Market Insight, 26 December 2024

Thursday, 26 December 2024

Time : 8:15 am IST

Insights :

1. Let’s understand Tuesday’s market: Nifty fell by 26 points, closing at 23,727.
2. After opening, Nifty gained 100 points in the first half but lost 130 points in the second half, indicating strong rejection at the 23,860 level, where selling pressure emerged.
3. Trading volumes were very low on Tuesday due to the Christmas and New Year holiday effect.
4. India VIX dropped by 2.5%, closing at 13.18.
5. FIIs sold stocks worth ₹2,454 crores, while DIIs bought ₹2,819 crores in the cash market.
6. US markets closed higher on Tuesday.
7. Asian markets are trading in the green, with the Nikkei gaining 0.5%.
8. The dollar index and US bond yields are trading at 108.17 and 4.60, respectively. Bond yields remain elevated, and the dollar index has not fallen below 108. As the dollar strengthens, the rupee weakened to 85.2, contributing to FPI outflows.
9. India’s crude oil imports rose by 2.6% in November, reflecting increasing demand. Crude oil is currently trading at $74 per barrel.
10. GIFT Nifty is indicating a flat start for today.
11. Nifty faces rejection at its 200-day moving average. It will be important to see whether Nifty closes above 23,850 today, especially as it’s an expiry day, which could add to market volatility.