by mydhanush on 7 December 2023, 4 min read
BSE Sensex climbed 358 points to 69,654 on December 6. Nifty50 jumped 83 points to 20,938, taking the total seven-day gains to 3,684 points and 1,143 points, respectively. It witnessed a consistent run-up for the last seven consecutive sessions. It formed a Dragonfly Doji kind of candlestick pattern along with a bearish crossover in hourly charts and increasing volatility
The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,959, followed by 20,985 and 21,027. On the lower side, it can take support at 20,875 followed by 20,849 and 20,808 levels.
As per the pivot point calculator, the index is expected to see resistance at 47,143, followed by 47,263 and 47,458. On the lower side, it may take support at 46,754, followed by 46,633 and 46,439.
US stocks ended down on Wednesday, pulled lower by megacaps and energy shares. This was due to signs of a cooling jobs market which reinforced expectations that the Federal Reserve could start cutting interest rates early next year.
The S&P 500 declined 0.39% to end at 4,549.34 points. The Nasdaq Composite Index fell 0.58% to 14,146.71, while the Dow Jones Industrial Average slid 0.19% to 36,054.43.
Oil prices fell nearly 4% on Wednesday to their lowest settlements since June. Worries about global fuel demand mounted after US data showed a larger-than-expected rise in gasoline inventories.
Brent crude futures settled down $2.90, or 3.8%, at $74.30 a barrel. US WTI crude futures fell by $2.94, or 4.1%, to $69.38 a barrel.
Foreign institutional investors (FIIs) turned net sellers for the first time in the last 10 consecutive sessions, offloading shares worth Rs 79.88 crore. Domestic institutional investors (DIIs) bought Rs 1,372.18 crore worth of stocks on December 6, data from NSE showed.
The NSE has added SAIL to its F&O ban list for December 7. It retained Delta Corp, Indiabulls Housing Finance, India Cements and Zee Entertainment Enterprises to the said list.
The two operational international exchanges at GIFT City — BSE’s India INX and NSE’s International Exchange — will be merged by January end, said IFSCA chairperson K Rajaraman on December 6.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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