Nifty’s recent exuberance seen fading as perma-bulls confront micro challenges and a murkier macro environment.

Review & Preview @4PM —— Tuesday, December 10th 2024*

NIFTY (-9, 24610)
Sensex (+2, 81510)
Bank Nifty (170, 53578)

# Nifty ends a tad below the dotted lines as ‘Global Uncertainty’ dampens sentiments.

# Blame it on Middle East crisis where rebels seized Damascus and President Bashar al-Assad fled to Russia, apparently ending a 13-year civil war and his family’s six-decade dictatorship.

# Also hurting sentiments were the disappointing trade data from China, which partially offset the optimism sparked by China’s announcement of loose fiscal and monetary policies for the coming year.

# Bullish aggressive traders stayed relatively calm and refrained from taking large positions ahead of the US Consumer Price Index (CPI) figures for November to trickle in this Wednesday, December 11th.

# India CPI will be wired this Thursday, December 12th and WPI on Friday, the 13th .

# Long story short: Nifty’s recent exuberance seen fading as perma-bulls confront micro challenges and a murkier macro environment.

# Sentimental Overview:

# Our call of the day suggests to spy with one big eye on the FII activity.

# It was nice to see FIIs on the buy side despite yesterday’s choppy trade. This December month, the FIIs have been net buyers to the tune of Rs 12657.90 crores.
Please note, in the cash segment the FIIs were net sellers to the tune of Rs 1.6 lakh crore in the October-November time frame.

# Technical Overview:

Nifty mostly ended lower and for the 3rd straight day indicating bulls are losing control.

Technically speaking, on the long term charts, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen at psychological 25000 mark while Nifty’s support placed at 24250 mark.

Nifty’s 200 DMA at 23745 mark

# Outperforming Nifty Sectors:
Nifty REALITY (+1.37%)
Nifty IT (+0.78%)
Nifty PSU BANKS (+0.67%)

# Underperforming Nifty Sectors:
Nifty ENERGY (-0.63%)
Nifty MEDIA (-0.56%)
Nifty INFRA (-0.48%)

# Bulls of the day:
SHRIRAMFIN (+2.40%)
BAJAJFINSV (+1.65%)
HCLTECH (+1.42%)
WIPRO (+1.40%)
INFY (+1.22%)

# Bears of the day:
BHARTIARTL (-1.40%)
DRREDDY (-1.33%)
ADANIPORTS (-1.17%)
ADANIENT (-1.14%)
HDFCLIFE (-1.09%)
(Source NSSEINDIA.com)

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