InvestorQ : What in your opinion will be the market trend on 09 December? Do you see any immediate resistance for the Nifty and Sensex at this point of time?
Arti Chavan made post

What in your opinion will be the market trend on 09 December? Do you see any immediate resistance for the Nifty and Sensex at this point of time?

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diksha shah answered.
5 months ago
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The market it looks like there is no stopping it. On Tuesday, despite a weak opening and the Nifty being in the negative, the markets were pulled up by Reliance and TCS. Nifty at 13,392 is close to its immediate resistance at 13,400 but that may not matter as long as VIX is low.

Interestingly, on Tuesday, the A/D ratio of 19:30 on Nifty was indicative of the narrowing breadth of the market. Most of the action happened in the two heavyweights called RIL and TCS and was also supported by the expansion plans of Ultratech.

After a hiatus, the RIL stock was back in action. In fact, RIL never ceases to surprise and on Tuesday the stock rallied after Mukesh Ambani announced grand plans for indigenously driven 5G at Reliance Jio. TCS also gained but the real cream of the really was RIL.

Foreign investors are still buying; for about valuations for the time being. FPIs were net buyers to the tune of just Rs.2910 crore while DFIs sold Rs.2641 crore on Tuesday. In fact, if you just consider the first 6 trading days of December, FPIs infused over Rs.23,000 crore into Indian equities. This is over and above a whopping Rs.70,000 crore flows in November.

Global markets are presenting a mixed but cautious picture and are not hinting at any direction with clarity. The US markets were cautiously up but Europe came under pressure on BREXIT and COVID concerns. SGX Nifty is trading flat to positive and 13,400 could be the immediate resistance for Nifty, though tepid VIX is an advantage for markets.

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