by mydhanush on 6 December 2023, 3 min read
BSE Sensex rallied 431 points to 69,296 on December 5. Nifty50 climbed 168 points to 20,855. It formed a bullish candlestick pattern with a long lower shadow on the daily scale.
The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,869 followed by 20,905 and 20,963. On the lower side, it can take support at 20,752 followed by 20,716 and 20,657 levels.
As per the pivot point calculator, the index is expected to see resistance at 47,186, followed by 47,322 and 47,542. On the lower side, it may take support at 46,745, followed by 46,609 and 46,388.
Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.
The S&P 500 declined 0.06% to end the session at 4,567.18 points. The Nasdaq gained 0.31% to 14,229.91 points, while the Dow Jones Industrial Average declined 0.22% to 36,124.56 points.
Foreign institutional investors (FIIs) bought shares worth Rs 5,223.51 crore. Domestic institutional investors (DIIs) sold Rs 1,399.18 crore worth of stocks on December 5, data from NSE showed.
The NSE has retained Delta Corp, Indiabulls Housing Finance, India Cements and Zee Entertainment Enterprises to its F&O ban list for December 6.
Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.
Oil prices fell to a near five-month low on Tuesday on a stronger US dollar and demand concerns, putting the market down for a fourth day in a row on doubts over OPEC+ announced voluntary supply cuts last week.
Brent crude oil futures fell 83 cents, or 1.1%, to settle at $77.20 a barrel. US West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, lower at $72.32.
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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