By theindianinvestor 
Thursday, 9th January 2025
Time : 8:30 AM IST
Insights :
Let’s understand yesterday’s market:
1. Nifty fell 19 points to close at 23,689.
2. Despite a 1.3% fall in India VIX, the market was highly volatile:
• Nifty dropped 250 points in the morning and recovered 200 points later.
3. The Smallcap index was down by 1.6%, and the Midcap index fell by 1%.
Key Concerns:
4. Rising US bond yields and the dollar index are major concerns for emerging markets like India:
• US 10-year bond yield: 4.71%.
• Dollar index: 109.2.
• Rupee: At an all-time low.
• These factors may lead to further FII outflows from Indian markets to the US.
FIIs & DIIs Activity:
5. FIIs net sold ₹3,300 crores in the cash market, holding 81% short positions in index futures.
Stock Highlight:
6. Reliance supported Nifty and prevented further losses, gaining nearly 2% after buy recommendations from Jefferies and Bernstein, citing attractive valuations.
Let’s understand cues for today:
7. US markets closed mixed, with a neutral bias.
8. Asian markets are trading in the red.
9. GIFT Nifty indicates a 60-point gap-down opening.
10. US markets are closed today.
11. TCS Q3 results are due today, crucial for the overall IT sector.
Key Levels for Nifty:
• Support: 23,500.
• Resistance: 23,900.
• For an upward move, Nifty needs to first cross yesterday’s high and then the 200-day moving average (200 DMA).