By theindianinvestor 
Thursday, 12 December 2024
Time: 8 AM IST
Report :
Market Overview (Yesterday):
- Nifty Index: Gained 31 points, closing at 24,641.
- Banking Sector: Weak performance, likely due to profit booking.
- Market Phase: Market seen Consolidation with India VIX falling nearly 3.5% yesterday.
FIIs and DIIs Activity:
- FIIs: Net sellers, offloading stocks worth ₹1,012 crores.
- DIIs: Net buyers, investing ₹2,000 crores.
- The FII long-to-short ratio stands at 43:57, with their net short position increasing slightly by 2% from the recent 55%.
Broader Market Performance:
- Midcap & Smallcap indices: Outperformed with a 0.27% gain.
- Financial sector: Underperformed.
- The Nifty’s daily range, the difference between the high and low, was a mere 108 points. This narrowing range often precedes a significant market move in either direction
Today’s Global Cues:
- US Markets: Nasdaq hit a record 20,000, with Alphabet surging 5.5% due to advancements in quantum computing.
- US CPI Inflation: In line at 2.7%, raising expectations for a 25 bps Fed rate cut on Dec 18.
- European Markets: Closed in green.
- Asian Markets: Trading higher, Nikkei up 1.6%, Kospi up 1.3%.
GIFT Nifty Outlook:
- Indicates a slightly positive opening for Indian markets.
Key Levels for Nifty:
- Support: 24,500.
- Resistance: 24,850.