On December 20, the market experienced a significant decline from recent highs, with benchmarks erasing morning gains and closing near the day's low due to widespread selling. In the mid-session, a sudden drop eliminated all accumulated gains, and the indices concluded near the day's lowest levels. All sectoral indices ended in negative territory, with auto, capital goods, metal, pharma, oil & gas, power, and realty witnessing declines of 2-4%.
NIFTY: The index opened 90 points higher at 21,543 and made a high of 21,593 before closing at 21,150. Nifty has formed a large bearish candlestick on the daily time frame that engulfed the past three trading sessions, indicating profit-booking at higher levels. Its immediate resistance level is now placed at 21,250 while immediate support is at 21,075.
BANK NIFTY: The index opened 215 points higher at 48,085 and closed at 47,445. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,500 while support is at 47,150.
Stocks in Spotlight
▪ Nippon Life India: Stock gained 2.4% despite a Rs 726 crore block deal. Analysts are bullish on the stock due to industry AUM growth through SIPs as Indian markets have performed well recently.
▪ Oil India: Stock surged 6.3%, extending gains for the second straight session after the rise of crude oil prices and the government slashing windfall taxes.
▪ Glenmark Pharma: Stock plunged 4.5% despite the Competition Commission of India (CCI) approving Nirma's acquisition of the majority shareholding in the subsidiary Glenmark Life Sciences.
▪ Gold prices held steady above the key $2,000 level on Wednesday, supported by prospects of interest rate cuts from the Federal Reserve next year.
▪ European markets were mixed as investors digested fresh inflation data following positive trade in the previous session.
▪ Asia markets rose, with Japan stocks extending gains to another session after the country’s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.
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