance, the broader indices faced some downward pressure and concluded lower.The rotational buying among heavyweight stocks continues to drive the upward momentum, and this trend is expected to persist. In the event of any decline, Nifty is likely to find support in the 20600-20,800 zone, while profit-taking may come into play around the 21,200 level. Amidst these dynamics, traders are advised to concentrate on prudent stock selection, favoring long trades in banking and IT sectors while selectively exploring opportunities in other sectors.
Resistance: 21000, 21250, 21500
Support: 19750, 19500, 19250
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