The rupee hit a new low of 85.12 per US dollar on Monday due to month-end demand for dollars among importers. The rise in crude oil prices further weighed on the domestic currency.
Rupee remains under pressure, touches new low of 85.12 per US Dollar- Daily Market Update 24th Dec 2024
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.15% to 1%.
- European equity markets settled on a flat note.
- Majority of Asian equity markets are trading on a positive note.
- GIFT Nifty is little changed, Nifty futures likely to open around 23750 levels.
Nifty Overview & Outlook
Benchmark Nifty index ended higher at 23753 levels after adding 166 points to its previous closing values after a volatile trading session.
Broader markets underperformed the benchmark as Mid cap index rose 0.47%, on the other hand, Small cap index settled on a negative note.
Majority of sectoral indices tracked at NSE settled in green. Amongst them, Realty index was at the top of the tally, gained 1.47% followed by Banking and FMCG stocks that gained 1.10% & 0.96% respectively.
Technically, ongoing corrective move in Nifty index took a pause around its 200 EMA which is placed at 23692 levels. Going ahead, we reiterate our short term negative view on Nifty index suggest traders to maintain sell on rise trading approach till it is trading below 24100 levels on closing basis.
Derivatives Overview & Outlook
Yesterday, Finnifty and Midcapnifty futures added around 4.5% and 7% of open interest respectively as long buildup along with some short covering in Nifty and Banknifty futures with decrease in open interest by 2% and 5.8% respectively.
Majority of sectoral indices settled on a positive note. Amongst them, Cement, Chemical, Metal and Oil & Gas stocks witnessed maximum addition of long positions whereas some short buildup was seen among Auto, Power and Technology stocks.
On options front, call writing along with some put writing was seen at multiple strikes. Nifty has maximum positions at 25000 CE followed by 24000 CE and 23500 PE.
Institutional Trading Activity
Last Friday, FIIs sold stocks worth Rs 3598 Cr in the cash segment, sold stocks futures worth Rs 737 Cr also sold index futures worth Rs 1538 Cr. DIIs were net buyers to the tune of Rs 1374 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 23900-24000; Supports 23650-23580
Banknifty – Resistances 51500-51900; Supports 51000-50600
Finnifty – Resistances 23900- 24000; Supports 23750-23680
F&O Security in Ban Today: BANDHANBNK, GRANULES, HINDCOPPER, MANAPPURAM, RBLBANK.
Disclosure
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