NCDEX Suppport and Resistance Level

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Sensex plunges 400 points, Nifty around 10,550; crude oil prices near $50/bbl

Market opens It is a negative start on D-Street, with the Sensex falling over 150 points, while the Nifty tested 10,600.

The Sensex is down 155.73 points or 0.44% at 35314.42, while the Nifty is down 51.00 points or 0.48% at 10612.50. The market breadth is negative as 223 shares advanced, against a decline of 259 shares, while 39 shares were unchanged.

All sectoral indices are trading in the red, with maximum cuts visible among automobiles, IT, metals and pharma seeing the most pain. The Nifty Midcap index is almost half a percent lower. 

Asian Paints, Yes Bank, IOC and BPCL were the top gainers, while HUL, Tata Steel, and Hindalco lost the most. 

ASIA UPDATE Global stock markets were heading into the year-end under a heavy cloud after another rout this week as US political uncertainty added to heightened concerns over slowing global economic momentum.

Asian equities were shaky on Wednesday following the plunge in Wall Street on Christmas eve in the face of a series of unnerving US political developments, including a US federal government shutdown and President Donald Trump’s increasingly hostile stance toward the Federal Reserve chairman.

US Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks.

S&P 500 e-mini futures were effectively flat, pointing toward a subdued start for Wall Street when the US market reopens after Christmas Day, when many of the world’s financial markets were shut.

Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-plunges-400-points-nifty-around-10550-crude-oil-prices-near-50bbl-3324531.html

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Opening Bell

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India becomes world's 7th largest stock market by mcap; stocks that could benefit from its rise

India’s healthy economic growth has helped its stock market become the seventh largest market by size, with a market capitalisation (mcap) of $2.08 trillion. Its stock market has overtaken that of Germany, Europe’s largest economy, for the first time in seven years, according to Bloomberg. The US dominates the global ranking, with $27 trillion mcap, followed by China, Japan, Hong Kong, UK, France and India.

India’s economic growth will continue to propel mcap higher

India’s ascent reflects the growing clout of emerging markets. It also indicates its economy is positioned for sustained growth, even if the manufacturing sector is not firing on all cylinders. The BSE Sensex, the broad market benchmark, is up 5 percent in past one year in terms of local currency and down around four percent in US dollar terms, still outperforming MSCI Emerging Market index that declined 17 percent.

Source: https://www.moneycontrol.com/news/business/moneycontrol-research/india-becomes-worlds-7th-largest-stock-market-by-mcap-stocks-that-could-benefit-from-its-rise-3321791.html

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Options data indicates short-term trading range of 10,600-10,900

Nifty has taken resistance from previous swing high and formed shooting star candle which is justifying the selling pressure on higher side around the strong psychological mark of 11,000 and 100-DMA at 10,950.

ADX indicator is trading around 17 mark, which is less than crucial levels considered for a trending market, expresses no strength in current trend on either side suggesting market to take support at a lower level and close the month sideways.

However, weekly RSI is still placed near 50 for the last four weeks indicating sideways to positive momentum intact. Also, looking at market movement since 2001, there is 95% probability that markets will have positive Christmas week.

On the downside, Nifty has strong support from the line of parity around 10,700 and 50-DMA at 10,574. A major unwinding of Put writing and shifting of writing to lower strikes was seen on Friday. Option data suggests an immediate trading range of 10,600 and 10,900.

Bank Nifty

Banking index is trading in rising wedge pattern having lower side support around 26,300 and upper trend line resistance is placed near 27,250 levels. Since Bank Nifty is trading above major moving averages, its short-term & mid-term trend is positive and immediate trading range is 27,250-26,300 levels.

Source:https://www.moneycontrol.com/news/business/markets/options-data-indicates-short-term-trading-range-of-10600-10900-3319041.html

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MCX Support and Resistance Level

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Sensex, Nifty continue downward momentum; midcaps crack

Market opens It’s a positive start to the market on Monday morning, with the Nifty trading one-fifth of a percent higher. 

The Sensex is up 89.93 points or 0.25% at 35832.00, while the Nifty is higher by 21.80 points or 0.20% at 10775.80. The market breath was narrow as 278 shares advanced, against a decline of 164 shares, while 45 shares were unchanged.

Metals and automobiles are the ones to be in the red, while consumption, pharma and PSU banks were gainers. In the broader market, the Nifty Midcap was up quarter of a percent. 

Shares of Infosys, Wipro, and Indiabulls Housing were the top gainers, while Vedanta and Hero MotoCorp lost the most. 

Asian markets trade lower: Asian stocks started in subdued fashion on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering.

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