Market Insight, 09 December 2024

Monday, 09 December 2024

Time : 8:15 AM IST

Insights :

Let’s Understand Friday’s Market:

1. On Friday, Nifty declined by 30 points and closed at 24,677.
2. Nifty was seen consolidating throughout Friday’s session, but Bank Nifty experienced significant volatility.
3. On Friday, the RBI did not reduce the REPO rate but implemented a 50 basis points cut in the CRR, bringing it down from 4.5% to 4%.
4. FIIs were net sellers, offloading ₹1,830 crores, while DIIs bought ₹1,659 crores. FIIs had been net buyers for three consecutive days before the RBI MPC, reducing their net shorts percentage from 67%-70% to 56% by Thursday. This indicates that FIIs might have bought in anticipation of the event but seem to be booking profits post-event.

Let’s Understand Today’s Cues:

1. On Friday, US markets closed positively, with the S&P 500 and Nasdaq ending in the green.
2. The US monthly jobs data revealed a higher unemployment rate, increasing expectations of a 25 basis point rate cut by the Fed in December.
3. Asian markets are trading mixed, with the KOSPI down by 2%.
4. GIFT Nifty signals a flat start for Indian markets.
5. The market may find support at 24,500 and could face resistance around 24,800.