Dear Trader –
On consolidation
after the recent rally, the BSE benchmark Sensex declined 169 points or 0.24%
to settle at 71,315, while NSE Nifty fell 91.10 points or 0.42% to end at 21,466.
Nifty Banks and
Financial Services lost 0.6% and 0.4%, respectively, after rising 2% each in
the last two sessions. Information technology stocks fell 0.3%, snapping a
two-session rally in which the index rose about 8%.
The market breadth
was skewed in favour of the bulls. About 2,120 stocks gained, 1,778 declined,
and 130 remained unchanged on the BSE.
Global Markets –
Asian shares were
mostly lower on Monday as the Bank of Japan began a 2-day meeting that
investors are watching for hints of a change to the central bank’s longstanding
near-zero interest rate policy.
Tokyo’s Nikkei 225
index lost 0.6%, Hong Kong’s Hang Seng ended 1.1% lower and the Shanghai
Composite index sank 0.5%.
Meanwhile, the
pan-European STOXX 600 edged 0.1% lower, after logging a five-week winning
streak since April as the Federal Reserve’s dovish pivot last week boosted rate
cut bets.
Crude Oil – Oil rose on Monday as attacks by the
Houthis on ships in the Red Sea raised concerns of oil supply disruptions and
Russia’s plan to lower exports in December provided additional support.
Brent crude futures
were up 17 cents, or 0.2%, to $76.72 a barrel, while US West Texas Intermediate
crude rose 48 cents, or 0.7%, to $71.91.
Rupee Strengthens – The Indian rupee climbed to a near
three-month high on Monday, helped by custodial banks selling dollars, before
being pulled back by dollar demand from importers to end marginally weaker.The
rupee ended at 83.06, against 83.00 at its previous close. The local currency
had climbed to 82.915 during the session, its highest since September 22.
Nifty futures opened at 21509.00 points against the previous close
of 21557.10 and opened at a low of 21458.30 points. Nifty Future closed with an
average movement of 88.80 points and decline of around 91.10 and 21466.00 points…!!
At the start of intra-day trading December gold opened at Rs.62193.00
fell from a high of Rs.62226 points to a low of Rs.61950 with a Decline of 139.00
points, a trend of around Rs.62053 and December Silver opened at Rs.74525, fell
from a high of Rs.74780 points to a low of Rs.74287 with a rise of 38 points, a
trend of around Rs.74563.
Meanwhile,
The market started
on a subdued note as concerns over oil supply disruptions through the Red Sea
and elevated valuations dented investor sentiment. On the global front,
attention will be directed towards BOJ monetary policy and UK inflation data.
We expect a near-term
consolidation in the market due to an unfavourable risk-reward after the recent
rapid performance, concerns over El Nino, and a slowdown in world GDP.
Technically,
the important key resistances are placed in October Nifty future are at 21466 levels,
which could offer for the market on the higher side. Sustainability above this
zone would signal opens the door for a directional up
move with immediate resistances seen at 21505 – 21676 levels. Immediate support
is placed at 21373 – 21303 levels.
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