By theindianinvestor 
29 November 2024
Time : 8AM IST
Insights :
Understanding Yesterday’s Market:
- Nifty fell by 360 points, primarily due to concerns over the Russia-Ukraine war. Additionally, the IT sector was a major drag on Nifty, contributing approximately 95 points to the fall. This decline was driven by uncertainties surrounding a potential US rate cut. Interestingly, despite this, Dow Futures were trading higher.
- The small-cap and mid-cap indices closed in positive territory yesterday, indicating that the selling pressure was mostly confined to large-cap stocks, particularly index heavyweight stocks.
- Nifty broke the crucial support level of 24,000 and faced significant resistance at 24,350. Notably, the market started falling after encountering this resistance level.
Today’s Cues:
- US markets were closed yesterday due to the Thanksgiving holiday.
- US bond yields and the dollar index remained steady, with no surprising movements.
- European markets closed in green yesterday. Interestingly, despite potential uncertainties related to the Russia-Ukraine war, European markets remained stable, while Indian markets reacted first — quite ironically! 🙂
- Asian markets are trading lower today. Japan’s index is down by around 0.6%, and South Korea’s Kospi index is trading 0.8% lower.
- FIIs were net sellers, offloading ₹11,750 crores, while DIIs were net buyers, purchasing ₹8,700 crores. Notably, FIIs’ selling exceeded their recent buying activity.
- SGX Nifty indicates a positive start for Indian markets.
- For the December series, Nifty’s crucial support level is expected to be 23,750, while resistance is anticipated around 24,350. A close above 24,000 today would signal some strength in the market.