By theindianinvestor 
Monday, 16 Dec 2024
Time: 8:15 AM IST
Report:
Let’s understand Friday’s market:
- The Nifty closed at 24,768, up by about 220 points.
- Markets were highly volatile on Friday, initially dropping by 350 points in the first half but rallying nearly 600 points in the second half.
FIIs and DIIs activity:
- On Thursday, FIIs sold about ₹3,500 crores due to a block deal in Neuland Labs.
- On Friday, FIIs bought ₹2,300 crores, while DIIs sold ₹730 crores.
- FIIs took fresh longs of approximately 4,500 contracts and covered 3,000 short contracts in index futures. Their long-to-short ratio currently stands at 41%:59%.
Sectoral performance:
- The Midcap and Smallcap indices closed in red on Friday.
- Nifty IT and FMCG sectors were the star performers, gaining 0.64% and 1.29%, respectively.
Today’s cues:
- US markets closed almost flat on Friday, with no significant movements in either direction.
- Asian markets are trading marginally higher today.
- The Dollar Index stands at 106.8, down from the recent high of 107.
- Markets are awaiting the FOMC meeting, with expectations of a 25 bps rate cut in the US. However, the guidance for 2025 will be closely watched.
- Crude oil is trading at $74 per barrel, marking a 3-week high, driven by US sanctions on Russia.
Key levels for Nifty:
- Support is at 24,500, while resistance is at 25,000.
- To turn short-term sentiment negative, the market must sustain and close below 24,500.
- A bearish outlook will only emerge if the market closes below 24,150.
- As of now, the market sentiment looks bullish.
- GIFT NIFTY indicating a negative start for Indian Markets with down by about 50 points .