POST-MARKET SUMMARY 07 December 2023

On December 7, after an impressive seven-session streak of gains, the benchmark indices took a breather, with the Nifty slipping below 20,900 in intraday trade. This decline was fueled by selling pressure in capital goods, FMCG, IT, and metal stocks. The consolidation phase was notable in anticipation of the RBI monetary policy meeting scheduled for December 8. However, a surge in buying activity during the final hour enabled Nifty to recover and close at the 20,900 mark.

NIFTY: The index opened flat at 20,932 and made a high of 20,941 before closing at 20,901. Nifty has formed a bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 20,960 while immediate support is at 20,850.

BANK NIFTY: The index opened 99 points lower at 46,735 and closed at 46,841. Bank Nifty has formed a small bullish candle with a long lower shadow on the daily scale but negated the formation of higher highs and higher lows after eight consecutive sessions. Its immediate resistance level is now placed at 47,250 while support is at 46,500.

Stocks in Spotlight 

▪  Bharat Electronics:  Stock rose 2% to touch a 52-week high of Rs 163, after the company received an order of Rs 580 crore from Indian Army for AMC of Radars.

▪  ONGC: Stock slipped 2.4%, after 1.8 crore shares changed hands in Rs 1,856-crore block deal.

▪  Bharti Airtel:  Stock declined 2.4% to Rs 1,000 per share on December 7 after 1.8 crore shares changed hands in Rs 1,856-crore block deal. 

Global News 

▪  Gold prices climbed on Thursday, buoyed by a weakness in the dollar and Treasury yields, with investors awaiting crucial US payrolls data that could help ascertain the Federal Reserve’s interest rate trajectory.

▪  The yen staged its biggest one-day rally in almost a year, after Japanese monetary authorities offered a surprisingly clear hint at a shift in policy. On the other hand, the euro headed for its biggest weekly fall since May.

▪  Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day but investors remained concerned about sluggish demand in the US and China.

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