MARKET VIEW
GLOBAL MARKETS
S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.
Dow Jones rose 34.87 points, or 0.1%, to 34,429.88.
S&P 500 lost 4.87 points, or 0.12%, to 4,071.7.
Nasdaq Composite dropped 20.95 points, or 0.18%, to 11,461.50.
Asian shares edged higher on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, after rallying 3.7% last week to a three-month top. Japan’s Nikkei was near flat, while South Korea dipped 0.1%. S&P 500 futures slipped 0.2%, while Nasdaq futures fell 0.1%.
Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel.
INDIAN MARKETS
Sensex dropped below 63,000 to close 416 points lower at 62,868, while the Nifty declined 116 points to 18,696 and formed a bearish candle on the daily charts. Banknifty declined 157 points to 43103 showing some bullish strength on a daily time frame.
Foreign institutional investors (FIIs) net bought shares worth Rs 214.76 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 712.34 crore.
TODAY’S VIEW
The market is expected to open on a cautious note as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 27 points.
As per the pivot charts, the key support for the Nifty is at 18,651, followed by 18,617 and 18,563. If the index moves up, the key resistance levels to watch out for are 18,760, 18,794 and then 18,848.